Commonwealth of Australia Explanatory Memoranda

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MINERALS RESOURCE RENT TAX AMENDMENT (PROTECTING REVENUE) BILL 2013

                           2013



THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA



             HOUSE OF REPRESENTATIVES




  MINERALS RESOURCE RENT TAX AMENDMENT
       (PROTECTING REVENUE) BILL 2013


            EXPLANATORY MEMORANDUM




       (Circulated by the authority of Adam Bandt MP)
              MINERALS RESOURCE RENT TAX AMENDMENT
                   (PROTECTING REVENUE) BILL 2013


Outline

The purpose of the Minerals Resource Rent Tax Amendment (Protecting Revenue)
Bill 2012 is to protect the revenue generated from the Minerals Resource Rent Tax
from being eroded by state governments increasing royalties.


NOTES ON CLAUSES

Clause 1 - Short title

This clause provides for the bill, when enacted, to be cited as the Minerals Resource
Rent Tax Amendment (Protecting Revenue) Act 2013.

Clause 2 - Commencement

This clause provides for the Act to commence on the day it receives Royal Assent.

Clause 3 - Schedule(s)

This clause provides that an Act that is specified in a Schedule is amended or repealed
as set out in that Schedule, and any other item in a Schedule operates according to its
terms.

Schedule 1 - Amendments

Item 1 is consequential amendment to item 2 and amends section 2-1 of the Act to
clarify that the intention of the Act is that mining profits may be reduced by a miner's
Commonwealth, State and Territory mining royalty amounts in force on 1 July 2011.

Item 2 amends section 60-25 to provide that any increases in royalties after 1 July
2011 should be disregarded when calculating royalty credits for the Minerals
Resource Rent Tax.

Item 3 provides that the bill will apply to MRRT assessments from its first year of
operation, namely 2012-13.
                  Statement of Compatibility with Human Rights
 Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny)
                                    Act 2011


    Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2013


This bill is compatible with the human rights and freedoms recognised or declared in
the international instruments listed in section 3 of the Human Rights (Parliamentary
                                  Scrutiny) Act 2011.


Overview of the Bill
The bill protects the revenue generated from the Minerals Resource Rent Tax from
being eroded by state governments increasing royalties.


Human rights implications
This bill does not engage any of the applicable rights or freedoms as it is concerned
only with the tax arrangements of mining companies.


Conclusion
This bill is compatible with human rights as it does not raise any human rights issues.

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