Details | Summary | Proposed date of effect | Status |
Business | |||
Small Business $20,000 Instant Asset Write-Off | Announced as part of the 2024-25 Budget, this measure would increase the instant asset write-off threshold for small businesses (aggregated turnover of less than $10m) from $1,000 to $20,000 for a further 12 months to cover eligible assets first used, or installed ready for use, between 1 July 2024 and 30 June 2025. This measure was initially included in, but subsequently deleted from, the now-enacted Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024. This measure remains unenacted. | 1 July 2024 to 30 June 2025 | Announced / Not Yet Actioned |
Abolition of Nuisance Tariffs | The Hydrogen Production Tax Incentive, which was announced as part of the 2024-25 Budget to incentivise renewable hydrogen production, has been enacted. The incentive will provide a $2 incentive per kilogram of renewable hydrogen produced between 1 July 2027 and 30 June 2040, for up to ten years per project (provided that a final investment decision is made before 1 July 2030). | 1 July 2024 | Announced / Consultation Closed |
Hydrogen Production Tax Incentive | Provides small and medium businesses (with an aggregated turnover of less than $50m) with access to a bonus deduction equal to 20% of the cost of eligible assets or improvements to existing assets that support electrification or more efficient energy usage, from 1 July 2023 to 30 June 2024. | 1 July 2027 | Enacted |
Critical Minerals Production Tax Incentive | The Critical Minerals Production Tax Incentive, which will provide eligible companies with a refundable tax offset equal to 10% of eligible processing costs referable to minerals listed on Australia’s Critical Minerals List, has been enacted. The credit will be available for production occurring between 1 July 2027 and 30 June 2040, with eligible facilities able to claim it for up to 10 years. | 1 July 2027 | Enacted |
Significant Global Entity (SGE) Penalty Regime for Royalties | A new penalty regime that applies to SGEs that are found to have ‘mischaracterised or undervalued’ royalty payments to which royalty withholding would otherwise apply. | 1 July 2026 | Announced / Not Yet Actioned |
Payday Superannuation Guarantee (SG) | Employers will be required to pay their employees’ SG entitlements on the same day that they pay salary and wages | 1 July 2026 | Announced / Consultation In Progress |
International | |||
Updates to foreign resident Capital Gains Tax (CGT) Regime | The Government announced amendments to strengthen the integrity of the foreign resident CGT regime. Changes include:
Foreign residents disposing of shares and other membership interests exceeding $20m will have to notify the ATO prior to the transaction This measure has been deferred. | The later of 1 October 2025 and the first 1 January, 1 April, 1 July, or 1 October after the relevant amending legislation receives Royal Assent. | Announced / Consultation In Progress |
SGEs – denial of deductions (intangibles) | The Government announced the discontinuance of the previously announced Denying deductions for payments relating to intangibles held in low – or no – tax jurisdictions measure as relevant integrity concerns will be addressed through the Global Minimum Tax and Domestic Minimum Tax measures. | 1 July 2023 | Discontinued |
Other | |||
Time Frame Increased for ATO to hold BAS Refunds | The timeframe for the ATO to notify a taxpayer if it intends to retain a BAS refund for further investigation has been extended from 14 days to 30, to match time limits for non-BAS refunds. | First financial year after royal assent | Announced / Before Parliament |
Expansion of general anti-avoidance rules in income tax law | General anti-avoidance rules to be expanded to include schemes that:
| 1 July 2024 | Announced / Not Yet Actioned |
Digital currency not a foreign currency | Digital currencies (such as Bitcoin) would not be foreign currencies for Australian income tax purposes even if they are adopted as legal tender by a foreign jurisdiction. | 1 July 2021 | Discontinued |