Summary

The bill: repeals the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition—Customs) Act 2012, Minerals Resource Rent Tax (Imposition—Excise) Act 2012 and Minerals Resource Rent Tax (Imposition—General) Act 2012; amends the: Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to provide that companies can carry tax losses forward to use as a deduction for a future year; Income Tax Assessment Act 1997 to: amend the instant asset write-off threshold provisions for small business entities; provide that motor vehicle purchases made by small business entities will be treated as normal business assets for depreciation purposes; and provide that geothermal energy exploration and prospecting expenditure are no longer immediately deductible; Superannuation Guarantee (Administration) Act 1992 to enable the Treasurer by non-disallowable legislative instrument to vary the superannuation guarantee charge percentage for a particular year commencing on 1 July; Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to abolish the low income superannuation contribution; Social Security Act 1991 and Social Security (Administration) Act 1999 to abolish the income support bonus payment; and A New Tax System (Family Assistance) Act 1999, A New Tax System (Family Assistance) (Administration) Act 1999, Income Tax Assessment Act 1997 and Social Security (Administration) Act 1999 to abolish the schoolkids bonus payment; and makes consequential amendments to 13 Acts.