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  • Latest news on tax and superannuation law and policy

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    Budget 2021–22

    The Government handed down the 2021–22 Budget on 11 May 2021, with several changes to tax and superannuation laws (see budget.gov.au)External Link.

    Budget 2021–22

    Measure name

    Proposed start date

    Developments

    First Home Super Saver Scheme – increasing the maximum releasable amount to $50,000

    1 July 2022

    TBA

    First Home Super Saver Scheme – technical changes

    1 July 2018 (after the legislation is enacted)

    TBA

    Flexible super – reducing the eligibility age for downsizer contributions

    Start of the first financial year following royal assent

    TBA

    Flexible super – repealing the work test for voluntary superannuation contributions

    Start of the first financial year following royal assent

    TBA

    Removing the $450 per month threshold for superannuation guarantee eligibility

    Start of the first financial year following royal assent

    TBA

    Self-managed Superannuation Funds – legacy retirement product conversions

    Start of the first financial year following royal assent and will last for two years

    TBA

    Self-managed superannuation funds – relaxing residency requirements

    Start of the first financial year following royal assent

     

    Patent Box – tax concession for Australian medical and biotechnology innovations

    1 July 2022

    TBA

    Corporate Tax – corporate collective investment vehicle revised start date

    1 July 2022

    TBA

    Digital Economy Strategy – self-assessing the effective life of intangible depreciating assets

    1 July 2023

    TBA

    Digital Economy Strategy – Digital Games Tax Offset

    1 July 2022

    TBA

    Taxation of Financial Arrangements – hedging and foreign exchange deregulation

    1 July 2022

    TBA

    ATO early engagement service: supporting businesses seeking to invest in Australia

    1 July 2021

    TBA

    International Tax – removing the preferential tax treatment for Offshore Banking Units

    1 January 2024

    TBA

    Increased powers for the Administrative Appeals Tribunal in relation to small business taxation decisions

    Royal assent

    TBA

    Modernising the individual tax residency rules

    Royal assent

    TBA

    Employee Share Schemes – removing the cessation of employment as a taxing point and reducing red tape

    Royal assent

    TBA

    Aligning the excise refund scheme for brewers and distillers with the producer rebate for wine producers

    1 July 2021

    TBA

    Not-for-profits – enhancing the transparency of income tax exemptions

    1 July 2023

    TBA

    Temporary loss carry-back extension

    1 July 2022

    TBA

    Temporary full expensing extension

    1 July 2022

    TBA

    Digital Economy Strategy – Small and Medium Enterprise digitalisation – Promoting and accelerating the adoption of e-invoicing

    1 July 2021

    TBA

    Digital Economy Strategy – Government Services Delivery – myGov enhancements and digital identity legislation

    1 July 2021

    TBA

    GovERP – Common Corporate Australian Public Service System

    1 July 2021

    TBA

    Personal Income Tax – exemption for pay and allowances for Operation Paladin

    1 July 2020

    TBA

    Personal Income Tax – increasing the Medicare levy low-income thresholds

    1 July 2020

    TBA

    Private Health Insurance – building the sustainability of the sector and improving affordability for patients

    1 July 2021

    TBA

    Reducing compliance costs for individuals claiming self-education expense deductions

    Start of the first income year following royal assent

    TBA

    Retaining the low and middle income tax offset for the 2021–22 income year

    1 July 2021

    Treasury Laws Amendment (2021 Measures No. 4) Bill 2021External Link

    Introduced 26 May 2021

    Storms and Floods – tax treatment of qualifying grants

    19 February 2021

    TBA

    Heavy Vehicle Road User Charge

    1 July 2021

    TBA

    Philanthropy – updates to the list of specifically listed deductible gift recipients

    Various

    TBA

    Commonwealth’s Deregulation Agenda – Modernising Business Communications

    1 July 2021

    TBA

    International Tax - updating the list of information countries

    1 January 2022

    TBA

    Junior Minerals Exploration Incentive

    1 July 2021

    Treasury Laws Amendment (2021 Measures No. 4) Bill 2021External Link

    Introduced 26 May 2021

    COVID-19 Response Package – additional arts sector support package – Producer Tax Offset

    1 July 2021

    TBA

    Insolvency Reform

    1 January 2021

    TBA

    Decommissioning Costs – Laminaria-Corallina oil fields and associated infrastructure

    1 July 2020

    TBA

    COVID-19 Response Package – ensuring New Zealand maintains its primary taxing right over members of its sporting teams and support staff due to COVID-19

    TBC

    Treasury Laws Amendment (2021 Measures No. 4) Bill 2021External Link

    Introduced 26 May 2021

    Transfer of superannuation to the KiwiSaver Scheme

    12 months after royal assent (11 December 2020) or by proclamation

    TBA

    Early release for victims of family and domestic violence

    Not proceeding

    Not proceeding

    SME Recovery Loan Scheme

    1 April 2021

    TBA

    MYEFO 2020–21

    The Government handed down the 2020–21 Mid-Year Economic and Fiscal Outlook (MYEFO) on 17 December 2020, with several proposed changes to tax and superannuation laws. You can access the MYEFO papers on budget.gov.auExternal Link.

    MYEFO 2020-21 measures

    Measure name

    Proposed start date

    Developments

    Alcohol Taxation – automatic remission of excise duty for alcohol manufacturers

    1 July 2021

    TBA

    Changes to foreign investment monetary thresholds and fees

    1 January 2021

    Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020External Link (Act No. 115 of 2020)

    Royal assent 10 December 2020

    COVID-19 Response Package – further updates to making Victoria’s business support grants non-assessable, non-exempt income for tax purposes

    12 December 2020

    Treasury Laws Amendment (2020 Measures No. 5) Act 2020External Link (Act No. 118 of 2020)

    Royal assent 11 December 2020

    JobMaker Plan – temporary full expensing – expansion of eligibility and minor amendments

    1 January 2021

    Treasury Laws Amendment (2020 Measures No. 6) Act 2020External Link (Act No. 141 of 2020)

    Royal assent 17 December 2020

    Superannuation – KiwiSaver accounts 

    12 months after royal assent (11 December 2020) or by proclamation

    Treasury Laws Amendment (2020 Measures No. 5) Act 2020External Link (Act No. 118 of 2020)

    Royal assent 11 December 2020

    Superannuation – amendments to commutation rules for certain income stream products

    Royal assent

    TBA

    COVID-19 Consumer Travel Support Program

    14 December 2020

    TBA

    Last modified: 27 May 2021QC 43473