Latest announcements
- Access to Offenders' Superannuation
- Deny deductions for ATO interest charges
- Ceasing the Modernising Business Registers program
- Strengthening the integrity of the taxation system
- Changes to the foreign investment framework
MYEFO 2023–24
The government handed down the 2023–24 MYEFO on 13 December 2023, with several changes to tax and superannuation laws (see budget.gov.auExternal Link).
Measure name |
Proposed start date |
Developments |
---|---|---|
2023–30 Australian Cyber Security Strategy |
N/A |
N/A |
Access to offenders' superannuation |
1 December 2025 |
TBA |
Better Targeted Superannuation Concessions |
1 July 2025 |
Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023External Link Introduced 30 November 2023 |
Combatting the Shadow Economy |
1 January 2024 |
N/A |
Commonwealth Penalty Unit - increase in value |
4 weeks after Royal Assent |
TBA |
Ceasing the Modernising Business Registers Program |
28 August 2023 |
N/A |
Delivering Better Financial Outcomes Package – advisor fees from superannuation |
Royal Assent |
Introduced 27 March 2024 |
Denying deductions for ATO interest charges |
1 July 2025 |
TBA |
Digital Identity - myGovID rebrand |
Early 2024 |
Digital ID Bill 2023External Link Introduced 30 November 2023 |
Foreign Investment – lower fees for Build to Rent projects |
1 July 2024 |
TBA |
Foreign Investment – raising fees for established dwellings |
1 July 2024 |
Treasury Laws Amendment (Foreign Investment) Bill 2024External Link Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2024External Link Royal Assent 8 April 2024 |
Federal Administrative Review Body |
TBD |
Introduced 7 December 2023 |
Future of Shared Services |
N/A |
N/A |
Improving the integrity of off-market share buy-backs |
18 November 2022 |
Treasury Laws Amendment (2023 Measures No. 1) Bill 2023External Link Royal assent 27 November 2023 |
Increasing the integrity of the foreign resident capital gains withholding regime |
1 January 2025 |
TBA |
Luxury Car Tax – modernising the luxury car tax for fuel-efficient vehicles |
1 July 2025 |
TBA |
Modernising and expanding Australia's tax treaty network |
1 July 2024 |
TBA |
Modernising MyGov |
N/A |
N/A |
Multinational Tax Integrity Package – improved tax transparency |
1 July 2024 |
TBA |
National Cultural Policy – additional support |
1 July 2024 |
Introduced 27 March 2024 |
Philanthropy – updates to the list of specifically listed deductible gift recipients |
30 June 2024 |
TBA |
Reforming the treatment of the transfer balance cap for successor fund transfers |
1 July 2017 |
TBA |
Responding to the PricewaterhouseCoopers matter |
TBC |
Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023External Link Introduced 16 November 2023 |
Superannuation Portability Scheme with the Cook Islands |
1 July 2025 |
TBA |
Tax Integrity Package – denying deductions for payments relating to intangibles held in low-or no-tax jurisdictions |
1 July 2023 |
TBA |
Tax integrity – franked distributions funded by capital raisings |
Royal Assent |
Treasury Laws Amendment (2023 Measures No. 1) Act 2023External Link Royal assent 27 November 2023 |
REVERSAL: Streamlining excise administration for fuel and alcohol package - Uniform Business Experience |
N/A |
No longer proceeding |
REVERSAL: Superannuation account matching service (Employment White Paper) |
N/A |
No longer proceeding |
Budget 2023–24
The government handed down the 2023–24 Budget on 9 May 2023, with several changes to tax and superannuation laws (see budget.gov.auExternal Link).
Measure name |
Proposed start date |
Developments |
---|---|---|
Amending measures of the former Government- Excise deregulation package – delay to start dates |
1 July 2024 |
TBA |
Amending measures of the former Government- Franked distributions funded by capital raisings |
15 September 2022 |
Treasury Laws Amendment (2023 Measures No. 1) Act 2023External Link Royal assent 27 November 2023 |
Amending the tax law to reduce compliance cost for general insurers |
1 July 2023 |
Introduced 13 September 2023 |
Better Targeted Superannuation Concessions |
1 July 2025 |
Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023External Link Introduced 30 November 2023 |
Central evaluation function to strengthen Commonwealth decision making |
N/A |
N/A |
Clarifying the tax treatment of ‘exploration’ and ‘mining, quarrying and prospecting rights’ |
Various |
TBA |
Driving Collaboration with Small Business to Reduce the Time Spent Complying with Tax Obligations: National Tax Clinic program |
1 January 2025 |
N/A |
Driving Collaboration with Small Business to Reduce the Time Spent Complying with Tax Obligations: four year amendments to income tax assessments |
1 July 2025 |
N/A |
Driving Collaboration with Small Business to Reduce the Time Spent Complying with Tax Obligations: single touch payroll (STP) |
1 July 2024 |
TBA |
Driving Collaboration with Small Business to Reduce the Time Spent Complying with Tax Obligations: use of cheques |
1 July 2024, or the date of royal assent |
TBA |
Driving Collaboration with Small Business to Reduce the Time Spent Complying with Tax Obligations: independent review process |
1 July 2024 |
N/A |
Enhancing Pacific Engagement |
1 July 2022 |
TBA |
Extending and merging the Serious Financial Crime Taskforce and Serious Organised Crime program |
1 July 2023 |
N/A |
Extending the clean building managed investment trust withholding tax concession |
1 July 2025 |
TBA |
Extending the Personal Income Tax Compliance Program |
1 July 2023 |
N/A |
GST compliance program – four-year extension |
1 July 2023 |
N/A |
Heavy Vehicle Road User Charge – increase |
Various |
Fuel Tax (Road User Charge) Determination 2023External Link Registered 2 June 2023 |
Housing (Build-To-Rent Developments) – accelerating tax deductions and reducing managed investment trust withholding tax rate |
7:30 pm AEST, 9 May 2023 |
TBA |
Implementation of a global minimum tax and a domestic minimum tax (Pillar 2) |
1 January 2024 |
TBA |
Improving the Administration of Student Loans |
Various |
N/A |
Next Steps for Digital ID |
1 July 2023 |
N/A |
Non-Arm's Length Income |
1 July 2023 |
Introduced 13 September 2023 |
Personal Income Tax – exempting lump sum payments in arrears from the Medicare Levy |
1 July 2024 |
TBA |
Personal Income Tax – increasing the Medicare levy low-income thresholds |
1 July 2022 |
Treasury Laws Amendment (2023 Measures No. 2) Act 2023External Link Royal assent 23 June 2023 |
Petroleum Resource Rent Tax – Government Response to the Review of the PRRT Gas Transfer Pricing arrangements |
Various |
Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023External Link Introduced 16 November 2023 |
Philanthropy – updates to the list of specifically listed deductible gift recipients |
Various |
Various |
Powering Australia - amendment to the Electric Car Discount |
1 July 2022 |
TBA |
Reform of the Australian Charities and Not for profits Commission (ACNC) secrecy provisions |
Royal assent |
TBA |
Reform of the Product Stewardship for Oil Scheme |
1 July 2023 |
TBA |
Revive – National Cultural Policy and Location Incentive |
1 July 2023 |
TBA |
Securing Australian’s Superannuation Package – increasing the payment frequency of the Superannuation Guarantee (SG) and investing in SG compliance |
1 July 2026 |
TBA |
Simplified Trade System – additional funding |
N/A |
TBA |
Small Business Support – $20,000 instant asset write-off |
1 July 2023 |
Introduced 13 September 2023 |
Small Business Support – helping small business manage their tax instalments and improving cashflow |
1 July 2023 |
Treasury Laws Amendment (2023 Measures No. 2) Act 2023External Link Royal assent 23 June 2023 |
Small Business Support - Small Business Energy Incentive |
1 July 2023 |
Introduced 13 September 2023 |
Tax Integrity – expanding the general anti-avoidance rule in the income tax law |
1 July 2024 |
TBA |
Tax Integrity – improving engagement with taxpayers to ensure timely payment of tax and superannuation liabilities |
1 July 2023 |
TBA |
Tobacco Excise - measures to improve health outcomes and aligning the treatment of stick and non-stick tobacco tax |
1 September 2023 |
TBA |