The Gillard government has reached an agreement with three big miners on a profit based resoruces tax regime. It is called mineral resoruces rent tax.
It represents a significant improvement from the Rudd government's original RSPT proposal.
The main features of the tax:
The headline rate is changed from 40 to 30 per cent
Only applies to iron ore and coal
Mineral valued at mine gate
Miners can use either book value or market value
The uplift rate is long term government bond rate if market value used and plus 7 per cent for if book value used
Small miners with profit less than $50 million don't pay the tax
PRRT will continue for oil and gas and will apply to both onshore and offshore production
More details can be seen from:
http://www.theaustralian.com.au/politics/full-statement-and-detail-of-new-mining-tax/story-e6frgczf-1225887000521
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