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Minerals Resource Rent Tax (Imposition—General) Bill 2011

2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Minerals Resource Rent Tax (Imposition—General) Bill 2011

 

No.      , 2011

 

(Treasury)

 

 

 

A Bill for an Act to impose minerals resource rent tax, so far as that tax is neither a duty of customs nor a duty of excise

   

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Imposition........................................................................................... 2

4............ The MRRT rate................................................................................... 2

5............ Act does not impose a tax on property of a State................................ 2

 



A Bill for an Act to impose minerals resource rent tax, so far as that tax is neither a duty of customs nor a duty of excise

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Minerals Resource Rent Tax (Imposition—General) Act 2011 .

2   Commencement

                   This Act commences on 1 July 2012.

3   Imposition

             (1)  Minerals resource rent tax payable under the Minerals Resource Rent Tax Act 2011 is imposed.

             (2)  However, this section imposes minerals resource rent tax only so far as that tax is neither a duty of customs nor a duty of excise within the meaning of section 55 of the Constitution.

4   The MRRT rate

                   The MRRT rate is:

where:

extraction factor is 25%.

5   Act does not impose a tax on property of a State

             (1)  This Act does not impose a tax on property of any kind belonging to a State.

             (2)  In this section, property of any kind belonging to a State has the same meaning as in section 114 of the Constitution.