henry review at a glance, page-39

So if I understand this correctly :
1 small explorers get to claim exploration costs as a taxable expense which they currently cannot ?
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2 the tax rate on "super profits" will be set at 40%.....current company tax rate 30% ?
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3 money currently paid in state royalties is to be refunded by the federal government where the "super profit" tax is in effect .
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4 doesn't start until 2012
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5 all based on the presumption he can get this through the senate if he wins the next election
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6 Rudd and Labour need to hold WA ,SA and QLD ( the three states most affected ) to win power at the next election .
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7 Rudd and Labour have 2 chances ........none and Buckley's to get this up
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8 A big red day on the market tomorrow with lots of opportunities for bounce trades and for good buying of those companies who aren't really impacted by this tax but who are going to get hammered tomorrow anyway

Please correct me if I am wrong in my assumptions