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Wednesday, 2 November 2011
Page: 12426

Mr SHORTEN (MaribyrnongAssistant Treasurer and Minister for Financial Services and Superannuation) (09:55): I move:

That this bill be now read a second time.

The bill imposes minerals resource rent tax to the extent that it is a duty of excise.

Minerals resource rent tax is payable under the Minerals Resource Rent Tax Act 2011 from 1 July 2012.

It is imposed at a rate of 30 per cent, less a 25 per cent extraction allowance to reflect the contribution of miners' expertise in extracting the resources.

The bill does not impose tax on property of any kind belonging to a state.

I commend the bill to the House.

Debate adjourned.