Minerals Resource Rent Tax (Imposition—Excise) Act 2012 (Cth)

Minerals Resource Rent Tax (Imposition—Excise) Act 2012

No. 16, 2012

An Act to impose minerals resource rent tax, so far as that tax is a duty of excise

Contents

Minerals Resource Rent Tax (Imposition—Excise) Act 2012

No. 16, 2012

An Act to impose minerals resource rent tax, so far as that tax is a duty of excise

[Assented to 29 March 2012]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Minerals Resource Rent Tax (Imposition—Excise) Act 2012.

2Commencement

This Act commences on 1 July 2012.

3Imposition

1. (1)

   Minerals resource rent tax payable under the Minerals Resource Rent Tax Act 2012 is imposed.

2. (2)

   However, this section imposes minerals resource rent tax only so far as that tax is a duty of excise within the meaning of section 55 of the Constitution.

4The MRRT rate

The MRRT rate is:

where:

extraction factor is 25%.

5Act does not impose a tax on property of a State

1. (1)

   This Act does not impose a tax on property of any kind belonging to a State.

2. (2)

   In this section, property of any kind belonging to a State has the same meaning as in section 114 of the Constitution.

[Minister’s second reading speech made in—

House of Representatives on 2 November 2011

Senate on 7 February 2012]

(234/11)