Provide greater certainty to taxpayers.
The Government will amend measures announced by the former Government to provide greater certainty to taxpayers:
* Amend the start date of the 2016-17 MYEFO measure: Tax integrity - franked distributions funded by capital raisings from 19 December 2016 to 15 September 2022.
* Amend the start date for some components of the 2022-23 March Budget measure: Streamlining excise administration for fuel and alcohol package from 1 July 2023 to 1 July 2024. The changed start date applies to the measures that: - remove overlapping Australian Border Force and ATO systems (Uniform Business Experience) - streamline license application and renewal requirements - remove regulatory barriers for excise and excise equivalent customs goods (including lubricants, bunker fuels for commercial shipping industries, and vapour recovery units) - further, the ATO will publish on its website a public register of entities that hold excise licences to store or manufacture excise and excise equivalent customs goods, from 1 July 2024.
* Amend the non-arm's length income (NALI) provisions which apply to expenditure incurred by superannuation funds by: - limiting income of self-managed superannuation funds and small Australian Prudential Regulation Authority (APRA) regulated funds that are taxable as NALI to twice the level of a general expense. Additionally, fund income taxable as NALI will exclude contributions - exempting large APRA regulated funds from the NALI provisions for both general and specific expenses of the fund - exempting expenditure that occurred prior to the 2018-19 income year. The Government will also not proceed with 3 separate patent box measures announced by the former Government in the 2021-22 and 2022-23 March Budgets. These changes will increase receipts by $722.6 million and increase payments by $159.3 million over the 5 years from 2022-23.