Mid-Year Economic and Fiscal Outlook (MYEFO) 2023-24

Mid-Year Economic and Fiscal Outlook 2023-24 released 13 December 2023.

Government Media Release

New measures included in the MYEFO documents include:

  • increased fees for foreign investors in residential housing and reduced Build To Rent project fees (summarised here)
  • From 1 July 2025 fuel-efficient cars for the purposes of the Luxury Car Tax will have a maximum fuel consumption of 3.5 litres per 100km (down from 7 litres per 100km)
  • Indexation of LCT threshold for non-fuel-efficient cars will in future be linked to motor vehicle purchase sub-group of the CPI (previously the headline CPI) – from 1 July 2025.
  • For contracts from 1 January 2025 the foreign resident capital gains withholding tax rate threshold will be removed (currently at $750,000); and the withholding rate is to be increased from 12.5% to 15%.
  • From 1 July 2025 ATO interest charges (General and Shortfall) will no longer be tax deductible.

Announced measures are subject to the passage of legislation.

This page was last modified 2023-12-14