Super Profits Tax

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A Labor MP speaks out against the mining tax

14 May 06:05am

Filed under: Budget 2010, Election 2010, Mining, Super Profits Tax, Tax

Royalties and mining taxes are the price mining companies pay to the people of a state and/or country for the right to mine and sell the resources of that state and /or country. Seeing as they can only be sold by the state once, it’s important to make sure that we get the best price we can.

Super profits tax: there's still time for Rudd to dig himself out of trouble. Photo: AAP

However, if you set the price too high, no-one will buy what you’re selling. The Rudd government’s Resource Super Profit Tax (RSPT), as it is proposed, drives the price too high.

A well designed rent tax is a very efficient and even business friendly tax. With a rent tax, you only pay tax when you are making a decent profit while the government still receives a fair price for its resources. But there is a clear need for three major changes to the RSPT.

Continue reading "A Labor MP speaks out against the mining tax" »

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Steventon W says:

11:36am | 21/05/10

Lucky Lady: Tom represents the State Government, being the Member for Newland, Rudd is pushing the mining tax which is a federal government issue. As someone who lives in Tom’s electorate and voted for him at the recent election I do not want to see him sacked. He is a… Read more »
Cliff Maurer says:

05:01pm | 17/05/10

BHP Billiton chairman Jac Nasser is saying that the RSPT must only apply to new investments and not to existing investments. I doubt this is permissible under s99 of the Australian Constitution, considering the uneven distribution of resource development among the states. Read more »

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