The 150-page plus document is based on recommendations of the Policy Transition Group, led by Resources Minister Martin Ferguson and ex-BHP Billiton chairman Don Argus, which the federal government accepted in March this year.
Federal Treasurer Wayne Swan said the draft was not exhaustive and was intended to provide stakeholders with an early overview of the legislation.
“We encourage stakeholders to make submissions on the preliminary draft,” Swan said.
“The government values the constructive consultation it has been having with the mining industry and tax professionals, and these submissions will play an important role in informing the detailed design of the new resource tax arrangements.
“These reforms will ensure Australians receive a better return from their non-renewable resources and will help strengthen our economy through increased superannuation, new and better infrastructure and business tax cuts.”
A second and final exposure draft is expected to be released for public consultation later in the year.
The Treasury will release exposure draft legislation relating to amendments to the Petroleum Resource Rent Tax in the near future.
The MRRT, which is due to take effect on July 1 next year, will apply to iron ore and coal projects at a tax rate of 30%. Miners with profits less than $50 million per annum will be exempt from the tax.
The MRRT also allows miners to immediately write-off new investments and to carry forward unutilised losses at the government long term bond rate plus 7%.
However, one bone of contention regarding the tax relates to how multiple mining leases within the boundaries of an iron ore and coal project would be taxed.
According to the Australian Financial Review miners including BHP Billiton and AngloCoal believe multiple mining tenements located within an area should be treated as one project for taxation purposes.
Their argument is that one project would give them a larger base from which to claim tax breaks for depreciation, the newspaper said.
However, sources told the AFR that, on its interpretation of the Policy Transition Group’s advice to government, Treasury is pushing for individual valuation of tenements and leases in order to estimate the full value of a project.
The MRRT is expected to raise some $7.7 billion in revenue in its first two years.
The former resources super-profits tax announced in May last year was expected to deliver $12 billion in revenue, while the watered down MRRT was initially expected to raise $10.5 billion.
Copies of the MRRT draft and supporting materials are available on the Treasury website.
