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Mining Tax Grab - How will it pan out?

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...and on the bounce today, atm, XAO up 1.1% XNJ up 1.2% and wait for it, XMM up 1.5%.

Metals and miners still holding our market UP, trainspotter.
 
Anyone else watch Twiggy on Lateline tonight? Tomorrows meeting with Krudd should be interesting...
 
I don't think Rudd can sell his tax grab by continually focusing on the class warfare angle. The idea that the miners are getting rich at the expense of working families doesn't work when most people know that the resources industries are the lifeblood of this country.
 

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My understanding of the 40% RSPT was to fund the increase of SGC to 12% and to reduce comapny tax to 28%? The amount forecast was 9 billion worth of revenue. It now appears it can be used to provide infrastructure to WA & QLD to the tune of 6 billion? Does not leave much for the SGC contribution and company tax reduction.

http://www.businessspectator.com.au...pany-tax-pd20100502-537BJ!OpenDocument&Click=

http://www.couriermail.com.au/busin...n-roads-and-rail/story-e6freqmx-1225877564873 Queenslands "lions share"

http://www.news.com.au/business/kev...profit-tax-in-wa/story-e6frfm1i-1225877493525 WA's "lions share"

Oh well ...... as long as those naughty, big, non tax paying their fair share mining companies are propping up the stockmarket ...... who cares?
 
gav said:
Anyone else watch Twiggy on Lateline tonight? Tomorrows meeting with Krudd should be interesting...
Click to expand...

Yeah, I saw some of it. I think Twiggy and Gina calling for the tax to be completely scrapped is probably the wrong tactic from a PR perspective... although his turning up in mining work clothes was a good touch to relate to 'working Families'. They tend to portray in image of those 'greedy wealthy miners'... whereas the concensus among many other mining execs seems to be 'we acknowledge a change is due, but let's talk more about the best way to do it'.

Nonetheless it'll be an interesting few weeks as the details get thrashed out with the industry. Probably a good move sending Julia Gillard ahead to WA to try to find some common ground before Rudd gets stirring the pot too much.

I just hope they can rejig it all to get rid of the tax loss rebate and increase the threshold a bit.
 
Super tax a chance to take investment from Australia

"CHILE, the world's biggest copper producer, has joined Canada in describing the Rudd government's planned resource super-profits tax as a chance to strip global market share from Australia.

But rather than focusing on the level of the tax making Chile more competitive, Chile Mines Minister Laurence Golborne said it was the unstable nature of Australia's tax regime that could send investment dollars to Chile."

More here:
http://www.theaustralian.com.au/bus...t-from-australia/story-e6frg8zx-1225879642027
 
Interesting article gav. From the link:

"We went through a version of that (a tax increase) in Alberta when a new resource royalty regime was put in and there was a big backlash. Billions of dollars of investments were cancelled."
Click to expand...

So we had little/no consultation with industry and a precedent set overseas. Wonderful.
 
what really gets me is how ANYONE thinks that a tax is going to be better for the we 'the people'.... share the wealth? are you kidding me?!?

since when did the fed govt share anything with the people? it will go into making bigger beauracracies, pork barrelling at election time and possibly to pay off the massive debt created by an incompetent government... you and i wont see a cent of it!

to really 'share the wealth' in a way that benefits ALL australians (and not just big government) the proceeds of the RSPT should be put into a national fund with the govt only getting the interest off it for infrastructure investment...

and then every 12months half of the total amount in the fund should be divided EQUALLY between every citizen over the age of 18 and deposited directly into THEIR bank account!...
and NO-MATTER what income level or personal cicumstance EVERYONE gets an equal share.

(i believe this is done in alaska with oil royalties and the everyone gets about $2500 per year... not 100% sure on that though)

the remaining half of the yearly total should stay in the fund to accumulate for future prosperity.... or even to establish an independant "honest" peoples bank to cut out the international scumbag moneymen who have proved themselves corrupt dishonest and untrustworthy!

sound fair?
 

Yes and if you live in Qld or WA your going to get an even "fairer" share of the wealth.
 
This Guvmnt is turning out to a right pack of socialistic commies under the guise of a "reformist government". Eat your swill comrades for soon the revolution will be upon us all. Chairman Ming Pong Kluddy has told parliament that the Paid Parental Scheme is now dependent on the RSPT being passed. OMFG ! How much more of this excrement are we prepared to chow down on?

The RSPT was sold to us the voting public that it was to be used to drop company tax from 30% to 28% and to increase the SGC from 9% to 12%. Apparently now it can be used to give WA and QLD 6 billion for infrastructure as well as deny parents the paid leave they deserve. WAKE UP !
 
How is the Resource Super Stupid Tax going to pay for the GC from 9% to 12%?? Since its employers who pay it out of their wage expenses. Or are they talking about it funding the govs extra public services pension cost
 
what really gets me is how ANYONE thinks that a tax is going to be better for the we 'the people'.... share the wealth? are you kidding me?!?
Click to expand...

The primary purpose of the "tax" is to payoff the budget deficit( they created ), so Swann can produce a measly $1m surplus in 3 years. Then both he & Krudd can gloat how good they are at managing the economy & they can be voted back in forever more.

It's all for there own glory.... 'working familes' .... give me a break
 
Trembling Hand said:
How is the Resource Super Stupid Tax going to pay for the GC from 9% to 12%?? Since its employers who pay it out of their wage expenses. Or are they talking about it funding the govs extra public services pension cost
Click to expand...

Partly to the public servants but also for the co -contribution scheme etc.

Here is the link http://www.smartcompany.com.au/tax/...ng-population-with-superannuation-reform.html

The main thrust of it is "The superannuation reforms will be some of the Government’s most costly. Increasing the guarantee will cost $250 million, the low income contribution will cost $830 million and the concessional contribution cap increase will cost $830 million. However, increasing the age limit on employment contributions will net $15 million by 2013-14"
 

What about we bang 10% on top of everything,sorry Howard beat you to it
 
todster said:
What about we bang 10% on top of everything,sorry Howard beat you to it
Click to expand...
Actually, increasing the GST to 15% would probably be the simplest solution, giving people on low incomes some compensation as happened when the GST was introduced.

I'd bet the government considered this, then rejected it as politically unpalatable, thinking the mining tax would instead be a real winner on the basis of class warfare.

Seems they have badly miscalculated and have dug themselves into a hole from which there is no face-saving escape.
Excellent
 

Really not sure on this Julia,at first seems a lot of chest beating but in the west a pretty mixed view a lot of people blame the miners here for over inflated housing prices,Victorian refugees flooding the labour market,lack of trade services, it will be very interesting i think if we go to the polls on it,wheres Tony anyway
 
Perhaps the answer is to just simply reduce an aging Australian population's sense of entitlement to basic services. I am sure that we can all pull together, do with less, pay a little more tax and be more grateful for living in a peaceful country.

In this way we can provide the continuing placid certainty that BHP, RIO etc require to do business here. Mining companies have our best interests at heart, unlike the government who is only interested in staying in power. This of course, is a remarkable turn of events and flies in the face of all government behaviour that has gone before.

If government had not been in the business of coercion of mining activity, children would still be in mines.

It is because of the incremental hand of government on their activity over a century or more that mining heads can now adopt the moral high ground of model corporate citizens and lecture us about what is fair for them, and therefore us.

Is what is being proposed in the RSPT too much? I don't know. But I do think it is worth the argument that is occurring behind closed doors. We'll see, we will learn more and we'll vote.
Full page ads and sound bites are just the dogs barking.

Cheers Klink
 
Look out! BHP & Rio Tinto will now be heading there real soon !

Afghanistan is gearing up to award contracts to mine one the world's largest iron ore deposits buried in a peaceful province of the nation that has at least $US3 trillion ($A3.48 trillion) in untapped minerals, the country's top mining official said Thursday.

Geologists have known for decades about Afghanistan's vast deposits of iron, copper, cobalt, gold and other prized minerals, but a US Department of Defense briefing earlier this week put a startling, nearly $US1 trillion ($A1.16 trillion) price tag on the reserves.

http://www.thebull.com.au/articles/a/12171-afghan-mining-contracts-up-for-grabs.html

Thank you Mr Rudd !
 
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