Summary of the 2014/2015 Federal Budget

While the Federal Budget handed down last night does not contain any real surprises, a few points are worthy of note.

In this Alert, Special Counsel Justin Byrne and Senior Associate Rosalie Cattermole summarise the pertinent aspects to the 2014/2015 Federal Budget from a taxation perspective (both corporate and personal), including a focus on the key impacts for mining projects.

Key Points

• The 2014/2015 Federal Budget has confirmed the introduction of an Exploration Development Incentive (EDI);
• The Government has announced that it will clarify the income tax treatment of realignments of interests of joint venture partners in common projects in the minerals and petroleum industry;