The proposal would introduce an annual tax levied on the net wealth of Australian residents,
regardless of where their assets are held, and the net wealth of non-residents who hold Australian
assets from 1 July 2022.

• Australian adult residents’ net wealth would be equal to the value of all assets minus al liabilities.
• Non-residents’ net wealth would be equal to the value of their Australian assets minus

Australian liabilities.

The following features of the tax would apply to both residents and non-residents.

This proposal would eliminate the following withholding tax on interest paid by financial institutions operating in Australia to foreign residents.

• The standard interest withholding tax levied at the rate of 10 per cent
• The reduced interest withholding tax charged on Australian branches borrowing from their foreign parents as outlined in the Australia as a Finance & Technology Centre Advisory Group (AFTCAG) Report.

The proposal would have effect from 1 July 2022.

This proposal would eliminate the following withholding tax on interest paid by financial institutions operating in Australia to foreign residents.

• The standard interest withholding tax levied at the rate of 10 per cent
• The reduced interest withholding tax charged on Australian branches borrowing from their foreign parents as outlined in the Australia as a Finance & Technology Centre Advisory Group (AFTCAG) Report.

The proposal would have effect from 1 July 2022.

This proposal would eliminate the following withholding tax on interest paid by financial institutions operating in Australia to foreign residents.

• The standard interest withholding tax levied at the rate of 10 per cent
• The reduced interest withholding tax charged on Australian branches borrowing from their foreign parents as outlined in the Australia as a Finance & Technology Centre Advisory Group (AFTCAG) Report.

The proposal would have effect from 1 July 2022.

This request sought estimated financial implications and distributional analysis of Stage 3 of the personal income tax plan as set out in 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 over the period to 2031-32.

The stage 3 tax cuts involve:

This request sought estimated financial implications and distributional analysis of Stage 3 of the personal income tax plan as set out in 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 over the period to 2031-32.

The stage 3 tax cuts involve:

This request sought estimated financial implications and distributional analysis of Stage 3 of the personal income tax plan as set out in 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 over the period to 2031-32.

The stage 3 tax cuts involve:

This proposal would introduce a new super-profits tax at a rate of 40 per cent that would apply to company profits that exceed an allowance for a corporate equity threshold with effect from 1 July 2022.

Only post company tax Australian sourced profits would be subject to the super-profits tax and the allowance for corporate equity threshold would equal shareholder equity multiplied by 5 per cent plus the long-term bond rate.

This proposal would introduce a new super-profits tax at a rate of 40 per cent that would apply to company profits that exceed an allowance for a corporate equity threshold with effect from 1 July 2022.

Only post company tax Australian sourced profits would be subject to the super-profits tax and the allowance for corporate equity threshold would equal shareholder equity multiplied by 5 per cent plus the long-term bond rate.

This proposal would introduce a new super-profits tax at a rate of 40 per cent that would apply to company profits that exceed an allowance for a corporate equity threshold with effect from 1 July 2022.

Only post company tax Australian sourced profits would be subject to the super-profits tax and the allowance for corporate equity threshold would equal shareholder equity multiplied by 5 per cent plus the long-term bond rate.