The Minerals Resources Rent Tax has been abolished.
Northern Australia-based LNP Senator Ian Macdonald has welcomed the abolition and congratulated his colleagues for their determination to rid the Australian people of this onerous and useless taxation scheme.
“The Minerals Resources Rent Tax (MRRT) was just another Labor cash grab that cost almost more to collect than it ever raised” he said.
“The Labor policy raised sovereign risk issues and also acted as a deterrent to needed foreign investment in Australia’s mineral and resources.”
At a time when Australia’s Mining sector is struggling this Labor cash-grab was a turn-off to investment.
And the long-term impact on Australian jobs was noticeable and concerning. That is why the tax had to go. It raised no money but frightened off investment and Australian jobs.
Senator Macdonald said that the government had brought the MRRT repeal legislation before the Senate previously but that the “whims of the crossbench” had made it impossible to pass the legislation.
“It is wonderful that everyone has finally seen sense” he said.
Key amendments that have facilitated the passage of the bill include:
- Low-income superannuation contributions will remain until June 30, 2017;
- Income-Support Bonus will stay until December 31, 2016;
- School-Kids Bonus will be means tested up to $100,000 per family to December 31, 2016;
- Compulsory Super will increase from July 1, 2021 when it will rise to 10 per cent; and,
- Compulsory Super will then increase annually until it reaches 12 per cent.
“The Coalition has never wavered from its resolve to remove this toxic tax burden from the shoulders of Australia business and the Australian people.”