The Federal Government has focused on integrity measures to restrict deductions, increase penalties and enhance tax transparency for large multinationals, but refrained from providing certainty on key outstanding tax residency measures.

The Federal Government has announced that it will pursue its reform of the thin capitalisation rules to limit interest deductions based on an earnings test rather than a balance sheet test.

The first Labor Budget, and second for Australia in 2022, is focused on direct support for Australians living through challenging times.

Leading into the most recent Budget there were approximately 70 previously announced measures that had not yet been enacted.

The Federal Government announced proposed changes to the income tax treatment of off-market share buy-backs, which will align the tax treatment with on-market share buy-backs.

The Federal Government continues its focus on tax integrity and compliance programs by committing significant additional funding aimed at raising further revenue from audit and review activity. Personal Income Tax Compliance Program The Budget provides the ATO with an additional $80.3 million to extend its Personal Income Tax Compliance Program for a further two years […]

As expected, the Federal Government is proceeding with the previous government’s personal income tax changes, which include the Stage 3 tax cuts and cessation of the Low and Middle Income Tax Offset.

The Government has left the superannuation system broadly unchanged with no new announcements made.

The Federal Government has announced an increase to the Road User Charge that will impact operators of heavy vehicles travelling on public roads.