The proposal has 5 components that would modify the Australian personal income tax system.

• Components 1 and 2 would not proceed with Stage 3 of the Personal income tax plan in 2024-25, and would introduce a new tax bracket for those earning more than $1 million from 1 July 2022. 

The personal income tax schedule would be as follows:

The proposal would double the value of penalties corporations face for the misuse of market power.

The proposal would commence from 1 July 2022.

The proposal would double the value of penalties corporations face for the misuse of market power.

The proposal would commence from 1 July 2022.

The proposal would double the value of penalties corporations face for the misuse of market power.

The proposal would commence from 1 July 2022.

The proposal would double the value of penalties corporations face for the misuse of market power.

The proposal would commence from 1 July 2022.

The proposal would double the value of penalties corporations face for the misuse of market power.

The proposal would commence from 1 July 2022.

The proposal would double the value of penalties corporations face for the misuse of market power.

The proposal would commence from 1 July 2022.

The proposal would double the value of penalties corporations face for the misuse of market power.

The proposal would commence from 1 July 2022.

The proposal would stop companies from claiming a tax deduction for travel and related expenses to and from tax havens.

• Australian taxpayers would be required to notify the Australian Tax Office if they have residency or citizenship in a tax haven.
• The Australian government would exclude companies based in tax havens from all government contracts.

The proposal would have effect from 1 July 2022

The proposal would stop companies from claiming a tax deduction for travel and related expenses to and from tax havens.

• Australian taxpayers would be required to notify the Australian Tax Office if they have residency or citizenship in a tax haven.
• The Australian government would exclude companies based in tax havens from all government contracts.

The proposal would have effect from 1 July 2022