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ARTICLE · 05 DECEMBER 2011

Australia's New Resources Tax Regime

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Legislation implementing Australia's Mineral Resource Rent Tax ("MRRT") was passed by the House of Representatives on 23 November 2011.

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Tony Wassaf
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Arv Sreedhar
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Legislation implementing Australia's Mineral Resource Rent Tax ("MRRT") was passed by the House of Representatives on 23 November 2011. The minority Labor government managed to secure support from the Independents and Greens to ensure passage, and the Mineral Resources Rent Tax Bill will now move to the Senate where debate will take place early next year. The MRRT is scheduled to take effect from 1 July 2012.

The House of Representatives also passed an amendment bill to the existing Petroleum Resource Rent Tax ("PRRT") on the same day, extending the coverage of the Petroleum Resource Rent Tax Assessment Act 1987 (Cth) to:

  • Cover onshore petroleum projects and the North West Shelf Project;

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