In May 2010, the Federal Government released its response to the Henry Review, one of the most far-reaching reviews of the Australian tax system in decades.
One of the major recommendations of the Review that was adopted by the Federal Government was the creation of a Resource Super Profits Tax (RSPT). The RSPT was to be introduced on 1 July 2012 at a rate of 40 per cent on profits made from the exploitation of Australia’s non-renewable resources.
However, after months of debate and negotiation and a change of Prime Minister, the RSPT was replaced with a new proposal for a Minerals Resource Rent Tax (MRRT) for iron ore and coal projects in Australia and an extension of the existing Petroleum Rent Resource Tax (PRRT) regime to onshore oil and gas projects in Australia.
The Allens Tax Group will provide continuing updates and analysis on the MRRT and extension of the existing PRRT. Please return to this page regularly to view the latest on this important far-reaching review.
A collection of links to useful external sites
- Partner Grant Cathro and Lawyer Sam Luttrell have written an opinion piece for The Australian on the possibility that RSPT may infringe on international treaties – 28 May 2010
- Partner Grant Cathro and Lawyer Sam Luttrell were interviewed by The Australian on 26 May on the issue of international treaties and the RSPT
News and publications
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5 July 2010
Audio Update: New regime for resources tax -
15 May 2010
Audio Update: Petroleum tax lessons for RSPT
For further information, please contact:
- Grant CathroPartner,
Melbourne
Ph: +61 3 9613 8644
Grant.Cathro@aar.com.au - Katrina ParkynPartner,
Brisbane
Ph: +61 7 3334 3323
Katrina.Parkyn@aar.com.au
