The proposal would increase the Major Bank Levy from the current level (0.06% per annum, 0.015 per quarter) by 10% to the proposed level (0.066% per annum, 0.0165% per quarter). 

The additional revenue would be used to co-fund community banks. 

The proposal is ongoing with a start date of 1 July 2024.

The proposal would increase the Major Bank Levy from the current level (0.06% per annum, 0.015 per quarter) by 10% to the proposed level (0.066% per annum, 0.0165% per quarter). 

The additional revenue would be used to co-fund community banks. 

The proposal is ongoing with a start date of 1 July 2024.

The request sought the following analyses relating to the ‘Tax integrity — franked distributions funded by capital raisings’ measure from the 2016-17 Mid-Year Economic and Fiscal Outlook. The measure was costed according to Schedule 5 in the Treasury Laws Amendment Bill 1 2023 (the Bill) to increase revenue by $10 million per year.

1. How the forecast amount would change if it was assumed corporate Australia would reduce their overall corporate tax paid by:

This proposal has three options.

Option 1: Personal income tax, company tax, and excise and customs duty

This option has three components:

This proposal has three options.

Option 1: Personal income tax, company tax, and excise and customs duty

This option has three components:

This proposal has three options.

Option 1: Personal income tax, company tax, and excise and customs duty

This option has three components:

This proposal has three options.

Option 1: Personal income tax, company tax, and excise and customs duty

This option has three components:

This proposal has three options.

Option 1: Personal income tax, company tax, and excise and customs duty

This option has three components:

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.