Australia Mining Fiscal Landscape – Regulations Governance and Sustainability
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Australia Mining Fiscal Landscape Report Overview
Australia has abundant and diverse natural resources, including iron ore, coal, copper, and bauxite. Therefore, mining impacts the country’s national income, investments, jobs, exports, and government revenues significantly. Australia is the largest iron ore producer globally. The country’s federal and state governments have separate roles and responsibilities pertaining to resource exploration and development. Mineral resources are owned by the Australian government, or state or territory governments, rather than private individuals.
The ‘Australia Mining Fiscal Landscape’ report provides a comprehensive coverage of Australia’s fiscal regime in the concerned sector. The report focuses on key aspects such as governing bodies, laws and regulations, governance frameworks, and sustainability practices. A detailed overview of mining-related taxes and royalties is also included in the report. These critical topics will help improve business performance and reach desired goals.
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Governing Bodies (National) | • Department of Industry, Innovation, and Science
• Geoscience Australia • Australian Nuclear Science and Technology Organization (ANSTO) • Minerals Council of Australia (MCA) |
Governing Bodies (State/Territory) | • Division of Resources and Energy
• Department of Planning and Environment • Department of Primary Industry and Resources • Department of Natural Resources and Mines |
Key Mining Laws | • Offshore Minerals Act, 1994
• Mining Act 1992 • Uranium Mining and Nuclear Facilities (Prohibitions) Act, 1986 • Mining Regulation, 2016 |
Taxes and Royalties | • Corporate Income Tax (CIT)
• Goods and Service Tax (GST) • Withholding Tax |
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Australia Mining Industry - Governing Bodies
Australia has three levels of law-making which are national (or federal), state/territory, and local council. They have separate resource exploration and development roles and responsibilities. A few of the chief agencies governing the Australian mining industry at a national level include the Department of Industry, Innovation, and Science; Geoscience Australia; the Australian Nuclear Science and Technology Organization (ANSTO); and the Minerals Council of Australia (MCA).
Division of Resources and Energy, Department of Planning and Environment, Department of Primary Industry and Resources, and Department of Natural Resources and Mines are a few of the bodies governing Australia at a state or territory level.
Department of Industry, Innovation, and Science: The body supports science and commercialization and streamlines regulations. The Department of Industry, Innovation, and Science also partakes in growing business investment to improve their business capability. The agency aims to build a high-performance organization.
Governing Bodies in the Australian Mining Industry
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Australia Mining Industry – Mining Laws
The Offshore Minerals Act, of 1994 is the legislative framework establishing a regulatory regime for the exploration and production of minerals in Commonwealth waters. The act establishes a licensing system for exploration and mining activities and applies state mining laws pertaining to mining and exploration, particularly in offshore areas. The act authorizes licenses for exploration, mining, retention, and work.
Moreover, each Australian state or territory has its own set of regulations for onshore minerals. For example, the Mining Act 1992, Uranium Mining and Nuclear Facilities (Prohibitions) Act, 1986, and Mining Regulation, 2016 regulate the New South Wales mining industry.
Australia Mining Industry Laws
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Australia Mining Industry – Royalties and Taxes
The main taxes applicable in the Australian mining industry are the Corporate Income Tax (CIT), Goods and Service Tax (GST), and Withholding Tax.
Corporate Income Tax: Companies, including strata title bodies corporate, corporate limited partnerships, public trading trusts, and trustees of corporate unit trusts that come under the base rate entities, are charged with the CIT.
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Scope
The report outlines the governing bodies, governing laws, various mineral licenses, and fees by state and territory.
Reasons to Buy
- Enhance your decision-making capability in a more rapid and time-sensitive manner.
- Find out Australia’s governing bodies and major laws in the industry.
- Identify various mineral licenses and fees.
- To gain an overview of Australia’s mining fiscal regime.
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Frequently asked questions
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What are the key governing bodies in the Australian mining industry?
A few of the chief agencies governing the Australian mining industry at a national level include the Department of Industry, Innovation, and Science; Geoscience Australia; the Australian Nuclear Science and Technology Organization (ANSTO); and the Minerals Council of Australia (MCA). Division of Resources and Energy, Department of Planning and Environment, Department of Primary Industry and Resources, and Department of Natural Resources and Mines are a few of the bodies governing Australia at a state or territory level.
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What are the main laws governing the mining industry of Australia?
The Offshore Minerals Act, of 1994 governs the Australian mining industry. Moreover, each Australian state or territory has its own set of regulations for onshore minerals.
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Which are the key taxes applicable in the Australian mining market?
The main taxes applicable in the Australian mining industry are the Corporate Income Tax (CIT), Goods and Service Tax (GST), and Withholding Tax.
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