The federal government will limit its new resources tax to just 320 companies mining iron ore, coal, oil and gas.
It has dropped its plan for a resource super profits tax and replaced it with a minerals resource rent tax.
The new tax will apply to iron ore and coal projects which will be taxed at a new headline rate of 30 per cent - down from the previously planned 40 per cent.
The cut-in rate also has been adjusted to the long-term bond rate plus seven per cent.
The current petroleum resource rent tax will be extended to all onshore and offshore oil, gas and coal seam methane projects.
Other commodities will not be included in the tax regime.
The new measures come at a cost, garnering $1.5 billion less revenue than the previously-announced resource super profits tax.
To offset that loss, the government will cut the company tax rate to 29 per cent from 2013/14, but will not reduce it further under current fiscal conditions.
Small companies will still benefit from an early cut to the company tax rate to 29 per cent from 2012/13.
A planned lift in compulsory superannuation contributions - from nine per cent to 12 per cent by 2020 - remains unaffected
