Repeal of the income support bonus
On 24 October 2013, the government announced that it will repeal the Minerals Resource Rent Tax and other related measures. The repeal of the income support bonus and its income tax exemption from 31 December 2016 is one of the other related measures.
Saving provisions apply to preserve the law for entitlement to the bonus payment before the repeal, whether payments are made before, on or after the commencement of the amendments.
Legislation and supporting material
On 5 September 2014, the Minerals Resource Rent Tax Repeal and Other Measures Act 2014External Link received royal assent.
For more information, refer to MRRT and related measures Repeal | The TreasuryExternal Link
With the repeal of the MRRT the Income Support Bonus and its income tax exemption will cease from 31 December 2016.