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Mid-Year Economic and Fiscal Statement

14 December 2023

On 13 December 2023, the Federal Treasurer, Dr Jim Chalmers published the 2023-24 Mid-Year Economic and Fiscal Outlook (MYEFO) statement.

By way of background, in the May 2023 Federal Budget, the Federal Budget forecasted a budget deficit of $13.9 billion in 2023-24.

In the MYEFO statement published in December 2023, the deficit was reduced to A$1.1 billion in 2023–24 and being as a result of larger revenue collections from higher than expected commodity prices, higher non-mining corporate profits and stronger employment growth (refer page 5 of MYEFO statement).

The follow new tax measures were also announced in the MYEFO statement:

Income Tax

  • an increase in the foreign resident capital gains withholding tax rate applicable to purchasers of Australian real property from 12.5% to 15% and removal of the $750,000 purchase price threshold to $0 and in respect of contracts entered into from 1 January 2025 (refer page 195 of MYEFO Statement).
  • Income tax deductions will be denied for general interest charge and shortfall interest charge expenses imposed by the Australian Taxation Office (ATO) in relation to tax debts and in income years starting on or after 1 July 2025. These measures are estimated to increase receipts by A$500 million over 5 years  (refer page 192 of MYEFO Statement).
  • Commonwealth penalty unit – from a current unknown date in the future, an increase of the amount of the Commonwealth penalty from $313 to $330, to commence 4 weeks after the passage of legislation. The increase will apply to offences committed after the relevant legislative amendments come into force (refer section 4AA of the Crimes Act 1916 (Cth) and per page 185 of MYEFO Statement).

Income Tax – Multinational Corporations

  • Denying deductions for payments relating to intangibles in low corporate tax jurisdictions – Further amendments will be made to deny deductions for payments relating to intangibles held in low or no-tax jurisdictions. The amendments will apply to payments made from 1 July 2023. No further details of such measures were disclosed in the MYEFO statement (refer page 197 of MYEFO Statement).
  • Public country-by-country reporting – The start date for the improved tax transparency related to public country by country reporting will be deferred from 1 July 2023 to 1 July 2024. Further consultation by the Federal Government on specific parameters will be undertaken (refer page 197 of MYEFO Statement).

Luxury Car Tax – Fuel Efficient Vehicles

  • From 1 July 2025, the definition of fuel-efficient vehicles will be modified and the indexation rate for the LCT value threshold for all-other luxury vehicles will be changed. From 1 July 2025, the definition of fuel efficient vehicle for the LCT will be modified and by reducing the maximum fuel consumption from 7 litres per 100km to 3.5 litres per 100km.  Cars with a LCT value over the relevant threshold will attract the LCT rate of 33 per cent (refer page 196 of MYEFO Statement).

 

Key Contact

Brett Young

Federal Budget 2023-24.  What does it mean for you?

Contact your Tax advisor to find out more.

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