Latest announcements
- Changes to offsetting debts on hold
- Extending the ATO’s retention framework
- Hydrogen Production and Critical Minerals Tax Incentives
- New Royalty Penalty and withdrawal of intangibles measure
- Strengthening the foreign resident capital gains tax regime
Budget 2024–25
The government handed down the 2024–25 Budget on 14 May 2024, with several changes to tax and superannuation laws (see budget.gov.auExternal Link).
Measure name | Proposed start date | Developments |
|---|---|---|
Australian Universities Accord – tertiary education system reforms | 1 June 23 | Universities Accord (Student Support and Other Measures) Bill 2024External Link Introduced 15 August 2024 |
Child Care Subsidy Reform – further measures for strong and sustainable foundations | 1 April 25 | N/A |
Cyber Security of Regulators and Improving Registers | March 25 | N/A |
Debts on hold | Unknown | TBA |
Deductible gift recipients specific listings | Various | TBA |
Deferral of start date for Expanding the general anti-avoidance rule in the income tax law (Part IVA) | Royal assent | TBA |
Deferral of start date for Streamlining Excise – bunker fuels | 1 July 2024 or royal assent | Excise and Customs Legislation Amendment (Streamlining Administration) Act 2024External Link Royal assent 28 June 2024 |
Digital Identity | 1 July 24 | N/A |
Employment Services Reform | 1 July 24 | N/A |
Fighting Scams – eInvoicing | 1 July 24 | N/A |
Funded Paid Parental Leave – enhancement | 1 July 25 | Royal Assent 1 October 2024 |
Future Made in Australia – Making Australia a Renewable Energy Superpower – Critical Minerals Production tax incentive | 1 July 27 | TBA |
Future Made in Australia – Making Australia a Renewable Energy Superpower Hydrogen Production tax credit | 1 July 27 | TBA |
Future Made in Australia – Strengthening Approvals Processes | Various | N/A |
Housing Support: allowing foreign investors to purchase established Build to Rent developments | 7:30pm, 14 May 2024 | Treasury Laws Amendment (Build to Rent) Bill 2024External Link Capital Works (Build to Rent Misuse Tax) Bill 2024External Link Introduced 5 June 2024 |
Migration system reforms | 1 July 24 | N/A |
National Disability Insurance Scheme – getting the NDIS back on track | TBD | N/A |
New Royalty Penalty | 1 July 26 | TBA |
Parliamentary amendments for Thin Capitalisation | 1 July 23 | Royal assent 8 April 2024 |
Personal Income Tax – Cost of Living – increasing the Medicare levy low-income thresholds | 1 July 23 | Treasury Laws Amendment (Cost of Living-Medicare Levy) Act 2024External Link Royal assent 5 March 2024 |
Personal Income Tax – Cost of Living Tax Cuts | 1 July 24 | Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024External Link Royal assent 5 March 2024 |
Regulatory Initiatives Grid (RIG) | Late 2024 | N/A |
Revive – National Cultural Policy | TBD | TBA |
Rugby World Cup Limited – tax exemption | 1 July 23 | TBA |
Small Business Support – $20,000 instant asset write-off | 1 July 24 | Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024External Link Introduced 5 June 2024 |
Strengthening Tax Compliance – extending the Personal Income Tax Compliance Program | 1 July 27 | N/A |
Strengthening Tax Compliance – extending the Shadow Economy Compliance Program | 1 July 26 | N/A |
Strengthening Tax Compliance – extending the Tax Avoidance Taskforce | 1 July 26 | N/A |
Strengthening Tax Compliance: Australian Taxation Office Counter Fraud Strategy | 1 July 24 | N/A |
Strengthening Tax Compliance: Extending the ATO’s retention framework for BAS refund from 14 to 30 days | 1 July after royal assent | TBA |
Strengthening the foreign resident capital gains tax regime (Div 855) | 1 July 2025 | TBA |
Amendments to existing measures for discontinuing the Black Economy – strengthening the Australian Business Number | N/A | No longer proceeding |
Discontinue MNE Tax Avoidance Package – intangibles and royalties | N/A | No longer proceeding |
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).
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 | Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023External Link Introduced 30 November 2023 |
Combatting the Shadow Economy | 1 January 2024 | N/A |
Commonwealth Penalty Unit – increase in value | 4 weeks after royal assent | Crimes and Other Legislation Amendment (Omnibus No. 1) Bill 2024External Link Introduced 27 March 2024 |
Ceasing the Modernising Business Registers Program | 28 August 2023 | N/A |
Delivering Better Financial Outcomes Package – advisor fees from superannuation | Royal assent | Royal Assent 9 July 2024 |
Denying deductions for ATO interest charges | 1 July 2025 | TBA |
Digital Identity – myGovID rebrand | Early 2024 | Digital ID Act 2024External Link Royal assent 30 May 2024 |
Foreign Investment – lower fees for Build to Rent projects | 1 July 2024 | TBA |
Foreign Investment – raising fees for established dwellings | 1 July 2024 | Treasury Laws Amendment (Foreign Investment) Act 2024External Link Foreign Acquisitions and Takeovers Fees Imposition Amendment Act 2024External Link Royal assent 8 April 2024 |
Federal Administrative Review Body | TBD | Royal assent 31 May 2024 |
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) Act 2023External Link Royal assent 27 November 2023 |
Increasing the integrity of the foreign resident capital gains withholding regime | 1 January 2025 | Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Bill 2024External Link Introduced 12 September 2024 |
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 | Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024External Link Introduced 5 June 2024 |
National Cultural Policy – additional support | 1 July 2024 | Royal Assent 9 July 2024 |
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) Act 2024External Link Royal assent 31 May 2024 |
Superannuation Portability Scheme with the Cook Islands | 1 July 2025 | 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 |
Tax Integrity Package – denying deductions for payments relating to intangibles held in low-or no-tax jurisdictions | N/A | No longer proceeding |
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 |