Australia’s Mining Fiscal Regime: H1 2014

Australia has abundant and diverse natural resources which include extensive coal, iron ore, copper, gold, natural gas, and uranium reserves. The federal and state governments in Australia have separate roles and responsibilities with regards to resource exploration and development. Mineral resources are owned by the Australian or state/territory governments, rather than private individuals.

Scope

The report outlines Australia's governing bodies, governing laws, mining rights and obligations and key fiscal terms which includes royalty for the individual states, minerals resource rent tax, corporate income tax, capital gains tax, deductions, depreciation, withholding tax, loss carry forward, loss carry back offset and service and goods tax.

Key Highlights

• The federal and state governments in Australia have separate roles and responsibilities with regards to resource exploration and development. Mineral resources are owned by the Australian or state/territory governments, rather than private individuals.

• The Minerals Council of Australia represents Australia in national and international markets for the exploration, mining and processing of minerals. Its member companies contribute more than 85% of the annual mineral production.

• The Department of Industry was established in September 2013. Its main purpose is to increase Australia’s economic prosperity and improve productivity, competitiveness, security, and the sustainability of resources.

• Geoscience Australia is responsible for generating geoscientific information.

Reasons to buy

Gain an overview of Australia's mining fiscal regime.

Companies mentioned

Table of Contents

1 Executive Summary 1

2 Australia’s, Governing Bodies 4

2.1 National Level 4

2.1.1 Minerals Council of Australia (MCA) 4

2.1.2 Department of Industry 4

2.1.3 Geoscience Australia 4

2.1.4 Bureau of Resources and Energy Economics (BREE) 4

2.1.5 Australian Uranium Association 5

2.1.6 Australian Nuclear Science and Technology Organization (ANSTO) 5

2.2 State/Territory Involvement 5

2.2.1 New South Wales 5

2.2.2 Northern Territory 5

2.2.3 Queensland 6

2.2.4 South Australia 6

2.2.5 Tasmania 6

2.2.6 Victoria 6

2.2.7 Western Australia 6

3 Australia’s, Governing Laws 7

3.1 Offshore Legislation 7

3.2 Onshore Legislation 7

3.2.1 New South Wales 7

3.2.2 Northern Territory 7

3.2.3 Queensland 8

3.2.4 South Australia 8

3.2.5 Tasmania 8

3.2.6 Victoria 8

3.2.7 Western Australia 9

3.3 Australian Radiation Protection and Nuclear Safety Act 1998 9

3.4 Nuclear Non-Proliferation (Safeguards) Act 1987 9

4 Australia’s, Mining Rights and Obligations 10

4.1 Rights 10

4.2 Obligations 10

5 Australia’s, Key Fiscal Terms 11

5.1 Royalty 11

5.1.1 Queensland 11

5.1.2 New South Wales 12

5.1.3 Victoria 12

5.1.4 Western Australia 12

5.1.5 South Australia 13

5.1.6 Northern Territory 14

5.1.7 Tasmania 14

5.2 Minerals Resource Rent Tax (MRRT) 14

5.2.1 MRRT Allowance 15

5.3 Corporate Income tax 15

5.4 Capital Gains 15

5.5 Deductions 15

5.6 Depreciation 15

5.7 Withholding Tax 16

5.8 Loss Carry Forward 16

5.9 Loss Carry Back Offset 16

5.10 Goods and Services Tax 16

6 Appendix 17

6.1 What is this Report About? 17

6.2 Methodology 17

6.3 Secondary Research 17

6.4 Primary Research 17

6.5 Contact GlobalData 18

6.6 About GlobalData 18

6.7 GlobalData’s Services 19

6.8 Disclaimer 20

List of Tables

Table 1: Mining Industry in Australia, Fiscal Regime Terms and Other Taxes 1

Table 2: Mining Industry in Australia, Queensland Royalty Rates (% and AUD), 2014 11

Table 3: Mining Industry in Australia, Queensland Mining Fees (AUD), 2014 12

Table 4: Mining Industry in Australia, Western Australia Ad Valorem Royalty Rates (%), 2014 13

Table 5: Mining Industry in Australia, South Australia Royalty Rates (%), 2014 13

Table 6: Mining Industry in Australia, South Australia Annual Rents (AUD), 2014 13

Table 7: Mining Industry in Australia, South Australia Mining Fees (AUD), 2014 14

Table 8: Mining Industry in Australia, Depreciation Rates (%), 2014 16

List of Figures

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