Establishing the Tax Avoidance Taskforce and better protection for whistleblowers
The Government will introduce a series of measures aimed at significant tax avoidance. These measures form part of the Government’s Tax Integrity Package, which will strengthen the integrity of Australia’s tax system. Read more.
Collective investment vehicles proposed changes
The Government has announced the introduction of a new tax and regulatory framework for two new types of collective investment vehicles (CIVs). CIVs allow investors to pool their funds and have them managed by a professional funds manager. Read more.
Decrease in Wine Equalisation Tax (WET) rebate; extension of excise refund scheme
Responding to calls from the industry for reform, changes to the wine equalisation tax (WET) will be introduced in an attempt to strengthen the reputation of Australia’s wine industry and in a positive change for distillers, the Government has extended the excise refund scheme to domestic spirit producers. Read more.
Public Sector Transformation and ATO Efficiency Review
The Government intends to transform and modernise the public sector by reinvesting $500 million through some specific (though unannounced) initiatives. This investment is expected to net savings of $1.4 billion over the three years. Read more.