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Taxation

It is the role of the Treasury to provide advice on effective tax and retirement income arrangements that contribute to the overall fiscal outcome, influence strong sustainable economic growth for the good of the Australian people. The Treasury is responsible for assessing and advising on the general design of the tax system and its components, and retirement income policy, in relation to economic efficiency, equity, income distribution, budgetary requirements and economic feasibility.

Consultations

  •  - Open75 days left to have your sayConsultation Paper

    The Government is seeking information and comments from interested parties on the tax impacts of implementing the new accounting standard for insurance contracts (AASB17) which will apply mandatorily for annual reporting periods beginning on or after 1 January 2021. This will inform the Government’s consideration of whether and what changes may be needed to the tax law […]

  •  - Open4 days left to have your sayConsultation Paper

    The purpose of this paper is to seek stakeholder views on the Government’s proposed implementation of the amendments to Division 7A of the Income Tax Assessment Act 1936. The amendments draw on recommendations from the Board of Taxation and include: simplified Division 7A loan rules to make it easier for taxpayers to comply; a self-correction […]

  •  - ClosedExposure Draft

    The draft legislation will extend the concessional draught beer excise rates to 8 litre or greater individual containers, from 1 July 2019. Currently, draught beer sold in individual containers exceeding 48 litres is taxed at lower rates compared with beer sold in individual containers up to and including 48 litres. However, the lower rates mainly […]

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