Repeal Of Mining Tax And Small Business Tax Breaks – Start Dates Proclaimed:

 Long awaited repeal of mining tax starts from 1st October 2014

The Governor-General has proclaimed Tuesday 30 September as the start date for Schedules 1 to 5 of the Minerals Resource Rent Tax Repeal and Other Measures Act 2014.

As a result, the Schedules will have the following dates of effect for most taxpayers (those with a substituted accounting period may have a different date of effect):

• Schedule 1 – abolition of the mining tax from 1 October 2014
• Schedule 2 – abolition of the company loss carry-back from 1 July 2013
• Schedule 3 – reduction of the instant asset write-off from 1 January 2014
• Schedule 4 – abolition of accelerated depreciation for motor vehicles from 1 January 2014
• Schedule 5 – abolition of geothermal energy concessions from 1 July 2014

Contact Wen & her team of Chartered Accountants at their Epping office for further information and tax advice if you expect the abolition of the mining tax or other schedules to affect you – call (02) 9871 3429