Australian government collects huge revenue from the taxes paid by the mining industries in the country. The various new features of MRRT have been included in this study. Moreover the potential impacts of the introduction of MRRT on the accounting policies followed by the mining companies have also been studied. Mineral Industry of Australia has been reviewed and its inherent potential and its industry structure have been studied in this report. Australia is well known for its varied natural resources. Both metallic and non-metallic minerals are widely found in Australia. It is rich in fuel minerals too. Commodity exports from Australia in the form of minerals and energy constitutes a significant portion of Australian economy. Earnings from commodity exports are expected to rise on a continuous basis for Australia because of rising demand of mineral resources worldwide. Global Financial Crisis (GFC) had an adverse effect on the mineral industry in Australia. The rise in the production of commodities like iron ore, copper, bauxite, natural gas, etc. have slowed down in the recent years. However, the country has a huge potential of mineral production and several investment projects are expected to come up or are already going on. Western Australia is the leading state of the country in terms of exports of metallic minerals. Major areas of coal exports in the country are Queensland and New South Wales. However to have a sustainable growth in mineral exports Australia needs a significant improvement and expansion in its infrastructural facilities. Australia falls amongst the top 10 mineral exporting countries in the world. There has been a significant increase in the spending in terms of mineral explorations in the country. Mining industry of Australia also forms a significant component of the GDP of the country. Many people get employment opportunity in the mining sector as well. Hence mineral industry is expected to contribute to Australian economic development in a significant way in future (IBP USA, 2005, p.48). 2.1.2 Industry Structure The mine industry in Australia follows a free enterprise system. Private companies of the country take part in all the mining activities like exploration, production, development and marketing of minerals. Significant numbers of mineral companies in Australia are subsidiaries of companies in US or Europe. It controls a major part of the refining and mining sector in Australia. Relevant State Governments hold the ownership rights of mineral exploration in Australia. Ownership of minerals in Australia is divided amongst State and Commonwealth ownership in onshore and offshore areas of the country. The mineral industries in each areas of the country are administered by the government authorities in Territories and States, depending on the region in which they fall. The administering process by the Government includes activities like land registration, issuing exploration permits, ensuring the compliance of government regulations related to safety, health and environmental matters, levying taxes and royalties, etc. Hence, government has an effective control over the production of most of the minerals
The Government of Australia has proposed a new resource rent tax known as Mineral Resource Rent Tax (MRRT) that will be effective from the beginning of July in 2012. It replaces the earlier proposed Resource Super Profits Tax or RSPT…
There are 3 stages in legislation which lead up to today's Housing rent Policy: before 2002, 2002 and post 2008. The current regulatory organizations, the TSA and the HCA are important end results of the Restructuring framework of 2002. The UK has gone from uncontrolled rents and social housing to Westminster controlled to a combination of government, city council and association controlled.
In situations where transactions are accounted for outside profits or loss, this standard has offered specific provisions. In case of the transactions that are recognised directly in equity, any associated tax implications are also recognised directly in equity, while those that are recognised in comprehensive income have their associated tax implications recognised in comprehensive income.
In 1939 Congress codified the Federal tax laws" ("Tax Law and Accounting," 2009).
The aspect of modern income tax statutes that undeniably upset people the world over is that the tax law continually changes. Not only that, but it happens to be very complicated.
Interest paid on money to buy or carry investment property that produces taxable income is also deductible on Schedule A, but under section 163(d) the deduction cannot exceed the net investment income. Commissions and other costs of acquiring or disposing of securities are not deductible but must be used to figure gain or loss upon disposition of the securities.
It is true that in the case of the United States the minerals abundance has been a real blessing that has helped that nation to become a very powerful country. But in the case of certain African countries like Nigeria the petroleum abundance has proven to be a curse due to complex reasons.
For tax year 2005, the maximum amount of EITC a qualifying worker with one child can receive is $2,662. For two or more children under one's care, the maximum amount is $4,400. For workers with no children, the maximum amount of EITC is only $399 (Tax Credit Resources, n.d.).
Regressive tax is a tax levied in such a way that as the amount subject to taxation increases the tax rate decreases. In other words, a regressive tax asserts a greater burden on the poor than on the wealthy people — there is an inverse relationship
The fact that he asked his CPA subsequently about the possible deduction was a proof of that good faith. After inquiry, it was only at that point when the accountant denied having given consent on the prior claim for deduction made. In fact, he did not hide it to
Graphite occurs in the gneisses and schists, which are highly metamorphosed. The graphite has weathered deeply into the ferruginous and soft clays. Graphite presents resistance to weathering and occurs among the
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