Energy and Resources Point-in-Time Service Updates

Thursday 18 September 2014 @ 12.12 p.m.

The Energy and Resources Point-in-Time Service has been updated to include the latest amendments in the Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (No. 96 of 2014).

Act 96 of 2014

The Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (No. 96 of 2014)repeals the:

  • Minerals Resource Rent Tax Act 2012;
  • Minerals Resource Rent Tax (Imposition—Customs) Act 2012;
  • Minerals Resource Rent Tax (Imposition—Excise) Act 2012; and the
  • Minerals Resource Rent Tax (Imposition—General) Act 2012;

The Act also amends the:

  • Income Tax Assessment Act 1997;
  • Income Tax (Transitional Provisions) Act 1997 to provide that companies can carry tax losses forward to use as a deduction for a future year;
  • Income Tax Assessment Act 1997 to: amend the instant asset write-off threshold provisions for small business entities; provide that motor vehicle purchases made by small business entities will be treated as normal business assets for depreciation purposes; and provide that geothermal energy exploration and prospecting expenditure are no longer immediately deductible;
  • Superannuation Guarantee (Administration) Act 1992 to delay increases in the superannuation guarantee rate for a two-year period;
  • Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to abolish the low income superannuation contribution;
  • Social Security Act 1991; and
  • Social Security (Administration) Act 1999 to abolish the income support bonus payment;
  • A New Tax System (Family Assistance) Act 1999, A New Tax System (Family Assistance) (Administration) Act 1999, Income Tax Assessment Act 1997 and Social Security (Administration) Act 1999 to abolish the schoolkids bonus payment; and
  • Make consequential amendments to 13 Acts.

The amendments made by Act 96 of 2014 have been updated in the Point-in-Time Energy and Resources Service current to 17 September 2014. (NB: Subscription required).

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