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Minerals Resource Rent Tax Repeal and Other Measures Bill 2014

Minerals Resource Rent Tax Repeal and Other Measures Act 2014

Explanatory Memorandum

(Circulated by the authority of the Treasurer, the Hon J. B. Hockey MP)

Index

Schedule 1: Minerals resource rent tax

Bill reference Paragraph number
Items 1 to 4 1.12
Items 5 to 46, 53 to 88, and 91 to 121, paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977; paragraphs 177-12(4)(h) and (i) of the A New Tax System (Goods and Services Tax) Act 1999; subsection 3(1) and Parts II and XI of the Crimes (Taxation Offences) Act 1980; sections 10-5, 12-5, 15-85, 40-725 and 40-751, subsections 703-50(1), 719-50(1), 721-10(2), (4) and (6), and 721-25(1AA), (1B), (2) and (3), section 960-265 and subsection 995-1(1) of the ITAA 1997; Schedule 4 of the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012; item 169 of Schedule 7 to the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013; section 3D, subsection 8AAB(4), subparagraph 8AAZLG(1)(b)(ii), paragraph 8AAZLH(1)(b), section 14ZQ and subsections 14ZW(1AB) and (1AC) of the TAA 1953; paragraphs 11-1(g), 12-330(1)(b), and 12-335(2)(a), subsection 18-10(3), section 18-49, Part 3-15, paragraph 155-5(2)(e), subsections 155-15(1) and 155-30(3), sections 155-55, 155-57 and 155-90, subsection 250-10(2), sections 280-1, 280-50 and 280-101, paragraph 280-105(1)(a), subsection 280-110(1), sections 280-170, 284-30 and 284-35, paragraphs 284-75(2)(a) and (2)(b), subsections 284-80(1) and 286-75(2AA), paragraph 286-80(2)(a), section 352-1, Subdivision 352-B, section 353-17, subsection 355-50(1), paragraph 357-55(faa), subsection 360-5(1), subsections 444-5(1), (1A), (1B) and (2), subsections 444-10(1), (2), (3) and (5), section 444-15, subsections 444-30(1), (2) and (3), subsections 444-70(1) and (2) and Subdivision 444-F in Schedule 1 to the TAA 1953; subsections 3(1), 3C(1) and 3C(2), sections 12AA, 12AB, 12AC and 12AF of the Taxation (Interest on Overpayments and Early Payments) Act 1983 1.34
Items 47 and 50, notes at the end of paragraph (b) of the definition of 'exploration permit' and 'retention lease' in section 2 of the PRRTAA 1987 1.31
Item 48, definition of 'petroleum' in section 2 of the PRRTAA 1987 1.13
Item 49, note at the end of paragraph (c) of the definition of 'production licence' in section 2 of the PRRTAA 1987 1.21
Item 51, section 2AB of the PRRTAA 1987 1.17
Item 51, section 2AC of the PRRTAA 1987 1.26
Item 52, subsections 37(2A) and (2B) of the PRRTAA 1987 1.27
Item 52, subsection 37(2C) of the PRRTAA 1987 1.30
Items 89 and 90, subsection 284-90(1) and paragraph 284-90(3)(a) in Schedule 1 to the TAA 1953 1.35
Item 123 1.43
Item 123, note 1 1.44
Item 123, note 2 1.45
Item 124 1.46
Part 3 1.40

Schedule 2: Loss carry back

Bill reference Paragraph number
Item 1, Division 160 2.13
Item 2, Division 160 of the Income Tax (Transitional Provisions) Act 1997 (IT(TP) Act 1997) 2.14
Items 3 to 13, subsections 6(1), 92A(3), 177C(1), (2) and (3), 177CB(1) and 177F(1) and (3) of the Income Tax Assessment Act 1936; items 14 to 40, sections 13-1, 36-25, 67-23, 195-37 and 195-72 and subsections 36-17(1), 195-15(5), 205-35(1), 320-149(2), 830-65(3), 960-20(2) and (4) and 995-1(1) ; and item 41, section 45-340 in Schedule 1 to the TAA 1953 2.16
Item 42 2.79
Item 44, subsection 960-20(1) of the IT(TP) Act 1997 2.82
Item 44, subsection 960-20(2) of the IT(TP) Act 1997 2.83
Subitem 43(1) 2.80
Subitem 43(2) 2.81

Schedule 3: Small business instant asset write-off threshold

Bill reference Paragraph number
Items 1, 2, and 6 to 10, heading in sections 328-170 and 328-180, example in subsections 328-210(3), 328-215(4), 328-250(1), and heading 328-250(4), and heading in 328-253(4) 2.26
Item 3, paragraph 328-180(1)(b) 2.20
Item 4, paragraphs 328-180(2)(a) and (3)(a) 2.23
Item 5, subsection 328-210(1) 2.25
Subitems 11(1), (2) and (4); and Schedule 4, item 8 2.84
Subitem 11(3) 2.89

Schedule 4: Deductions for motor vehicles

Bill reference Paragraph number
Items 1, 2 and 5 to 7, subsection 328-190(2A), section 328-200, subsections 328-250(1) and (2) and paragraph 328-250(3)(b) 2.30
Items 3 and 4, section 328-237 and the group heading before that section 2.28

Schedule 5: Geothermal energy

Bill reference Paragraph number
Items 1, 15 and 31 to 38, table item headed 'capital allowances' in section 12-5, subsection 40-730(1), paragraphs 165-55(2)(ba) and 716-300(1)(b) and (c), note in subsections 716-300(1) and subsection 995-1(1) 2.51
Items 2, 3 and 4, section 15-40 2.49
Items 2, 3 and 4, section 15-40 2.50
Items 5 to 8, 16 to 19, 21 and 22, paragraphs 40-30(2)(ba) and (bb), table item 9A in section 40-40, subsections 40-80(1A), 40-290(5), 40-730(2A) and (2B) and 40-730(3), paragraphs 40-730(4)(b), (c), (d) and (e) and subsections 40-730(7A), (7B) and (9) 2.37
Item 9, table item 12 in subsection 40-300(2) 2.45
Items 10 to 14 and 23, paragraph 40-630(1)(b), note in subsection 40-630(1), paragraphs 40-630(1A)(b), (1B)(b) and (3)(b), paragraphs 40-650(3)(a) and (b) and subparagraph 43-70(2)(fa)(iv) 2.40
Item 24, section 112-38 2.46
Items 25 to 29, paragraphs 124-710(1)(a), (b) and (c) and 124-710(2)(a), (b) and (c) 2.42
Subitem 39(2) 2.92
Subitem 39(3) 2.93, 2.94
Subitem 39(1) 2.95

Schedule 6: Superannuation Guarantee Charge percentage

Bill reference Paragraph number
Item 1, subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 2.56
Items 2, subsection 19(2AA) of the Superannuation Guarantee (Administration) Act 1992 2.57
Item 2, subsection 19(2AB) of the Superannuation Guarantee (Administration) Act 1992 2.58

Schedule 7: Low income superannuation contribution

Bill reference Paragraph number
Items 1 to 6, subsection 5(2), Part 2A, subsection 49(1), section 55 (note), section 56 (definitions of concessional contributions and low income superannuation contribution 2.62
Subitem 7(1) and (3) 2.97
Subitem 7(2) 2.99
Subitems 8(1) and 8(2) 2.101
Subitems 9(1), 9(2) and 9(3) 2.103

Schedule 8: Repeal of income support bonus

Bill reference Paragraph number
Items 1 to 11, Part 2.18B, table item 71 section 1190, subsection 23(1) (definitions of 'income support bonus' and 'income support bonus test day'), 1191(1) (table item 43) and 1192(10), and paragraph 23(4AA)(ac) of the Social Security Act 1991; and sections 12L and 47DAB and subsection 47(1) (definition of 'lump sum benefit'), of the Social Security (Administration) Act 1999 2.67
Items 12 to 14 and items 23 to 25, subsections 24A(8A), 24AA(10A) and 24B(6) of the Farm Household Support Act 1992; paragraph 1231(1AA)(b) of the Social Security Act 1991; and section 123TC (definitions of 'category I welfare payment' and 'category Q welfare payment') of the Social Security (Administration) Act 1999 2.68
Items 15 to 22, sections 11-15, 52-75 (table item 5D) and 52-114 (table item 16A), subsections 52-10(1M) and 52-65(1K), and paragraphs 52-10(1)(zb) and (zc) and 52-65(1)(c) 2.69
Subitems 26(1),(2) and (6) 2.105
Subitems 26(3) to (5) 2.106

Schedule 9: Repeal of schoolkids bonus

Bill reference Paragraph number
Items 1 to 20, Divisions 1A of Part 3 and 1A of Part 4, subsection 3(1) (definitions of 'bonus test day', 'current education period', 'family assistance', 'FTB child', 'previous education period', 'primary school amount', 'relevant schoolkids bonus child', 'schoolkids bonus' and 'secondary school amount'), and clause 2 (table items 17AB and 17AC) and subclause 3(1) (table items 17AB and 17AC) of Schedule 4 to the A New Tax System (Family Assistance) Act 1999; and Division 2A of Part 3, section 219TA (definition of 'relevant benefit'), subsections 93A(6) (definition of 'family assistance payment') and 221(5), and paragraphs 66(1)(ba) and 71(1)(a) of the A New Tax System (Family Assistance) (Administration) Act 1999 2.72
Items 21 and 22, sections 11-15 and 52-150 2.74
Item 23, Subdivision DG of Division 5 of Part 3B of the Social Security (Administration) Act 1999 2.73
Subitems 24(1) and (4) 2.108
Subitem 24(2) 2.109
Subitem 24(3) 2.110


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