Clifford Chance
Australia's mineral resources rent tax [Japanese version]
30 June 2011
The Australian government unveiled legislation for a mining tax on 10 July 2010. Coupled with an extension of the existing petrol production tax to offshore oil and gas projects, the new tax regime is expected to raise over A$11.1 billion over three years after it comes into force in July 2012.
However, there are still technical issues to be resolved in the draft, industry reaction has been mixed so far, and the Government's slim majority in the House of Representatives will require careful management to ensure the legislation is passed.
This briefing outlines the details of the draft legislation.
