Corporate Regulation and Taxation

January 30, 2012

JORC Code and ASX Listing Rules Review

Submissions for the Joint Ore Reserves Committee (JORC) Code closed on 23 December 2011, however an extension was provided to coincide with the ASX Listing Rules review which was due on 27 January. AMEC convened a meeting with ASX representativesread more >
January 30, 2012

Cost Recovery for Dangerous Goods and Major Hazard Facilities

AMEC has been advised by the Department of Mines and Petroleum of their decision to phase in the introduction of full cost recovery for Dangerous Goods and Major Hazard Facilities (MHF), in line with the Government’s cost recovery policy forread more >
December 12, 2011

WA Cabinet Approves a New Resource Projects Rating Policy

WA Cabinet Approves a New Resource Projects Rating Policy As previously reported, the WA Government has now approved a new resource projects rating policy, which will be trialed for three years, commencing 1 July 2012, and then permanently implemented, subjectread more >
November 10, 2011

MRRT submissions to the House of Representatives Economic Committee

On Wednesday 9 November AMEC provided comment to the House of Representatives Economics Committee on the Minerals Resource Rent Tax Bills 2011 (MRRT Bill). It is very apparent that despite constructive and proactive AMEC comments and recommendations in various submissionsread more >
November 2, 2011

Independent financial modelling – Is MRRT competitively neutral?

By Dr. Pietro Guj, Research Professor, Centre for Exploration Targeting (CET), The University of Western Australia

Abstract
Financial modelling of the iron ore mine development example provided by the Commonwealth in their MRRT legislation Exposure Draft and Explanatory Material, indicates that there may be significant differences between the Net MRRT and consequently the total level of taxation (corporate income tax + Net MRRT + Royalties) paid by projects which existed before 2 May 2010 (when the MRRT was first announced) and those that will start after the introduction of the MRRT on 1 July 2012. Continue reading →
November 1, 2011

New Gross Rental Value Rating Assessment Policy goes to WA Cabinet

The WA State Cabinet is expected to sign off on a new Gross Rental Value (GRV) Rating Assessment Policy early November 2011, which may affect mining tenements throughout the State. Local Authorities will need to apply through the Minister for Local Governmentread more >
November 1, 2011

Mining tax legislation to be tabled in Parliament – 3 November 2011

The MRRT legislation is expected to be tabled in Parliament on Thursday 3 November with the intention of it being passed by the Christmas adjournment. AMEC continues to oppose the MRRT as it is ill conceived, discriminatory, anti competitive, punitiveread more >
October 18, 2011

Inquiry into Australia’s Clean Energy Future

AMEC made a submission to the Joint Select Committee on 22 September 2011 in response to Australia’s Clean Energy Future Legislation’s; Inquiry into Australia’s clean energy future. AMEC expressed its complete dissatisfaction in the manner in which this step-change legislationread more >
October 18, 2011

Submission to the ATO – Farm out arrangements

On the 11 October 2011, AMEC made a joint submission with the Minerals Council of Australia (MCA) to the Australian Taxation Office in response to the Draft Miscellaneous Taxation Ruling MT 2011/D2 (“MT2011/02″) released on 24 August 2011. The jointread more >
September 2, 2011

Farm-out arrangements – ATO draft rulings

by KPMG After protracted dealings between the ATO and the mining industry associations over many years, the ATO have recently released two draft tax rulings MT 2011/D1 (immediate transfer farm-outs) and MT 2011/D2 (deferred transfer farm-outs)) which outline the Commissioner’sread more >