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ARTICLE · 05 JULY 2011

Minerals Resource Rent Tax Update

Norton Rose Fulbright Australia
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Discussion of consultation draft legislation for the Minerals Resource Rent Tax (MRRT) recently released by the Federal Government.

AustraliaEnergy and Natural Resources
David Stavropoulos
David Stavropoulos
Mike Frampton
Mike Frampton
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On 10 June 2011, the Federal Government released for consultation draft legislation for the Minerals Resource Rent Tax (MRRT).  The MRRT will apply from 01 July 2012 to the mining of iron ore and coal in Australia.

Although quite lengthy, the draft legislation is not exhaustive and is intended to provide stakeholders with an early overview of the legislation.  The closing date for submissions on the MRRT draft legislation is 14 July 2011.  The Government intends to release a second and final exposure draft of the legislation for public consultation later in the year.  Legislation implementing the new resource taxation arrangements is expected to be introduced into Parliament in the second half of 2011.

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