Big corporations tax (Excessive profits)
The proposal would introduce a new excessive profits tax at a rate of 40% that would apply to company profits that exceed an allowance for a corporate equity threshold with effect from 1 July 2025.
Only post-company tax Australian-sourced profits would be subject to the excessive profits tax and the allowance for corporate equity threshold would equal shareholder equity multiplied by 5% plus the long-term bond rate.
Read moreDividend imputation and franking credits
Dividend imputation and franking credits
Increase to the rate of the Major Bank Levy by 10 percent
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.
Increase to the rate of the Major Bank Levy by 10 percent
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.
Changes to franked distributions funded by capital raisings
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:
Read moreTax
This proposal has three options.
Option 1: Personal income tax, company tax, and excise and customs duty
This option has three components:
Read moreTax
This proposal has three options.
Option 1: Personal income tax, company tax, and excise and customs duty
This option has three components:
Read moreTax
This proposal has three options.
Option 1: Personal income tax, company tax, and excise and customs duty
This option has three components:
Read moreTax
This proposal has three options.
Option 1: Personal income tax, company tax, and excise and customs duty
This option has three components:
Read more