DESPITE continued opposition from mining companies, the Federal Government's Minerals and Resources Rent Tax comes into effect today.
Prime Minister Julia Gillard developed the tax with some of the big miners two years ago in place of Kevin Rudd's super profits tax.
It will apply to companies that mine iron ore, coal and petroleum and have an annual profit of more than $75 million.
The Government says the tax will generate financial riches that will be redistributed to lessen the impact of the carbon tax, which also came into effect today.
It is expecting to make $13.4 billion in the next three years from the tax.
Read more at ABC news online.