罢丑别听Treasury Laws Amendment (Tax Incentives and Integrity) Act 2024 and the Treasury Laws Amendment (More Cost of Living Relief) Act 2025 were passed by the Parliament on March 26, 2025, and received Royal Assent on March 27, 2025.
罢丑别听:
- Reduces the maximum fuel consumption for a car to be considered fuel-efficient for purposes of the luxury car tax (LCT) to 3.5 litres/100 kilometres (from the current 7 litres/100 kilometres)
- Denies income tax deductions for amounts of general interest charge (GIC) and shortfall interest charge (SIC) incurred by taxpayers in income years starting on or after July 1, 2025
- Extends from 14 to 30 days the period within which the Commissioner for Taxation must notify a taxpayer of their decision to retain a refund amount arising from a business activity statement (BAS), or another notification under those provisions, for verification of information
- Fully implements the extension of the instant asset write-off for small businesses to June 30, 2025
罢丑别听 implements the following measures announced in the government鈥檚 2025 budget:
- Reduces the 16% individual (personal) income tax rate that applies to Australian resident taxpayers to 15% for the 2026-2027 income year and to 14% for the 2027-2028 income year and later income years
- Increases the Medicare levy low-income thresholds for individuals and families (along with the dependent child/student component of the family threshold) along with those eligible for the Senior Australian and Pensioner Tax Offset, in line with movements in the consumer price index (CPI)