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Latest news on tax and superannuation law and policy

See the latest news on tax and superannuation law and policy.

Last updated 22 July 2024

Latest announcements

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.au)External Link.

Budget 2023–24 measures

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) Bill 2023External Link

Introduced 16 February 2023

Amending the tax law to reduce compliance cost for general insurers

1 July 2023

Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023External Link

Introduced 13 September 2023

Better Targeted Superannuation Concessions

1 July 2025

TBA

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 - 4-year extension

1 July 2023

TBA

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

Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023External Link

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

TBA

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

Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023External Link

Royal Assent 28 June 2024

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

Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023External Link

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

Budget 2022–23

The government handed down the October 2022–23 Budget on 25 October 2022, with several changes to tax and superannuation laws (see budget.gov.au)External Link.

Budget 2022–23 measures

Measure name

Proposed start date

Developments

Australia's Foreign Investment Framework – increase to fees and penalties

29 July 2022 – Fees

1 January 2023 – Penalties

TBA

Digital Currency – clarifying that digital currencies are not taxed as foreign currency

1 July 2021

Treasury Laws Amendment (2022 Measures No. 4) Act 2022External Link

Royal Assent 23 June 2023

Heavy Vehicle Road User Charge — increase

TBA

Fuel Tax (Road User Charge) Determination 2022External Link

Registered 13 September 2022

Improving the integrity of off-market share buy-backs

7:30pm AEDT, 25 October 2022

Treasury Laws Amendment (2023 Measures No. 1) Bill 2023External Link

Introduced 16 February 2023

International Tax – Australia-Iceland Tax Treaty

12 October 2022

Treasury Laws Amendment (Refining and Improving Our Tax System) Act 2023External Link

Royal assent 28 June 2023

Making COVID-19 business grants non-assessable non-exempt

Grants made prior to 30 June 2022

Income Tax Assessment (Eligible State and Territory COVID-19 Economic Recovery Grant Programs) Amendment Declaration (No. 5) 2022External Link

Registered 18 November 2022

Multinational Tax Integrity Package – amending Australia's interest limitation (thin capitalisation) rules

Income years starting on or after 1 July 2023

Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023External Link

Introduced 22 June 2023

Multinational Tax Integrity Package – denying deductions for payments relating to intangibles held in low or no-tax jurisdictions

Payments made on or after 1 July 2023

TBA

Multinational Tax Integrity Package – improved tax transparency

Income years starting from 1 July 2023

TBA

Philanthropy – updates to specifically listed deductible gift recipients

1 July 2022

Various

Powering Australia – Electric Car Discount

1 July 2022

Treasury Laws Amendment (Electric Car Discount) Act 2022External Link

Royal assent 12 December 2022

Superannuation – expanding eligibility for downsizer contributions

First quarter after royal assent

Treasury Laws Amendment (2022 Measures No. 2) Act 2022External Link

Royal assent 12 December 2022

Tax Practitioners Board – compliance program to enhance tax system integrity

1 July 2023

TBA

 

 

 

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