monotonehell wrote:Will wrote:No need to worry about the state-based royalties. They will remain.
You're not thinking fourth dimensionally. Of course the levy will remain, but will the business? - in light of the 40% tax on profits?
Not profits, but Super Profits apparently. I'm yet to figure what that means and it appears to be the crux of the matter.
Interestingly, the mining-related unions appear happy with the new tax regime, and are saying that smaller/marginal mines will actually flourish, and Australia will experience an overall increase in mining industry jobs.
Maybe that's due to the proposed "infrastructure fund" (being the destination for much of the new tax income) being used to create more shared export capacity (via new roads, ports, etc), thus encouraging more mining capacity, which generates more jobs, which in turn grows the fund, enabling MORE roads/ports, and round we go...
And finally, being picky - it's not really a resource RENT tax now, is it?
(RENT = a system of payment for the temporary use of something owned by someone else)