HOW IT WOULD WORK

The mega profits tax modelled by BIS Oxford is assumed to be a permanent, 40 per cent tax on excess profits.

It would only apply to mining projects and non-mining companies with turnover over $100 million, which is only 0.3 per cent of companies in Australia.

Companies would be able to carry losses forward like any current corporate income tax. 

But even with this allowance it would still raise significant revenue.