Resource Tax Consultation Panel

Today the Australian Government announced a Resource Super Profits Tax to apply from 1 July 2012.

The Government has announced the overall policy design in The Resource Super Profits Tax a fair return to the nation. Extensive and ongoing consultation with industry will be undertaken to identify the design details that would best deliver the Government's policy intent.

In recognition of the importance of the resources sector and the significance of the proposed change the Government is establishing a Resource Tax Consultation Panel. The Panel will undertake targeted consultation with industry and other stakeholders.

The objectives of the Panel's discussions will be twofold

Communicating the design features of RSPT, especially the special features of the tax such as the rebating of existing state royalty charges; and
Liaising with industry to find the best way of achieving the Government's policy outcomes and delivering a system that is both simple and minimises compliance costs. This will include further defining the details of the scheme and ensuring technical design issues are finalised prior to commencement.

The Panel members are:

David Parker, Treasury Executive Director (Chair)
Jennie Granger, Australian Taxation Office Second Commissioner
Chris Jordan, Board Of Taxation Deputy Chair
Greig Gailey, Business Council Of Australia Vice President
Paul Binsted, independent corporate financial advisor

The Panel will commence immediately, holding meetings with key industry representatives over the coming weeks to discuss transitional arrangements and key design parameters, as well as identifying significant industry issues.

In addition to the initial consultation outlined above, the Panel will continue its role engaging and consulting with industry throughout the consultation process.

Industry stakeholders looking to approach the Panel should email the Panel secretariat at resourcetax@treasury.gov.au.

CANBERRA
2 May 2010