2nd Sep 2014, 1:44 PM – Senate Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 — Reference to Committee — Refer to Committee

The majority voted against a motion introduced by Senator Stephen Conroy to refer the bill to the Economics Legislation Committee.(Read more about Australian Senate committees here. ) This amendment would have required the Committee to consider and report on the bill by 23 October 2014.

Background to the bill

This bill was introduced following the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 (No. 2) being laid aside because it could not "be progressed in its current form".(Read more about this bill being set aside here. The division which resulted in that bill being laid aside is available here. )

This bill repeals the Minerals Resource Rent Tax as well as related measures such as the low income superannuation contribution, the income support bonus and the schoolkids bonus. The bill also revises the capital allowances for small business entities and the superannuation guarantee charge percentage increase.(Read more about the changes made in the bill in the explanatory memorandum. ) Under the previous Labor government, the superannuation was set to increase to 12 per cent by 2019 (as of 1 July 2014, it is at 9.5 per cent).(Read more about superannuation in Australia here.) However, this bill will push that rise up until 1 July 2025.