BB, refer fact...

BB, refer fact sheet:

http://www.deewr.gov.au/Department/Documents/Files/10_Fact_sheet_Resource_Profit_Tax_Final.rtf

"A Resource Super Profits Tax (RSPT) will be introduced on 1 July 2012 at a rate of 40 per cent on profits made from the exploitation of Australia?s non renewable resources."

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Peteai, here's some clarification on the cash flow advantages of the rebate:

http://www.futuretax.gov.au/pages/AttractingNewResourceDevelopment.aspx