Introduction
On 10 June 2011, Treasury released for public
comment preliminary exposure draft (ED)
legislation and accompanying explanatory memorandum
(EM) for the mineral resource rent tax
(MRRT).
The Federal Government announced that it would adopt an MRRT (in
place of the originally announced mineral super profits tax) on 2
May 2010 and appointed a Policy Transition Group
(PTG) to develop the detailed technical design of
the tax. The PTG provided its report to Government in December
2010, making 94 recommendations, all of which were accepted (as
announced on 24 March 2011) and have been adopted in the ED.
In short, the MRRT will apply from 1 July 2012
to all new and existing projects for mining of
iron ore and coal in Australia (with transitional
arrangements for projects in existence on 1 May
2010).
