Repeal of the Schoolkids 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 Schoolkids bonus from 31 December 2016 is one of the other related measures. An exemption from income tax will no longer be required from this date.

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.

Media release

For more information, refer to:

Repeal of the Minerals Resource Rent Tax | The Hon Joe Hockey MP - 18 July 2014External Link

More information

For more information, refer to:

    Last modified: 08 Oct 2014QC 37854