Tax measures announced in 2024-25 MYEFO

Although the Federal Government’s MYEFO did not include any major tax reforms, several tax measures were announced, as outlined by Alia Lum and Amanda Maguire.

The 2024-25 Mid-year Economic and Fiscal Outlook (MYEFO), released on 18 December 2024, did not include any major tax reforms, but several tax measures were announced. These measures are outlined below. Expansion of penalties – amendments were announced to strengthen the tax penalty regime, in order to target gaps to improve tax compliance and integrity of the tax system, and to strengthen the disincentives for tax avoidance. The changes include: penalising large taxpayers that m...

Sign in below or register now to read the full article

Authors: Alia Lum, Amanda Maguire

Published Date: 19 December 2024