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Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Minerals Resource Rent Tax Repeal and Other Measures Bill 2014

Type	Government
Originating house	House of Representatives
Status	Act
Portfolio	Treasury

Summary

The bill: repeals the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition—Customs) Act 2012, Minerals Resource Rent Tax (Imposition—Excise) Act 2012 and Minerals Resource Rent Tax (Imposition—General) Act 2012; amends the: Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to provide that companies can carry tax losses forward to use as a deduction for a future year; Income Tax Assessment Act 1997 to: amend the instant asset write-off threshold provisions for small business entities; provide that motor vehicle purchases made by small business entities will be treated as normal business assets for depreciation purposes; and provide that geothermal energy exploration and prospecting expenditure are no longer immediately deductible; Superannuation Guarantee (Administration) Act 1992 to enable the Treasurer by non-disallowable legislative instrument to vary the superannuation guarantee charge percentage for a particular year commencing on 1 July; Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to abolish the low income superannuation contribution; Social Security Act 1991 and Social Security (Administration) Act 1999 to abolish the income support bonus payment; and A New Tax System (Family Assistance) Act 1999, A New Tax System (Family Assistance) (Administration) Act 1999, Income Tax Assessment Act 1997 and Social Security (Administration) Act 1999 to abolish the schoolkids bonus payment; and makes consequential amendments to 13 Acts.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time	01/09/14
Second reading moved	01/09/14
Second reading debate	01/09/14
Second reading agreed to	01/09/14
Consideration in detail debate	01/09/14
Third reading agreed to	01/09/14

Senate
Introduced and read a first time	01/09/14
Second reading moved	01/09/14
Second reading agreed to	02/09/14
Third reading agreed to	02/09/14	Amendment details: 13 Government agreed to

House of Representatives
Consideration of Senate message	02/09/14	Details: House agreed to Senate amendments

Finally passed both Houses	02/09/14
Assent	05/09/14	Act no.: 96 - Year: 2014