On 24 October 2013, the Government released an exposure draft of the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 and explanatory memorandum for public consideration.
The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 removes the Minerals Resource Rent Tax with effect from 1 July 2014. The Bill also discontinues or re-phases the measures that were intended to be funded by the MRRT. The Bill includes the:
- repeal of loss carry back;
- reduction in the small business instant asset write off threshold;
- repeal of accelerated depreciation for motor vehicles;
- repeal of the geothermal exploration provisions;
- re-phasing of the change in rate of the superannuation guarantee charge percentage;
- repeal of the low income superannuation contribution;
- repeal of the income support bonus; and
- repeal of the schoolkids bonus.