Tax policy news
The Government has announced that it intends to introduce a FamilyBoost payment as part of Budget 2024. The proposed FamilyBoost will be a new childcare payment made to families with young children to help with the rising costs of early childhood education (ECE).
The FamilyBoost payment will be equal to 25% of ECE fees already paid by households. This would be a maximum weekly refund of up to $75.
FamilyBoost will be available for ECE fees paid from 1 July 2024, with the first FamilyBoost refunds being made in October. Further details will be released as part of the Budget 2024 announcements on 30 May.
For more information about FamilyBoost and how you can access it see:
- the Government’s FamilyBoost announcement
- FamilyBoost questions and answers
- Regulatory Impact Assessment
An Amendment Paper for the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill has been released by the Minister of Revenue. It contains proposals to:
- Restore the ability to claim interest deductions for residential investment properties
- Repeal the current ten and five-year bright-line tests and replace with a two-year bright-line test
- Remove the ability to depreciate commercial buildings
- Improve the tax treatment of the disposal of trading stock at below market value
- Introduce a new gaming duty Introduce a transitional rule relating to platform economy rules
Commentary to the Amendment Paper No 20
Regulatory Impact Statements relating to Amendment Paper No 20
The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill, introduced on 18 May 2023, was reported back to Parliament on 11 March 2024.
For more information see:
- the Bill as reported back
- the Finance and Expenditure Committee’s report on the Bill, and
- the Departmental Report on submissions received on the Bill.
Following the repeal in December 2023 of the Taxation Principles Reporting Act, the following documents are being made available:
Information releases
View the latest information releases available (includes Cabinet papers, minutes, and key supporting papers for tax policy related decisions).
Tax Working Group (2017–2019)
For the terms of reference, news, reports, and other information see the Tax Working Group website. (This site is now archived.)