Changing Australian resource industry taxes
As the Government is proceeding with a Minerals Resource Rent Tax (MRRT) and expanded Petroleum Resources Rent Tax (PRRT), companies operating or investing in the coal and iron ore sectors (MRRT); or the offshore and onshore oil and gas sector (PRRT) should:
- understand the intricacies, complexities and impacts of the proposed taxes
- focus on issues that impact your business
- determine your strategy to engage in the consultation process and design of the law
Given the potential impact on your competitive position and investment decisions in Australia through these changes and others taxes under review, Ernst & Young encourages businesses to actively contribute to the policy development process to help influence the outcome of these new reforms.
Our industry teams and Tax Policy Group can help you understand, prioritise, influence and implement these significant reforms, including providing guidance on engaging with the Policy Transition Group and parliamentary processes.
Ernst & Young submission on the design of the Government’s resource taxation reforms - October 2010
In our
submission to the Policy Transition Group on technical design aspects of the MRRT, extended PRRT and exploration incentives (pdf, 188.3kb), we focus on issues of principle associated with the broad framework of the resources taxation reform, the design of the law, and post-implementation considerations.
Australian resource taxation: another piece of the jigsaw - October 2010
The Policy Transition Group Issues Paper on the MRRT and extended PRRT raises significant issues for affected companies and the broader resources industry. Our analysis of the latest stage of resource taxes reform (pdf, 518.3kb) summarises the key issues to help inform your submission strategy.
New resources taxes: it’s time to act - September 2010
The re-elected Labor government has stated that it will proceed with the new resources taxes. It’s time for companies to become involved in the policy development process to help influence the outcome of these significant reforms. Our analysis of the Minerals Resource Rent Tax and extended Petroleum Resource Rent Tax (pdf, 110.8kb) outlines key issues and actions you need to consider.
Australia's proposed Minerals Resource Rent Tax - July 2010
The Government has abandoned the “catch all” Resource Super Profits Tax and proposes a new profits tax applicable to the coal and iron ore sector, to be known as the Minerals Resource Rent Tax (MRRT) (pdf, 432.3kb). Major concessions have resulted in a new MRRT rate of 22.5%, however there is still a long way to go. Our analysis examines changes under the proposal, and impacts for resources companies.
Tax reform wave leaves resources sector in its wake - May 2010
View our analysis of the Government’s response to Australia’s Future Tax System Review (The Henry Review) (pdf, 368.8kb), focussing on the implications for Australian businesses, their stakeholders and investors.
The impact of the Resource super profits tax - May 2010
The central revenue measure of the Government response to the Henry Review is a resources super profits tax and it will impact current and future non-renewable resource projects from 1 July 2012. How will the RSPT impact resources companies (pdf, 660.1kb)?
