What’s on the tax agenda for the new Government?

June 2022

The NTAA congratulates the Australian Labor Party on its recent Federal Election win. Labor’s Economic Plan and Budget Strategy (and election costings) released during the election campaign revealed few tax-related changes. Some of the key proposals announced include the following:

• Delivery of the legislated Stage 3 tax cuts (broadly these tax cuts will see resident individuals earning between $45,000 and $200,000 paying tax at 30% from 1 July 2024 – editor).
• A proposed ‘tax cut’ to make electric cars cheaper.
• Extending and boosting existing ATO programs.
• Tackling multinational tax avoidance.

Based on the Economic Plan and Budget Strategy document, the new Government is expected to hand down its own Federal Budget before the end of the year.

Editor: The NTAA will keep members informed of any developments in key tax and superannuation-related proposals, including any previously unannounced measures.

Ref: ALP website, Labor’s Economic Plan and Budget Strategy, May 2022