Minerals Resource Rent Tax

The Minerals Resource Rent Tax (MRRT) was a resource rent tax formerly imposed by the government of Australia on profits generated from the mining of non-renewable resources in Australia.[1] It was a replacement for the proposed Resource Super Profit Tax (RSPT).

The tax, levied on 30% of the "super profits" from the mining of iron ore and coal in Australia, was introduced on 1 July 2012.[1] A company was to pay the tax when its annual profits reach $75 million, a measure designed so as not to burden small business.[2] The original threshold was to be $50 million until independent MP Andrew Wilkie negotiated an amendment.[3] Around 320 companies would have potentially been affected by the changes.[4]

The Coalition, led by Tony Abbott, went to the 2010 and 2013 elections promising to repeal the tax. The Coalition won the 2013 election, and repealed the tax in 2014. A January 2014 poll conducted by UMR Research, however, found that a majority of Australians still think that multinational mining companies do not pay enough tax.[5] Supporters of the tax also point to continually-large profits produced by Australian-based mining operations, 83% of which are foreign-owned.[6]

  1. ^ a b "Full statement and detail of new mining tax". The Australian. 2 July 2010. Retrieved 2 July 2010.
  2. ^ Cite error: The named reference canmt was invoked but never defined (see the help page).
  3. ^ "Mining tax bills pass Lower House". ABC News. Australian Broadcasting Corporation. 23 November 2011. Retrieved 17 January 2012.
  4. ^ Cite error: The named reference anrtr was invoked but never defined (see the help page).
  5. ^ "Big miners in firing line over tax payments". Sydney Morning Herald.
  6. ^ Luke Mansillo (19 February 2014). "Mining tax: It's time for all Australians to realise they are being ripped off". The Guardian.