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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 17 December 2023

Latest announcements

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).

MYEFO changes to tax and superannuation laws

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

Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023External Link

Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023External Link

Introduced 30 November 2023

Combatting the Shadow Economy

1 January 2024

TBA

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

TBA

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

TBA

Federal Administrative Review Body

TBD

Administrative Review Tribunal (Consequential and Transitional Provisions No. 1) Bill 2023External Link

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

TBA

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).

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) Act 2023External Link

Royal Assent 27 November 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 – 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 (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

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

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

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

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

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