View SACOME's January 2015 submission on the agreement between the Government of Australia and the Government of India in the Peaceful Uses of Nuclear Energy
SACOME has recommended that the South Australian Government, through COAG, work to establish a framework to enable bilateral agreements for assessment and approvals under the EPBC Act.
The establishment of standards accrediting state-based environmental assessment and approvals has been on the COAG agenda since 2012, though discussions stalled under the previous Gillard Government. A number of industry-commissioned studies and reviews such as those by the Productivity Commission and the Hawke Review into the EPBC Act have identified streamlining as a necessary reform to eliminate process duplication, reduce timeframes, improve regulatory efficiency and reduce costs.
Consistent with SACOME’s policy priorities at the 2013 Federal Election, the newly reinstated Weatherill Government signed a Memorandum of Understanding with the recently elected Coalition government, whom released a draft bilateral agreement in late 2013. This put the wheels in motion to accredit state environmental assessment processes for mining and petroleum developments under the Environmental Protection and Biodiversity Conservation Act 1999 (EPBC Act) where a development triggers Commonwealth law.
SACOME produced a Submission to the Australian Government draft Assessment Bilateral Agreement.
The Australian Tax Office recently released information on how the Exploration Development incentive will operate and be administered. The EDI will operate for the next three years and enables eligible exploration companies with eligible expenditure to distribute exploration credits to shareholders who will then be entitled to a refundable tax offset. The exploration company’s carry forward losses are reduced proportionately. Details on the EDI and how companies can participate are available on the ATO website.
Since 2008, SACOME has been in direct consultation with Government to develop a minerals exploration tax credit, otherwise known as a Flow Through Shares scheme, including developing an Australian taxation system compatible model and consulting with the Federal Government on further adaption.