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Not sure how to link it but DJ report just in looks like the gov,t wants to keep it at 40% but with concession's , look's like KRUDD and co starting to buckle.........:hide::hide:
Mining Tax Grab - How will it pan out?
- Thread starter Mofra
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The GST replaced a myriad of unequal sales taxes though - the Resources Helping-Swan tax is trully an extra tax with a small amount of credit given for State royalties, that has the potential to make the Australian mining industry a less attractive place to invest, therefore diverting millions in potential income offshore.
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But what about the "S" part dont ever remember writing an invoice to a customer and bangin 10% 0n for the trully extra tax,might have added a bit for cartons for the boys though.
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And stamp duty
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Buckle,this is all part of the master plan.
Go out with a big stick,stir the honey pot.
Then get them to pay the tax but on there terms
Still a new tax and they cant get out of it
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Julia
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Even if a Liberal government is not voted in, they can still refuse to pass it in the Senate. The Greens will vote for it, but I think to get the numbers they also need the votes of at least some of the Independents.yeah ? i think a liberal gov't being voted in might have a say about that
Trembling Hand
Can be found on the bid
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That of course assumes no big change at the election.
Julia
In Memoriam
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Quite true, and it's very likely the Greens could increase their members in the Senate at least.
skc
Goldmember
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I am sure there is a trade to be had... something like long on BHP/RIO and bet long on Labours winning the election.
Must do some numbers on how this "pair trade" might play out.
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What startles me the most is that the Unions are backing the RSPT. Granted they are following their master and must be obedient as these great big naughty mining companies have not being paying their fair share ! Pfffffffftttt !
For the industry as a whole in 2007-2008, ATO statistics show mining
companies paid 27.8% effective corporate tax rate, which rises to
41.3% when royalties are included.
BHP Billiton had an effective tax rate inclusive of royalties of 43% for
financial year ended June 2009, and an average of 42% for financial years
2004 – 2009 inclusive
Between 2004 and 2009 inclusive, BHP Billiton’s Australian operations
paid total taxes of over $24 billion ! Not much really is it ??
If I was a Union man I would be jumping up and down telling BIG KEV to back off as the mining companies are using this RSPT as an excuse to wind back exploration and also employment opportunities for their comrades in arms.
Xstrata said it was suspending $586m worth of investment in two projects, at the Wandoan thermal coal project and the Ernest Henry copper mine.
Xstrata denied suggestions from Mr Rudd that problems with rail access and the supply of power were key factors behind its decision to suspend the projects.
“We have to make investment decisions and if there's a tax regime that is either uncertain or not clear, or is onerous and doesn't allow us to invest, we'll invest in areas where we can get sensible returns," Xstrata Coal's chief executive Peter Freyberg told ABC Radio last night.
He said the company had already spent $200m developing the Wandoan project and was planning to spend another $186m over the next 12 months to get it to the final design stage.
“This is a very large project of global significance and would've employed 3000 people in the construction and operation phase,” Mr Freyberg said.
Who would you believe? A mining company trying to employ people and make a profit from natural resources or Kevin Rudd the backflip King trying to plug the leaky budget dyke?
For the industry as a whole in 2007-2008, ATO statistics show mining
companies paid 27.8% effective corporate tax rate, which rises to
41.3% when royalties are included.
BHP Billiton had an effective tax rate inclusive of royalties of 43% for
financial year ended June 2009, and an average of 42% for financial years
2004 – 2009 inclusive
Between 2004 and 2009 inclusive, BHP Billiton’s Australian operations
paid total taxes of over $24 billion ! Not much really is it ??
If I was a Union man I would be jumping up and down telling BIG KEV to back off as the mining companies are using this RSPT as an excuse to wind back exploration and also employment opportunities for their comrades in arms.
Xstrata said it was suspending $586m worth of investment in two projects, at the Wandoan thermal coal project and the Ernest Henry copper mine.
Xstrata denied suggestions from Mr Rudd that problems with rail access and the supply of power were key factors behind its decision to suspend the projects.
“We have to make investment decisions and if there's a tax regime that is either uncertain or not clear, or is onerous and doesn't allow us to invest, we'll invest in areas where we can get sensible returns," Xstrata Coal's chief executive Peter Freyberg told ABC Radio last night.
He said the company had already spent $200m developing the Wandoan project and was planning to spend another $186m over the next 12 months to get it to the final design stage.
“This is a very large project of global significance and would've employed 3000 people in the construction and operation phase,” Mr Freyberg said.
Who would you believe? A mining company trying to employ people and make a profit from natural resources or Kevin Rudd the backflip King trying to plug the leaky budget dyke?
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"I extend my greeting to each and every one of them. I notice there's a small fire which has been erected down the back. I understand that myself and Wayne Swan and Martin Ferguson will soon be erected above that fire. Can I say, guys, we've got a very long memory."
WTF is wrong with this guy? The miners (except for Clive Palmer) are simply stating their commercial case that projects will not stack up under a RSPT.
Kruddy is starting to get a bit paranoid.
His off-colour jokes about his anger management issues and, err, rat fornication at the pollies ball were cringe worthy.
He really is the Ricky Gervais of the Australian political scene.
PS: the majority of unions will benefit under the RSPT due to lower AUD, lower SME company tax rate etc.
WTF is wrong with this guy? The miners (except for Clive Palmer) are simply stating their commercial case that projects will not stack up under a RSPT.
Kruddy is starting to get a bit paranoid.
His off-colour jokes about his anger management issues and, err, rat fornication at the pollies ball were cringe worthy.
He really is the Ricky Gervais of the Australian political scene.
PS: the majority of unions will benefit under the RSPT due to lower AUD, lower SME company tax rate etc.
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Remember Bill Kelty at the Union/Labor Rally when he stated "Today we will seek to initiate a course of action against CRA and CRA-associated companies of a magnitude and level that this country has never before seen."
"We can't afford to lose this battle; it's a battle that we have fought for close on 200 years. To be beaten on this issue is to be beaten as a trade union movement." "If it's a war they want, then it is a war they will get"
These statements happened when the ACTU declared all-out war on the world's largest miner, CRA in 1995 over the collective bargaining dispute ......... You get the picture.
Contrary to some of the rhetoric senior Labor ministers have been espousing of late, the petroleum rent tax excluded most of the northwest shelf from the tax and that region has been the highest growth area of offshore mining over the past 25 years. Australia has not exported any LNG under PRRT to date either so the claim by the Guvmnt of "The PRRT has worked for Australia’s oil and gas industry, so the super tax will work for Australia’s mineral resources".
Just telling it like it is fellow free thinking homosapiens. (read anti RSPT)
"We can't afford to lose this battle; it's a battle that we have fought for close on 200 years. To be beaten on this issue is to be beaten as a trade union movement." "If it's a war they want, then it is a war they will get"
These statements happened when the ACTU declared all-out war on the world's largest miner, CRA in 1995 over the collective bargaining dispute ......... You get the picture.
Contrary to some of the rhetoric senior Labor ministers have been espousing of late, the petroleum rent tax excluded most of the northwest shelf from the tax and that region has been the highest growth area of offshore mining over the past 25 years. Australia has not exported any LNG under PRRT to date either so the claim by the Guvmnt of "The PRRT has worked for Australia’s oil and gas industry, so the super tax will work for Australia’s mineral resources".
Just telling it like it is fellow free thinking homosapiens. (read anti RSPT)
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Peaceful until you put something worth a few bucks there
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Just like Australia and its 20% stake in world yellowcake? Or what about the iron ore we have? Nup? Gold perhaps? Naaaaahhhh ... anyone for LNG? No good to you ? Ok what about coal in QLD then? Ummmmmm mineral sands in SA then?
Total unrest here isn't there ! I get what you mean Todster. The political climate in the countries around the potential site leaves a lot to be desired in the way of security. Still ..... they mine diamonds in Africa and that aint real stable.
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Just like Australia and its 20% stake in world yellowcake? Or what about the iron ore we have? Nup? Gold perhaps? Naaaaahhhh ... anyone for LNG? No good to you ? Ok what about coal in QLD then? Ummmmmm mineral sands in SA then?
Total unrest here isn't there ! I get what you mean Todster. The political climate in the countries around the potential site leaves a lot to be desired in the way of security. Still ..... they mine diamonds in Africa and that aint real stable.
Stable enough to hold the World cup
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Stable enough to hold the World cup
LOL ... Australia is only bidding on the 2022 World Cup !
DURBAN, SOUTH AFRICA (WIREUPDATE) ”” Breaking News from Durban – the site of one of the World Cup stadiums – this early Monday, where riots have broken out and sent the area into utter chaos.
According to reports, riot police have dispersed HUNDREDS of protesters outside Durban Stadium, hours after Germany vs. Australia which ended in 4 – 0. According to unconfirmed reports,hundreds of stewards at Durban Stadium are protesting, saying they were getting not enough payment for their work from stadium owners.
Police have fired back with stun grenades and media has been forced to stay in their media center. The stun grenade explosions rocked the area, making people fear it could be a terrorist attack. However, it is not.
Bwahahahahahhaaaaaaaaaaaaaaaaaaa !
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Royalties are not a tax.
Royalties are the price paid for the minerals (stock in trade) that mining companies dig out of the ground.
Personally, I would prefer an increase in the royalties rate rather than the super profits tax. It would be fairer and much simpler.
How should get the royalties is another question.
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Is that work choices in action