Australia Mining Fiscal Landscape – Regulations Governance and Sustainability
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GlobalData's " Australia's Mining Fiscal Landscape Regulations Governance and Sustainability (2024)" provides a comprehensive coverage on Australia's mining fiscal regime. The report provides country's overview with macroeconomic performance, corruption index, and mineral overview. It also provides a comprehensive coverage on the country’s mining regulatory bodies, laws, mining licenses and fees, as well as taxes and royalties. The report further provides Australia's sustainable mining practices covering its climate targets
Australia has abundant and diverse natural resources, including iron ore, coal, copper, bauxite, lithium, gold, natural gas, and uranium. Mining has a significant impact on the country’s national income, investments, jobs, exports and government revenues. By March 2024, GDP contribution from the mining industry accounted for about 14.3% of total GDP.
Australia is the largest iron ore producer in the world and also produces gold, bauxite, lead, among other minerals. According to the US Geological Survey (USGS), as of January 2024, Australia had 11.7% of the world’s bauxite reserves, 15.5% of its cobalt, 10.0% of its copper, 20.3% of gold, 31% of iron ore, and 36.% of lead reserves.
Australia’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 government exercises control over resources found offshore, while the regular administration is carried out by the adjacent state or territory. Every state has its own rules and regulations pertaining to minerals.
Australia Mining Industry - Governing Bodies
The Australian mining industry is governed and regulated by several authorities, which focus on aspects such as administration, environment, health, and safety. Some of the chief agencies include the Department of Industry, Innovation and Science, Geoscience Australia, Australian Nuclear Science and Technology Organization (ANSTO), 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 among others.
Department of Industry, Innovation, and Science: The function of the department is to support science and commercialization, growing business investment improving business capability, and streamlining regulations. It is also responsible for building a high-performance organization.
Governing Bodies in Australia Mining Industry
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Australia Mining Industry – Mining Laws
The main laws governing the mining industry of Australia are Uranium Mining and Nuclear Facilities (Prohibitions) Act, 1986, Mining Management Act, 2001, Mining and Quarrying Safety and Health Act, 1999, and Mineral Resources Development Act, 1995 among others. Commonwealth and state governments share the administrative responsibility in the case of offshore legislation. Various decision-making powers are given to different bodies. The state body is known as the Designated Authority, and the Commonwealth and state governments are represented by the Joint Authority.
The Joint Authority always acts through the corresponding Designated Authority, and every applicant for a license or a license holder must deal with the Designated Authority. The Joint Authority is the final decision-maker in all mining-related matters.
Mining Laws in Australia Mining Industry
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Australia Mining Industry – Taxes and Royalties
The main taxes applicable in the Australia mining industry are the Goods and Service Tax (GST), Corporate Income Tax (CIT), and Withholding Tax.
Corporate Income Tax (CIT): Companies, including strata title bodies corporate, corporate limited partnerships, public trading trusts, and trustees of corporate unit trusts, which come under the base rate entities, are charged at a rate of 25% for FY2020-2022. A base rate entity is a company that both has an aggregated turnover of less than AUD50 million during FY2018–2019 or 80% or less of their assessable income is base rate entity passive income.
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Recent Development
- In 2018, the Australian government amended the part of the Offshore Minerals Act, 1994, which was relevant to keeping samples and making returns of exploration activities of the Offshore Minerals (Exploration Activities) Regulations.
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, major laws in the industry
• Identify various mineral licenses and fees
• To gain an overview of Australia's mining fiscal regime
Table of Contents
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Frequently asked questions
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What are the key governing bodies in Australia mining industry?
The key governing bodies in Australia mining industry are the Department of Industry, Innovation and Science, Geoscience Australia, Australian Nuclear Science and Technology Organization (ANSTO), 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 among others.
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What are the main laws governing the mining industry of Australia?
The main laws governing the mining industry of Australia are Uranium Mining and Nuclear Facilities (Prohibitions) Act, 1986, Mining Management Act, 2001, Mining and Quarrying Safety and Health Act, 1999, and Mineral Resources Development Act, 1995 among others.
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Which are the key taxes applicable in the Australia mining market?
The main taxes applicable in the Australia mining industry are the Goods and Service Tax (GST), Corporate Income Tax (CIT), and Withholding Tax.
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