Mid-Year Economic and Fiscal Outlook document..here
The Mid-Year Economic and Fiscal Outlook for the 2018-19 financial year was released on Monday 17th December 2018.
Ministers’ media release: “The Budget is now expected to reach a surplus of $4.1 billion in 2019-20.”
MYEFO 2018-19 Measures
The following measures are referred to in the MYEFO document. Source: ato.gov.au
| Measure name | Proposed start date |
|---|---|
| GST- compliance program - four year extension (page 122) | 1 July 2019 |
| Tax compliance - extending the Serious Financial Crime Taskforce (page 132) | 1 July 2019 |
| Women's Economic Security Package (page 215) | 1 July 2020 |
| Victims of Crime - access to perpetrators' superannuation (page 134) | 12 months after Royal Assent |
| Superannuation - superannuation guarantee amnesty (page 130) | 24 May 2018 |
| Tax Integrity - disclosure of business tax debts - amendments (page 132) | Royal Assent |
| Tax compliance - extending data matching for card transactions and taxable government payments (page 131) | 1 July 2017 |
| Small Business Package - lower taxes for small and medium businesses (page 128) | 25 October 2018 |
| Small Business Package - making it easier for business (page 234) | 1 March 2019 |
| VET FEE-HELP Debts - additional student protection (page 172) | 1 January 2019 |
| Managed Investment Trusts - applying a 30% withholding rate on residential and agricultural property (page 124) | 1 July 2019 |
| Petroleum Resource Rent Tax - changing the PRRT settings to get a fair return (page 126) | 1 July 2019 |
| Superannuation - superannuation guarantee (SG) amnesty - stronger penalties (page 131) | 24 May 2019 |
| Superannuation - simplifying the work test exemption for recent retirees (page 130) | 1 July 2019 |
| Superannuation - miscellaneous amendments - technical and minor superannuation taxation fixes (page 125) | Legislation dependant |
| Superannuation - integrity of limited recourse borrowing arrangements (page 128) | 1 July 2018 |
| GST and feminine hygiene products (page 122) | 1 January 2019 |
| Philanthropy - updates to the list of specifically listed deductible gift recipients (page 127) | 1 July 2018 |
| Indirect Tax Concession Scheme - diplomatic and consular concessions (page 123) | 17 October 2017 |
| Square Kilometre Array Radio Telescope Project - further investment to support critical research infrastructure (page 118) | Legislation dependant |
| Income tax exemption for the Global Infrastructure Hub (page 123) | Royal Assent |
| Genuine redundancy payments - aligning access to the tax-free component with the Age Pension age (page 121) | Legislation dependant |
| Changes to the Seasonal Worker Programme (page 119) | |
| Changes to the Working Holiday Maker visa program (page 116) | |
| Income Tax - exemption for Kiribati Phoenix Islands Protected Area Conservation Trust (page 123) | 1 July 2015 |
| Retaining the Age Pension Qualifying Age at 67 Years (page 223) | |
| Assistance for Farmers and Farm Communities in Drought (page 150) | |
| International Tax - finalising the list of information exchange countries (page 124) | 1 January 2019 |
| Tax integrity - improving operation of the OECD hybrid mismatch arrangement rules (page 133) | 1 July 2020 |
| Modernising Business Registers - Gateway Review Process (page 231) | 1 November 2018 |
| Miscellaneous Amendments - ongoing care and maintenance of Treasury portfolio legislation (page 125) | Legislation dependant |
| Revised start date - 2017-18 Budget measure - Tax Integrity Package - Improving the small business capital gains tax concessions (page 127) | 8 February 2018 |
| Revised start date - 2017-18 MYEFO measure - Deductible gift recipient reform - strengthening governance and integrity and reducing complexity (page 127) | 1 July 2020 |
| Revised start date - 2018-19 Budget measure - Tax integrity - removing the capital gains tax discount at the trust level for managed investment trusts (MITs) and attribution MITs (page 127) | 1 July 2020 |
| Revised start date - 2018-19 Budget measure - Black Economy - introduction of an economy-wide cash payment limit (page 128) | 1 July 2020 |
| National Innovation and Science Agenda - intangible asset and depreciation - not proceeding (page 126) | |
| Company Tax - not proceeding with tax reductions for large companies (page 121) |
Commentary & Background
- [December 17, 2018] Government hails $4.1bn surplus as Myefo reveals budget windfall
- [December 16, 2018] Coalition announces budget surplus and $553m spending on aged care
- [December 13, 2018] Monday’s MYEFO will look good, but it will set the budget up for awful trouble down the track
- [September 5, 2018] Morrison’s return to surplus built on the back of higher tax – Parliamentary Budget Office
This page was last modified 2018-12-19