Minerals resource rent tax

The minerals resource rent tax (MRRT) came into effect on 1 July 2012 and applies to all new and existing iron ore and coal projects in Australia.

The legislation was developed following consultation with the resource sector. The government-appointed Policy Transition Group, co-chaired by the Minister for Resources, the Hon. Martin Ferguson, and Mr Don Argus AC, consulted with industry and made recommendations to the government in December 2010 about the development of the technical design of the new MRRT and the transition of existing petroleum projects to the petroleum resource rent tax regime.

As part of community consultation, the government released an exposure draft and draft explanatory material on MRRT on 10 June 2011 and 18 September 2011.

The legislative package was introduced into parliament on 2 November 2011.

Media release

For more information refer to the following:

• joint media release 054 Resource tax reforms start spreading benefits of the boom from tomorrow issued on 30 June 2012 by the Prime Minister and Treasurer
• joint media release 038 Spreading the benefits of the boom issued on 8 May 2012 by the Prime Minister and Treasurer
• joint media release 016 Spreading the benefits of the mining boom issued on 20 March 2012 by the Prime Minister, Treasurer and Minister for Resources
• joint media release 134 Locking in the benefits of the mining boom issued on 2 November 2011 by the Acting Prime Minister and Treasurer, with the Minister for Resources and Energy and the Assistant Treasurer
• joint media release 065 Exposure Draft - Minerals Resource Rent Tax issued on 10 June 2011 by Deputy Prime Minister and Treasurer with the Minister for Resources and Energy
• joint media release 024 Government accepts resource tax recommendations issued on 24 March 2011 by Deputy Prime Minister and Treasurer with the Minister for Resources and Energy
• joint media release 055 Breakthrough agreement with industry on improvements to resources taxation issued on 2 July 2010 by the Prime Minister, Deputy Prime Minister and Treasurer and the Minister for Resources and Energy.

Legislation and supporting material

The following legislation received royal assent on 29 March 2012:

• Minerals Resource Rent Tax Act 2012
• Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012
• Explanatory Memorandum.

Other relevant Acts include:

• Minerals Resource Rent Tax (Imposition-Customs) Act 2012
• Minerals Resource Rent Tax (Imposition-Excise) Act 2012
• Minerals Resource Rent Tax (Imposition-General) Act 2012.

More information For more information refer to: Minerals resource rent tax Exposure draft and Explanatory Memorandum issued on 10 June 2011 Second Exposure Draft and Explanatory Memorandum issued on 18 September 2011.