A new Minerals Resource Rent Tax will replace the proposed Resources Super Profits Tax (see Treasurer’s Media Release).

As a consequence, the company tax rate will still be cut to 29 per cent from 2013-14 but will not be further reduced as previously announced. Businesses with less than $2 million turnover will have their corporate tax rate cut from 30% to 29% from 2012-13.

The Minister for Financial Services has announced there will be no changes to proposed superannuation changes.