Businesses

The Commissioner of Taxation will be given the discretion not to apply refunds or credits to debts on hold.

Taxpayers can no longer claim an income tax deduction for ATO interest charges incurred on or after 1 July 2025.

From 1 July 2025 the government will extend the mandatory notification period for BAS refund retention from 14 days to 30 days.

The government announced changes to the Petroleum Resource Rent Tax (PRRT).

The Government announced a Critical Minerals Tax Incentive and a Hydrogen Production Tax Incentive.

The government will provide tax incentives to increase the supply of housing by supporting build to rent developments.

Temporary increase of the instant asset write-off limit from $1,000 to $20,000 for the 2024-25 income year.

Changes to strengthen penalty and shortfall interest charge provisions.

The government will introduce a new penalty provision for royalty withholding tax.

The Government announced it will widen the scope of the general anti-avoidance rule for income tax.