Latest announcements
- Small business energy incentive
- Payday superannuation
- Incentives to increase the supply of housing
- Changes to the superannuation tax breaks
- Extending the clean building managed investment trust withholding tax concession
- Petroleum Resource Rent Tax – Government response to the Review of the PRRT Gas Transfer Pricing Arrangements
- Small Business Support – $20,000 instant asset write-off
- Implementation of a global minimum tax and a domestic minimum tax
- Amending the tax law to reduce compliance costs for general insurers
- Tax integrity – expanding the general anti-avoidance rule in the income tax law
- Clarifying the tax treatment of ‘exploration’ and ‘mining, quarrying and prospecting rights’
- Small Business Support – helping small business manage tax instalments and improve cashflow
- Small Business – Lodgment Penalty Amnesty Program
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.
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 |
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 - four-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 |
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 |
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 |
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 |
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.
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 |
Registered 18 November 2022 |
Multinational Tax Integrity Package – amending Australia's interest limitation (thin capitalisation) rules |
Income years commencing on or after 1 July 2023 |
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 commencing 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 |