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This is a Bill, not an Act. For current law, see the Acts databases.


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
i Minerals Resource Rent Tax (Imposition--General) Bill 2011 No. , 2011
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
Minerals Resource Rent Tax (Imposition--General) Bill 2011 No. , 2011 1
A Bill for an Act to impose minerals resource rent
1
tax, so far as that tax is neither a duty of customs
2
nor a duty of excise
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Minerals Resource Rent Tax
6
(Imposition--General) Act 2011.
7
2 Commencement
8
This Act commences on 1 July 2012.
9
Section 3
2 Minerals Resource Rent Tax (Imposition--General) Bill 2011 No. , 2011
3 Imposition
1
(1) Minerals resource rent tax payable under the Minerals Resource
2
Rent Tax Act 2011 is imposed.
3
(2) However, this section imposes minerals resource rent tax only so
4
far as that tax is neither a duty of customs nor a duty of excise
5
within the meaning of section 55 of the Constitution.
6
4 The MRRT rate
7
The
MRRT rate is:
8
30%
1
Extraction factor
-
9
where:
10
extraction factor is 25%.
11
5 Act does not impose a tax on property of a State
12
(1) This Act does not impose a tax on property of any kind belonging
13
to a State.
14
(2) In this section, property of any kind belonging to a State has the
15
same meaning as in section 114 of the Constitution.
16

 


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