Quote:The smaller mining companies (under A$50 million in profits) are excluded from the tax, but they are not happy about the plan.
Mostly the smaller miners are not happy about being left out of negotiations. some complaints about the losss of the 30% rebate on exploration costs that were on the table as part of the Rudd deal. Thats a bit like wingeing about losing something you never had.
Tax of 30% will apply to iron ore and coal profits after they exceed (about) 12%
Offshore petroleum resource rent tax to be extended to onshore projects and Nth west shelf.
Tax will not apply to mineral sands and nickle. (not sure yet about all the other minerals)
Companies with profits below 50 mill are exempt.
One thing that may cause a problem. Under the constitution minerals belong to the state. State governemtns already levy a royalty
Other industry sectors were to have the company tax rate reduced 1-2% using revenue from the new tax, this will not go ahead.
incrases in company funded compulsory superannuation to 12% still goes
ahead.