An overview from Corrs Chambers Westgarth
A number of key business tax-related measures were announced in the 2023/24 Federal Budget in Australia on 9 May, including those directed at multinationals and those that focus on taking advantage of the demand for Australia’s natural resources, as well as measures designed to stimulate key sectors such as the burgeoning ‘build-to-rent’ (BTR) sector.
Rhys Jewell, Simon Mifsud and Hugh Riisfeldt from our Australian member firm, Corrs Chambers Westgarth, outline and respond to the key measures announced which include:
(i) ‘Pillar Two’ implementation – measures to implement a global minimum tax and a domestic minimum tax.
(ii) Anti-avoidance – the Government has announced its intention to expand the scope of the general anti-avoidance rule (Part IVA).
(iii) Managed investment trusts and build-to-rent projects – Confirmation of concessions for BTR projects as part of the Government’s focus on housing. Plus changes affecting the MIT ‘clean building’ rules.
(iv) Petroleum resource rent tax – the Government has confirmed its intention to amend the petroleum resource rent tax (PRRT) to introduce a cap on available deductions for LNG producers.
(v) Amendments to former proposals, including amendments to Franked dividends funded by capital raises and the discontinuance of ‘patent box’ measures as previously announced in the 2021-22 and 2022-23 March Budgets.
Read the full summary and commentary here.
For similar content to our Global Guide, subscribe to our mailing list and keep up to date.
