Today the Government is pleased to receive the Policy Transition Group's reports on the implementation of the new resource taxation reforms, and minerals and petroleum exploration.
The Group, jointly led by the Resources and Energy Minister Martin Ferguson and Don Argus, was established to advise on the implementation and technical design elements of the tax reforms, with the aim of minimising compliance costs and enabling a smooth transition to the new arrangements.
The Group undertook an extensive consultation process with over 80 formal submissions received in response to the consultation paper released on 1 October 2010, and a significant number of face-to-face discussions with industry and other stakeholders.
The Government would like to thank Mr Argus and the other members of the Policy Transition Group for all their hard work in preparing the report, as well as industry and other stakeholders for their constructive engagement in the process.
The Government will now consider the recommendations of the report in detail and respond in early 2011 following Cabinet consideration and discussions with state and territory governments. The report will also inform the preparation of exposure draft legislation by mid-2011, which will be subject to further consultation.
The Government welcomes the proposal to establish an implementation group, comprising experts from industry and the tax profession, and officials from the Treasury, Australian Taxation Office and the Department of Resources, Energy and Tourism. We will consider the early establishment of this group to progress the development of the exposure draft legislation.
The new resource tax arrangements ensure Australians receive a better return from their non-renewable resources and will underpin major reforms to strengthen our economy through increased superannuation, new and better infrastructure, and business tax cuts. These initiatives are crucial to setting up Australia to maximise the opportunities that will flow from Mining Boom Mark II.
The Policy Transition Group reports are available at http://www.futuretax.gov.au/pages/resourcetax_PTG_reports.aspx
21 December 2010