Tax under a new government

• Minimum global tax of 15% on worldwide profits for multinational enterprises.
  
• Redirect some of the taxes paid by multinational enterprises to countries where their products and services are sold.

From 1 July 2024:

• remove the $120,000 - $180,000 tax bracket
• raise the top tax bracket from $180,000 to $200,000
• reduce the marginal tax rate between $45,000 to $200,000 from 32.5% to 30%.

Increase the offset by $420.Total benefit in 2021-2022 becomes $1,500 for individuals and $3,000 for couples.  

Reduce eligibility age threshold for downsizer contributions into superannuation from 65 to 55.

Impose a tax-to-GDP cap of 23.9%. 

First homebuyers may withdraw a maximum of 40% from their super (up to $50,000) for their deposit.

Extended by 2 years to 30 June 2025.

Limit debt-related deductions by multinational enterprises at 30% of profits unless debt-related deductions can be substantiated under the arm’s length test or worldwide gearing ratio.

Limit tax deductions by multinational enterprises for the use of intellectual property when paid to a tax haven.

• Require public reporting of tax information on a country-by-country basis.
• Create a public registry of ultimate beneficial ownership.
• Require companies to disclose to shareholders as a “Material Tax Risk” if the company is operating in a jurisdiction with a tax rate below the global minimum (15%).
• Require government tenderers to disclose the company’s country of tax domicile.

Electric cars below the luxury car tax threshold will be exempt from import tariffs and fringe benefits tax.