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