Australia: Digital games tax offset; compensation scheme of last resort; superannuation entity reporting requirements
Recent tax-related updates
Recent tax-related updates
Recent tax-related updates include the following:
Procedural rules for DGTO application and certificates
The federal government registered the Income Tax Assessment (Digital Games Tax Offset) Rules 2023 instrument, which sets out the rules on a range of matters related to the digital games tax offset (DGTO). The rules detail procedural matters related to the DGTO and establish the digital games tax offset advisory board.
The Minister for the Arts is responsible for issuing certificates of eligibility for DGTO, which entitles the applicant company to a 30% tax rebate on the company’s qualifying Australian development expenditure, and not exceeding the $20 million* per income year. Read more on the Federal Register of Legislation website.
Regulations to enable CSLR levy framework
The federal government registered regulations to support the Financial Services Compensation Scheme of Last Resort Levy Act 2023, which created the levy framework to fund the compensation scheme of last resort (CSLR).
As outlined in the Financial Services Compensation Scheme of Last Resort Levy Regulations 2023, the legislation imposes levies on parts of the financial services industry to fund the CSLR via a levy framework. Read more on the Federal Register of Legislation website.
Regulations for new RSE reporting requirements for superannuation
The Assistant Treasurer and Minister for Financial Services registered regulations to support the amendments in Schedule 6 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023.
The regulations—Treasury Laws Amendment (Financial Reporting and Auditing of Registrable Superannuation Entities) Regulations 2023—prescribe requirements for the preparation, lodgment, disclosure, and publication of information and documents by registrable superannuation entities (RSEs) to improve the compliance and transparency of the superannuation sector. Read more on the Federal Register of Legislation website.
*$ = Australian dollar
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