Australian legislation repealing Mineral Resource Rent Tax received royal assent on 5 September 2014 and has been enacted. In addition to repealing the tax, the legislation also repealed the tax loss carry-back provision, and reduced the threshold for write-off concessions for small businesses.
Loss Carry-Back Provisions
From income year 2012-2013 business were allowed to carry-back tax losses up to AUD 1 million to receive a refund against previously paid tax.
From 1 July 2013, the los…