The Senate Economics Legislation Committee released its report on the Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024 which would:
- Reduce the maximum fuel consumption for a car to be considered fuel-efficient for purposes of the luxury car tax (LCT) to 3.5 litres/100 kilometres (from the current 7 litres/100 kilometres)
- Deny income tax deductions for amounts of general interest charge (GIC) and shortfall interest charge (SIC) incurred by taxpayers
- Extend from 14 to 30 days the period within which the Commissioner for Taxation must notify a taxpayer of their decision to retain a refund amount arising from a business activity statement (BAS), or another notification under those provisions, for verification of information
The Committee recommends that the bill be passed.