JASON CLARE MP
TIM HAMMOND MP
DR ANDREW LEIGH MP
LABOR WELCOMES SENATE PASSAGE OF JUNIOR MINERALS EXPLORATION INCENTIVE BILL – WITH LABOR AMENDMENTS
Labor today welcomed the passage through the Senate of the Treasury Laws Amendment (Junior Minerals Exploration Inventive Bill) 2017, with Labor’s amendments.
Labor’s amendments require the Minister to publish an annual impact assessment of the Junior Minerals Exploration Incentive. This was a key deficiency of the measure’s predecessor, the Exploration Development Incentive, which lapsed at the end of last financial year.
Labor’s amendments will also require the Commissioner of Taxation to publish details of who receives the exploration incentive credits and how much they receive. This information is important for the resources industry, for investors and for taxpayers.
The exploration incentive was announced in September last year by Malcolm Turnbull at the Liberal Party’s state conference in Perth – in place of a proper government policy on addressing Western Australia’s GST disparity.
Meanwhile, at the 2017 Western Australian Labor state conference, Bill Shorten announced the Fair Share for Western Australia Fund, which would top up spending in Western Australia to the equivalent of 70 cents in the dollar, without taking money away from any other state.
The amended bill will now return to the House of Representatives next sitting week for that chamber’s agreement to the amendments.
Authorised by Noah Carroll ALP Canberra