The Mineral Resource Rent Tax Repeal and other Measures Bill was rejected in the Senate on 25 March 2014. A number of key commitments from the previous Government were to be funded by the MRRT. The Tax repeal legislation removed a number of measures that were to be funded by the MRRT. Specially, the Bill included a proposal to repeal the low income superannuation contribution from 1 July 2013 as well as the removal of the school kids bonus.
The Government reaffirmed their position on the removal of both the Carbon Tax and the Mineral Resources and as these measures are linked, it’s assumed that both are likely to disappear when and if the Tax Repeal legislation becomes law.