Draft Minerals Resource Rent Tax Bill and Explanatory Material Released – Is the MRRT Really a Penalty for Being Australian?

This article follows the progress of the Australian government’s proposal to introduce a minerals resource rent tax from 1 July 2012. Additionally, the petroleum resource rent tax will also be extended from that date to cover all Australian oil and gas projects, whether offshore or onshore. The article focuses on a number of design features of the draft Minerals Resource Rent Tax Bill 2011 and also comments on a number of significant legal issues arising under the Bill.