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 George St Sydney 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