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assignment 1 (Mineral Resource Rent Tax (MRRT).
Finance & Accounting
Pages 10 (2510 words)
Assignment 1 (Mineral Resource Rent Tax (MRRT) Executive Summary The Government of Australia will introduce the Resource Super Profits Tax (RSPT) under the recommendation of the Australia’s Future Tax System Review. The RSPT will ensure equal distribution of profits among all Australian mining companies and the government.
Introduction of RSPT would lead to reduction in the income tax but it was expected that such would not lead to the reduction in revenue, since the decrease in tax would encourage companies to undertake more projects which would lead to rise in the revenue. This increase in revenue would be utilized by the government of Australia for bringing about infrastructure development in the country. The Australian Government decided to provide the resource entities with a refundable credit for the royalties paid by them in the previous years, so that the mining companies receive an extra relaxation on their taxation policies and they are encouraged towards revenue generation. Introduction The Australian Government accepted the proposal of the Australia’s Future Tax System Review to introduce a tax charge on the resource rents and the super profits earned by the mining companies from the exploitation of the non-renewable resources of Australia. This new tax policy will be known as Resource Super Profits Tax (RSPT). The RSPT would provide the community of Australia with a share of income that will be derived from the extraction and sale of non-renewable resources of Australia in countries all over the world. ...
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