The 2022 Federal Election has been won by the ALP. As a result, you need to be aware of the tax changes that were announced by the former government but not yet enacted. What does it all mean and what do you need to do next?
The Australian Labor Party (ALP) has won the 2022 Australian federal election and has been elected to form government in the House of Representatives. It is unclear at the time of writing whether the ALP will have a majority in the lower house.
In the Senate, the ALP will not have a straight majority and will likely have to work with the Crossbench in order to pass legislation.This article discusses tax changes that we may expect to see in the near future. It also considers the future of key tax changes previously proposed by the Coalition.
In the leadup to the election, Labor had proposed the following tax measures if elected:
These measures will not be effective until enacted by the incoming government.
Bills lapsed when the election was called
Measures contained in Bills that lapsed upon the proroguing of parliament will now be subject to consideration of the incoming government.
Key tax changes proposed in lapsed Bills related to:
Tax changes proposed in the Federal Budget
Labor has previously indicated that it would seek to issue its own budget by the time of the usual mid-year fiscal and economy update in December. These measures were not introduced into parliament, and it is unknown at this stage whether the Labor government will proceed or make significant modifications. Key tax measures in the Coalition government’s 2022–23 Budget included:
Other pending measures
The jury is still out on the future of tax changes announced by the previous government, particularly the following measures with a rapidly approaching start date:
Other longstanding tax proposals that we may see the incoming government address include:
Over the next few months, we will follow the progress on these measures once they have been considered by the incoming government.
However, if you wish to speak with us specifically about one or more of the items listed above, please do not hesitate to contact us so that we can keep you fully informed as soon as we become aware of any new information.
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