The Measures

Why Tax Reform?

We live in a time of rapid change and many challenges. So it's important for us to have a tax system that is able to meet those challenges.

A tax plan for the future is the first step in the process of tax reform.

By making our tax system simpler and fairer for individuals and business and ensuring the Australian community gets a better return from our non-renewable resources, we will ensure a stronger economy now, and into the future.

Find out more about tax reform

Individuals

By 2050, one in four Australians will be over 65. We need to plan ahead to ensure everyone has enough super for a comfortable retirement. That's why raising the superannuation guarantee and contributing more to super is so important.

There will be a tax cut on bank and other interest income to reward people who put money away for their future.

Tax time will be made simpler too with the introduction of a standard deduction for work-related expenses and the cost of managing tax affairs.

Find out more about tax for individuals

Business

We are at a crucial point in Australia's history. We need to strengthen and broaden our economy. A lower company tax rate, with an early start for small companies is a first step.

Small business is a big employer. So anything that makes it easier for small business to do business is good for all of us.

Instant write-off of assets up to $5,000 and simplified depreciation for all small business will improve cash flow and cut paperwork.

Find out more about tax for business

A New Resource Tax Regime

The Australian Government is committed to a strong, sustainable Australian resource sector while ensuring the Australian community gets a better return from our non-renewable resources.

After considering industry concerns, the Government has announced a new resource taxation framework to begin on 1 July 2012.

In recognition of the impact on Australian oil, gas, iron ore and coal producers, a new MRRT Design panel will be established to negotiate the details of the new resource tax arrangements with stakeholders.

Find out more about the new resource tax arrangements.

Fact Sheets

  • 02/7/2010

    Joint Media Release - Prime Minister The Hon Julia Gillard MP, Treasurer and Deputy Prime Minister The Hon Wayne Swan MP and Minister for Resources and Energy The Hon Martin Ferguson MP

    BREAKTHROUGH AGREEMENT WITH INDUSTRY ON IMPROVEMENTS TO RESOURCES TAXATION

    Today the Gillard Government is proud to announce a breakthrough agreement on improved resource tax arrangements that addresses the concerns of the resource industry.

    The new tax arrangements will underpin major economic reforms that will strengthen our economy so we can move forward together with confidence.
    (PDF 33KB) (RTF 12KB)

Got some feedback?

futuretax@treasury.gov.au

New Resource Tax Arrangements
Consultation Plan

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