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A Quick Reference For Australian Tax Rates And Related Information

A Quick Reference For Australian Tax Rates And Related Information

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Mid-Year Economic and Fiscal Outlook (MYEFO) 2018-19

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 nameProposed 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

 

This page was last modified 2018-12-19