News & Articles

Latest Federal Budget Highlights

  • COVID-19 business grants are non-assessable and non-exempt for income tax purposes
  • From 1 July 2023, the Paid Parental Leave will be flexible for families so that either parent is able to claim the payment.
  • Digital currencies(such as Bitcoin) are not taxed as foreign currency.
  • The taxpayers are not allowed to self-assess the effective life of intangible depreciating assets, which continue to be set by statute.
  • Commonwealth penalty unit increased from $222 to $275
  • The government says NO to three-yearly audit requirements for SMSFs with a history of good record-keeping and compliance.
  • The minimum eligibility age for the people making downsize contributions will reduce to 55 years old.
  • From 1 July 2022, electric cars are exempt from fringe benefits tax
  • The government will provide funding to support small to medium entities to fund energy efficient equipment upgrades.
  • The government is introducing new measures for the tax treatment of off-market share buy-backs undertaken by listed public companies.
  • The government is introducing a Multinational Tax Integrity Package focusing on tax transparency.