Tuesday, 22 November 2011
Minerals Resource Rent Tax Bill 2011, Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011, Minerals Resource Rent Tax (Imposition — General) Bill 2011, Minerals Resource Rent Tax (Imposition — Customs) Bill 2011, Minerals Resource Rent Tax (Imposition — Excise) Bill 2011, Petroleum Resource Rent Tax Assessment Amendment Bill 2011, Petroleum Resource Rent Tax (Imposition — General) Bill 2011, Petroleum Resource Rent Tax (Imposition — Customs) Bill 2011, Petroleum Resource Rent Tax (Imposition — Excise) Bill 2011, Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011, Superannuation Guarantee (Administration) Amendment Bill 2011; Consideration in Detail
by leave—I move amendments (3) and (5) as circulated in my name together:
(3) Page 16 (after line 4), at the end of Division 20, add:
(5) Clause 300-1, page 263 (after line 6), after the definition of long term bond rate, insert:
magnetite ore has the meaning given by subsection 20-5(5).
Amendments (3) and (5) seek to exclude magnetite from the operation of the mining tax. Magnetite ore, unlike hematite ore, has very low iron ore content and is therefore of very little value in its raw state. As such, magnetite companies have to heavily process their ore before it is of significant value. As a result, the government has indicated that the magnetite industry is unlikely to pay the mining tax. Despite this, these companies continue to be burdened with compliance costs and plagued with investment uncertainty over the application of the mining tax. The amendments will mean greater investment certainty for a new value-adding industry that promises more than 12,000 jobs in Western Australia alone.
The House divided. [00:37]
(The Speaker—Mr Harry Jenkins)