Revenue implications of changes to vehicle taxation measures – Fringe benefits tax exemption

Summary of proposal

The proposal would exempt all newly purchased battery electric, plug‐in hybrid electric, and hydrogen
fuel cell electric vehicles from the fringe benefits tax (FBT).

The proposal would have effect from 1 July 2019.

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Revenue implications of changes to vehicle taxation measures – Fringe benefits tax exemption

Summary of proposal

The proposal would exempt all newly purchased battery electric, plug‐in hybrid electric, and hydrogen
fuel cell electric vehicles from the fringe benefits tax (FBT).

The proposal would have effect from 1 July 2019.

Read more

Tax cuts package

Summary of proposal

The request sought the financial implications, by stage and component, of the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan.

The request also sought the annual aggregate cost of the third stage of the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan (reducing the 32.5 per cent marginal tax rate to 30 per cent from 1 July 2024) for individuals with taxable incomes greater than $180,000 in each year.

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Tax cuts package

Summary of proposal

The request sought the financial implications, by stage and component, of the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan.

The request also sought the annual aggregate cost of the third stage of the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan (reducing the 32.5 per cent marginal tax rate to 30 per cent from 1 July 2024) for individuals with taxable incomes greater than $180,000 in each year.

Read more

Tax cuts package

Summary of proposal

The request sought the financial implications, by stage and component, of the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan.

The request also sought the annual aggregate cost of the third stage of the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan (reducing the 32.5 per cent marginal tax rate to 30 per cent from 1 July 2024) for individuals with taxable incomes greater than $180,000 in each year.

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Personal Income Tax Plan

Summary of proposal

The request sought the financial implications of the 2018-19 Budget measure Personal Income Tax Plan and the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan, by component and start date.

The components of the 2018-19 Budget measure are as follows:

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Personal Income Tax Plan

Summary of proposal

The request sought the financial implications of the 2018-19 Budget measure Personal Income Tax Plan and the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan, by component and start date.

The components of the 2018-19 Budget measure are as follows:

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Personal Income Tax Plan

Summary of proposal

The request sought the financial implications of the 2018-19 Budget measure Personal Income Tax Plan and the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan, by component and start date.

The components of the 2018-19 Budget measure are as follows:

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Exempting historic vehicle imports from the luxury car tax

Summary of proposal

This proposal would remove the luxury car tax on imported vehicles over 40 years of age. Goods and services tax (GST) would continue to apply to imported vehicles.

The request also sought an assessment of the likely impact on GST due to increased economic activity.

This proposal has a start date of 1 July 2020.

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Exempting historic vehicle imports from the luxury car tax

Summary of proposal

This proposal would remove the luxury car tax on imported vehicles over 40 years of age. Goods and services tax (GST) would continue to apply to imported vehicles.

The request also sought an assessment of the likely impact on GST due to increased economic activity.

This proposal has a start date of 1 July 2020.

Read more