Australia:

Australia Sets Out Mining Tax Repeal Schedule 

Geothermal exploration and prospecting expenditure no longer immediately deductible

(Courtesy CIA.gov)

The Australian Government has confirmed that the mining tax will be abolished from October 1, 2014. The Coalition's repeal package received Royal Assent on September 5, 2014. It has now been announced that taxpayers' final Minerals Resource Rent Tax (MRRT) year of assessment will end on September 30.

Geothermal energy exploration and prospecting expenditure will no longer be immediately deductible. If a geothermal exploration right is exchanged for a geothermal extraction right relating to the same or a similar area then a capital gains tax (CGT) rollover will apply to defer the liability until the sale of the extraction right. These amendments apply retrospectively, from July 1, 2014.

The Government said the complete mining tax repeal package will save the nation AUD50bn over the next decade.

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