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Mining Tax Raises $126 Million In First Six Months

The Treasurer, Wayne Swan, has announced that the mining tax has raised $126 million in its first six months.

The Minerals Resource Rent Tax was budgeted to raised $2 billion in its first year.

Text of statement from the Treasurer, Wayne Swan.

Minerals Resource Rent Tax revenue

Today, the Australian Tax Office has provided the Government with combined Minerals Resource Rent Tax revenue figures for the first two quarters of the 2012-13 financial year.

Combined revenue from the first two quarters of the MRRT totalled $126m.

It’s clear revenues from resource rent taxes have taken a massive hit from the impact of continued global instability, commodity price volatility and a high dollar.

Revenues across the board are down very substantially – MRRT is a profits-based tax that raises more revenue when profits are higher and less when they are lower.

The Government has always supported increased transparency in our tax system and we believe any revenue from the MRRT should be published – which is why I am making this information public after it was received earlier today.

The Assistant Treasurer is leading the Government’s work to broaden transparency in the business tax system, including in relation to MRRT revenue, and remove any ambiguity from reporting requirements.

The information being released today was provided by the ATO following recent collections after it was satisfied disclosing two quarters’ instalments would not breach taxpayer confidentiality provisions of the Taxation Administration Act 1953.

The information provided by the ATO today is attached [PDF 99KB].


Gina Rinehart Video Message To The Sydney Mining Club

This is an extract of the video of Gina Rinehart posted on the Sydney Mining Club’s YouTube account.

Rinehart argues that Australia has become uncompetitive and too expensive for exporters because of the carbon tax and the minerals resource rent tax.

She says: “Now the evidence is unarguable – that Australia is indeed becoming too expensive and too uncompetitive to do export-orientated business.

“Our federal and state governments must know that now, more than ever, we must lift our international competitiveness just to stay as well off as we are. [Read more…]