Accounting and Society(The Minerals Resource Rent Tax) Essay

Accounting and Society(The Minerals Resource Rent Tax) - Essay ExampleAustralian government collects huge taxation from the taxes paid by the mining industries in the bucolic. The various new features of MRRT have been included in this study. what is more the potential impacts of the introduction of MRRT on the accounting policies followed by the mining companies have also been studied. Mineral fabrication of Australia has been reviewed and its inherent potential and its intentness structure have been studied in this report. Australia is well known for its varied natural resources. Both metallic and non-metallic minerals are widely found in Australia. It is rich in provoke minerals too. Commodity exports from Australia in the form of minerals and energy constitutes a significant portion of Australian economy. Earnings from good exports are expected to rise on a continuous basis for Australia because of rising demand of mineral resources worldwide. Global Financial Crisis (GFC) had an adverse effect on the mineral industry in Australia. The rise in the production of commodities like iron ore, copper, bauxite, natural gas, etc. have slowed down in the recent years. notwithstanding, the country has a huge potential of mineral production and several investment projects are expected to gain up or are already going on. Western Australia is the leading state of the country in terms of exports of metallic minerals. Major areas of coal exports in the country are Queensland and New South Wales. However to have a sustainable growth in mineral exports Australia needs a significant melioration and expansion in its infrastructural facilities. Australia falls amongst the top 10 mineral exporting countries in the world. There has been a significant increase in the spending in terms of mineral explorations in the country. Mining industry of Australia also forms a significant component of the GDP of the country. Many people get employment probability in the mining ce lestial sphere as well. Hence mineral industry is expected to contribute to Australian economic development in a significant way in future (IBP USA, 2005, p.48). 2.1.2 Industry organize The mine industry in Australia follows a free enterprise system. Private companies of the country take neighborhood in all the mining activities like exploration, production, development and marketing of minerals. Significant numbers of mineral companies in Australia are subsidiaries of companies in US or Europe. It controls a major part of the refining and mining sector in Australia. Relevant State Governments hold the ownership rights of mineral exploration in Australia. Ownership of minerals in Australia is divided amongst State and Commonwealth ownership in onshore and offshore areas of the country. The mineral industries in separately areas of the country are administered by the government authorities in Territories and States, depending on the region in which they fall. The administering tr ansit by the Government includes activities like land registration, issuing exploration permits, ensuring the compliance of government regulations related to safety, health and environmental matters, levying taxes and royalties, etc. Hence, government has an effective control over the production of most of the minerals