MINING CORPORATIONS – TAXATION – AUSTRALIA

Mining tax deal delays 12pc super until 2025

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 3-Sep-14

On 2 September 2014, the Australian Government finally succeeded in repealing the minerals resource rent tax in the Senate, after striking a deal with the Palmer United Party. The superannuation guarantee will now not be increased again from its current level of 9.5% until mid-2021. It will then reach the 12% target set by the previous federal government in its mining sector tax plans by 2025. Prime Minister Tony Abbott and Treasurer Joe Hockey says the Australian Labor Party could have averted the delay, which will reduce the retirement savings pool by $A128bn over 10 years, by supporting the repeal

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, PALMER UNITED PARTY, AUSTRALIA. DEPT OF FINANCE, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, INDUSTRY SUPER AUSTRALIA PTY LTD, FINANCIAL SERVICES COUNCIL, RIO TINTO LIMITED – ASX RIO, BUSINESS COUNCIL OF AUSTRALIA

Swan admits MRRT revenue failure

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 19-Aug-14

The former Australian Government revealed details of its proposed Resources Super Profit Tax on 2 May 2010. However, a book written by ex-treasurer Wayne Swan shows that the mining sector was only told about plans for the tax several days earlier. Swan also notes that generous deductions granted to mining companies for investing in their mining operations were a major contributor to the lower-than-expected revenue from the minerals resource rent tax

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, XSTRATA AG

Budget is dead, says Palmer

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 18-Jul-14

The Australian Government has succeeded in scrapping the carbon tax, although the Senate is expected to block legislation to repeal the mining tax. Meanwhile, many of the key measures in the May 2014 Budget remain in doubt due to resistance in the Senate. Crossbench MP Clive Palmer believes that the Government’s only options are a mini-budget or a new election. Palmer and Australians Greens leader Christine Milne both say the Government had not sought to negotiate with them regarding Budget measures

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, PALMER UNITED PARTY, McKELL INSTITUTE, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Hockey’s budget hole heading to $41b

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1-Apr : 17-Jul-14

The Australian Government may face resistance in the Senate to its plans to abolish some $A4bn worth of tax breaks as part of its proposal to repeal the mining tax. Two independent senators intend to vote against scrapping the tax breaks, and the defeat of this measure would be another blow for the Government, which has already faced opposition from Palmer United Party senators to several other measures that are linked to the mining tax

CORPORATES
PALMER UNITED PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL DEMOCRATIC PARTY