2013‑2014
The Parliament of the
Commonwealth of Australia
THE SENATE
Presented and read a first time
Mining Subsidies Legislation Amendment (Raising Revenue) Bill 2014
No. , 2014
(Senator Milne)
A Bill for an Act to amend the law relating to taxation, and for related purposes
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Schedule(s)......................................................................................... 2
Schedule 1—Amendments 3
Fuel Tax Act 2006 3
Income Tax Assessment Act 1997 3
A Bill for an Act to amend the law relating to taxation, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Mining Subsidies Legislation Amendment (Raising Revenue) Act 2014.
2 Commencement
This Act commences on the day after this Act receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendments
Fuel Tax Act 2006
1 At the end of section 41‑5
Add:
Mining or quarrying operations on or after 1 January 2015
(4) Subsection (1) does not apply to taxable fuel that you acquire or manufacture in, or import into, Australia on or after 1 January 2015, to the extent that you do so for use in *carrying on your *enterprise of mining and quarrying operations (within the meaning of the Income Tax Assessment Act 1997).
Income Tax Assessment Act 1997
2 Before paragraph 40‑80(1)(a)
Insert:
(aa) you first use the asset before 1 January 2015; and
3 After subsection 40‑102(4)
Insert:
(4AA) Items 2, 4 and 5 to 9 of the table in subsection (4) do not apply to a *depreciating asset that is used in *carrying on *mining and quarrying operations.
4 Subsection 40‑102(5) (table items 1 to 6)
Repeal the items.
5 Application of amendments
The amendments made by items 3 and 4 of this Schedule apply to a depreciating asset if the relevant time mentioned in section 40‑102 of the Income Tax Assessment Act 1997 occurs on or after 1 January 2015.
6 After subsection 40‑730(2)
Insert:
(2A) Subsection (1) does not apply to expenditure you incur on or after 1 January 2015.