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representatives vote 2011-11-22#3

Edited by system

on 2014-10-07 16:21:34

Title

Description

  • The majority voted against an [http://www.openaustralia.org/debate/?id=2011-11-22.121.1 amendment] introduced by Nationals MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Tony_Crook&mpc=O%26%2339%3BConnor&house=representatives Tony Crook].
  • The amendment would exclude magnetite from the operation of the minerals resource rent tax. MP Crook explains that magnetite ore has very little value in its raw state and so must be heavily processed before it is of significant value.(Read MP Crook's whole explanation [http://www.openaustralia.org/debate/?id=2011-11-22.121.1 here]. ) He said that "the government has indicated that the magnetite industry is unlikely to pay the mining tax" and so it should be excluded to increase investment and certainty.
  • ''Background to the bill''
  • The Minerals Resource Rent Tax Bill 2011 is one of eleven bills that were introduced as a package to introduce a [http://en.wikipedia.org/wiki/Minerals_Resource_Rent_Tax minerals resource rent tax] ('MRRT').(Read more about the MRRT [http://www.ato.gov.au/Business/Minerals-resource-rent-tax/ here].) The tax is set to begin on 1 July 2012 and apply to profits earned from the extraction of mineral resources such as coal and iron ore.
  • The eleven bills are:
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4712 Minerals Resource Rent Tax Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4710 Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4705 Minerals Resource Rent Tax (Imposition—General) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4701 Minerals Resource Rent Tax (Imposition—Customs) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4703 Minerals Resource Rent Tax (Imposition—Excise) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4711 Petroleum Resource Rent Tax Assessment Amendment Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4706 Petroleum Resource Rent Tax (Imposition—General) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4702 Petroleum Resource Rent Tax (Imposition—Customs) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4704 Petroleum Resource Rent Tax (Imposition—Excise) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4709 Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4698 Superannuation Guarantee (Administration) Amendment Bill 2011]
  • References
  • The majority voted against an [amendment](http://www.openaustralia.org/debate/?id=2011-11-22.121.1) introduced by Nationals MP [Tony Crook](http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Tony_Crook&mpc=O%26%2339%3BConnor&house=representatives).
  • The amendment would exclude magnetite from the operation of the minerals resource rent tax. MP Crook explains that magnetite ore has very little value in its raw state and so must be heavily processed before it is of significant value.(Read MP Crook's whole explanation [here](http://www.openaustralia.org/debate/?id=2011-11-22.121.1). ) He said that "the government has indicated that the magnetite industry is unlikely to pay the mining tax" and so it should be excluded to increase investment and certainty.
  • _Background to the bill_
  • The Minerals Resource Rent Tax Bill 2011 is one of eleven bills that were introduced as a package to introduce a [minerals resource rent tax](http://en.wikipedia.org/wiki/Minerals_Resource_Rent_Tax) ('MRRT').(Read more about the MRRT [here](http://www.ato.gov.au/Business/Minerals-resource-rent-tax/).) The tax is set to begin on 1 July 2012 and apply to profits earned from the extraction of mineral resources such as coal and iron ore.
  • The eleven bills are:
  • - [Minerals Resource Rent Tax Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4712)
  • - [Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4710)
  • - [Minerals Resource Rent Tax (Imposition—General) Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4705)
  • - [Minerals Resource Rent Tax (Imposition—Customs) Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4701)
  • - [Minerals Resource Rent Tax (Imposition—Excise) Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4703)
  • - [Petroleum Resource Rent Tax Assessment Amendment Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4711)
  • - [Petroleum Resource Rent Tax (Imposition—General) Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4706)
  • - [Petroleum Resource Rent Tax (Imposition—Customs) Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4702)
  • - [Petroleum Resource Rent Tax (Imposition—Excise) Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4704)
  • - [Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4709)
  • - [Superannuation Guarantee (Administration) Amendment Bill 2011](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4698)
  • References
representatives vote 2011-11-22#3

Edited by system

on 2014-10-07 16:16:57

Title

Description

  • The majority voted against an [http://www.openaustralia.org/debate/?id=2011-11-22.121.1 amendment] introduced by Nationals MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Tony_Crook&mpc=O%26%2339%3BConnor&house=representatives Tony Crook].
  • The amendment would exclude magnetite from the operation of the minerals resource rent tax. MP Crook explains that magnetite ore has very little value in its raw state and so must be heavily processed before it is of significant value.[1] He said that "the government has indicated that the magnetite industry is unlikely to pay the mining tax" and so it should be excluded to increase investment and certainty.
  • The amendment would exclude magnetite from the operation of the minerals resource rent tax. MP Crook explains that magnetite ore has very little value in its raw state and so must be heavily processed before it is of significant value.(Read MP Crook's whole explanation [http://www.openaustralia.org/debate/?id=2011-11-22.121.1 here]. ) He said that "the government has indicated that the magnetite industry is unlikely to pay the mining tax" and so it should be excluded to increase investment and certainty.
  • ''Background to the bill''
  • The Minerals Resource Rent Tax Bill 2011 is one of eleven bills that were introduced as a package to introduce a [http://en.wikipedia.org/wiki/Minerals_Resource_Rent_Tax minerals resource rent tax] ('MRRT').[2] The tax is set to begin on 1 July 2012 and apply to profits earned from the extraction of mineral resources such as coal and iron ore.
  • The Minerals Resource Rent Tax Bill 2011 is one of eleven bills that were introduced as a package to introduce a [http://en.wikipedia.org/wiki/Minerals_Resource_Rent_Tax minerals resource rent tax] ('MRRT').(Read more about the MRRT [http://www.ato.gov.au/Business/Minerals-resource-rent-tax/ here].) The tax is set to begin on 1 July 2012 and apply to profits earned from the extraction of mineral resources such as coal and iron ore.
  • The eleven bills are:
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4712 Minerals Resource Rent Tax Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4710 Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4705 Minerals Resource Rent Tax (Imposition—General) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4701 Minerals Resource Rent Tax (Imposition—Customs) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4703 Minerals Resource Rent Tax (Imposition—Excise) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4711 Petroleum Resource Rent Tax Assessment Amendment Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4706 Petroleum Resource Rent Tax (Imposition—General) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4702 Petroleum Resource Rent Tax (Imposition—Customs) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4704 Petroleum Resource Rent Tax (Imposition—Excise) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4709 Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4698 Superannuation Guarantee (Administration) Amendment Bill 2011]
  • References
  • * [1] Read MP Crook's whole explanation [http://www.openaustralia.org/debate/?id=2011-11-22.121.1 here].
  • * [2] Read more about the MRRT [http://www.ato.gov.au/Business/Minerals-resource-rent-tax/ here].
representatives vote 2011-11-22#3

Edited by mackay

on 2014-02-13 11:09:55

Title

Description

  • The majority voted against an [http://www.openaustralia.org/debate/?id=2011-11-22.121.1 amendment] introduced by Nationals MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Tony_Crook&mpc=O%26%2339%3BConnor&house=representatives Tony Crook].
  • The amendment would exclude magnetite from the operation of the minerals resource rent tax. MP Crook explains that magnetite ore has very little value in its raw state and so must be heavily processed before it is of significant value.[1] He said that "the government has indicated that the magnetite industry is unlikely to pay the mining tax" and so it should be excluded to increase investment and certainty.
  • ''Background to the bill''
  • The Minerals Resource Rent Tax Bill 2011 is one of eleven bills that were introduced as a package to introduce a [http://en.wikipedia.org/wiki/Minerals_Resource_Rent_Tax minerals resource rent tax] ('MRRT').[2] The tax is set to begin on 1 July 2012 and apply to profits earned from the extraction of mineral resources such as coal and iron ore.
  • The eleven bills are:
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4712 Minerals Resource Rent Tax Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4710 Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4705 Minerals Resource Rent Tax (Imposition—General) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4701 Minerals Resource Rent Tax (Imposition—Customs) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4703 Minerals Resource Rent Tax (Imposition—Excise) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4711 Petroleum Resource Rent Tax Assessment Amendment Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4706 Petroleum Resource Rent Tax (Imposition—General) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4702 Petroleum Resource Rent Tax (Imposition—Customs) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4704 Petroleum Resource Rent Tax (Imposition—Excise) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4709 Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4698 Superannuation Guarantee (Administration) Amendment Bill 2011]
  • References
  • * [1] Read his whole explanation [http://www.openaustralia.org/debate/?id=2011-11-22.121.1 here].
  • * [2] Read more about the MRRT [http://www.ato.gov.au/Business/Minerals-resource-rent-tax/ here].
  • * [1] Read MP Crook's whole explanation [http://www.openaustralia.org/debate/?id=2011-11-22.121.1 here].
  • * [2] Read more about the MRRT [http://www.ato.gov.au/Business/Minerals-resource-rent-tax/ here].
representatives vote 2011-11-22#3

Edited by mackay

on 2014-02-13 11:08:54

Title

  • Bills — 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
  • Minerals Resource Rent Tax Bill 2011 - Consideration in Detail - Magnetite exclusion

Description

  • <p class="speaker">Tony Crook</p>
  • <p>by leave&#8212;I move amendments (3) and (5) as circulated in my name together:</p>
  • <p class="italic">(3) Page 16 (after line 4), at the end of Division 20, add:</p>
  • <p class="italic">(5) Clause 300-1, page 263 (after line 6), after the definition of <i>long term bond rate</i>, insert:</p>
  • <p class="italic"><i>magnetite ore</i> has the meaning given by subsection 20-5(5).</p>
  • <p>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.</p>
  • <p>Question put.</p>
  • <p>The House divided. [00:37]</p>
  • <p>(The Speaker&#8212;Mr Harry Jenkins)</p>
  • <p>Question negatived.</p>
  • The majority voted against an [http://www.openaustralia.org/debate/?id=2011-11-22.121.1 amendment] introduced by Nationals MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Tony_Crook&mpc=O%26%2339%3BConnor&house=representatives Tony Crook].
  • The amendment would exclude magnetite from the operation of the minerals resource rent tax. MP Crook explains that magnetite ore has very little value in its raw state and so must be heavily processed before it is of significant value.[1] He said that "the government has indicated that the magnetite industry is unlikely to pay the mining tax" and so it should be excluded to increase investment and certainty.
  • ''Background to the bill''
  • The Minerals Resource Rent Tax Bill 2011 is one of eleven bills that were introduced as a package to introduce a [http://en.wikipedia.org/wiki/Minerals_Resource_Rent_Tax minerals resource rent tax] ('MRRT').[2] The tax is set to begin on 1 July 2012 and apply to profits earned from the extraction of mineral resources such as coal and iron ore.
  • The eleven bills are:
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4712 Minerals Resource Rent Tax Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4710 Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4705 Minerals Resource Rent Tax (Imposition—General) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4701 Minerals Resource Rent Tax (Imposition—Customs) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4703 Minerals Resource Rent Tax (Imposition—Excise) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4711 Petroleum Resource Rent Tax Assessment Amendment Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4706 Petroleum Resource Rent Tax (Imposition—General) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4702 Petroleum Resource Rent Tax (Imposition—Customs) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4704 Petroleum Resource Rent Tax (Imposition—Excise) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4709 Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011]
  • * [http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4698 Superannuation Guarantee (Administration) Amendment Bill 2011]
  • References
  • * [1] Read his whole explanation [http://www.openaustralia.org/debate/?id=2011-11-22.121.1 here].
  • * [2] Read more about the MRRT [http://www.ato.gov.au/Business/Minerals-resource-rent-tax/ here].