Initial Submission to the Policy Transition Group on the Minerals Resource Rent Tax

This Submission to the Policy Transition Group (PTG) is made for and on behalf of the Australian minerals industry by the Minerals Council of Australia (MCA) in conjunction with the New South Wales Minerals Council, the Northern Territory Division of the MCA, the Queensland Resources Council, the South Australian Chamber of Mines and Energy, the Tasmanian Minerals Council Limited, the Victorian Division of the MCA and the Chamber of Minerals and Energy of Western Australia.

As noted in the body of the Submission, this technical design paper on the proposed Minerals Resource Rent Tax (MRRT) is in accordance with the negotiated Heads of Agreement on the tax and the Terms of Reference of the PTG, with the specific objectives of:

  • identifying the issues most relevant to the smooth and efficient implementation of the tax consistent with the announced design parameters; and
  • providing, as far as possible, a workable roadmap for the PTG in dealing with key implementation and transition issues.

This Submission is not intended to address every matter within the PTG’s Terms of Reference. The parties to this Submission will make further Submissions on policy and technical aspects of the MRRT within the designated timeframe for deliberations by the PTG. Specifically, a further submission will address exploration where the PTG has been charged with considering the best way to promote future exploration and ensure a pipeline of resource projects for future generations.

On behalf of our respective organisations, we commend this Submission to the PTG as a well-considered, united position in representing the Australian minerals resources industry. We consider it outlines priority issues together with specific recommendations on detailed approaches that need to be addressed for the efficient implementation of the MRRT, consistent with the Heads of Agreement and the underlying principles of efficient and effective tax reform.

 

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