Australia: Tax measures announced in 2024-2025 Mid-year Economic and Fiscal Outlook
No major tax reforms announced, but some tax proposals included
The federal government’s 2024-2025 Mid-year Economic and Fiscal Outlook (MYEFO), released on December 18, 2024, did not announce any major tax reforms, but did include the following tax proposals:
- Expansion of penalties
- Research and development (R&D) tax incentive exclusion of activities
- Modernization of tax administration systems
- Build-to-rent rules
- Tax deductions for interest payments on foreign bail‑in bonds
- Legacy superannuation retirement products
- Commercial broadcasting tax
- News bargaining incentive
- Additional ATO funding