The mining industry has had a royal run from the Australian government. Up until this latest Federal Budget uranium mining companies could deduct the full cost of exploration immediately, or even 150 per cent of the cost of exploration in some cases. Tax breaks on exploration and equipment cost taxpayers more than $1 billion per year.
Now – mining companies will cry poor, as the new budget contains measures to tighten the rules on exploration deductions for miners. Companies will now only be able to deduct genuine exploration spending, rather than writing off the acquisition of a company that acquired mining rights and spent money on exploration. But hey, the Government is sacking more than 100 staff from the federal environment department, staff who help assess mining proposals
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