Rolling Out Tax Reform

2008
- Commissioned the Australia's Future Tax System (AFTS) Review
- Provided income tax cuts worth $47 billion over the first four years
- Tightened the fringe benefit Tax (FBT) exemption that applies to use of meal cards under a salary sacrifice arrangement
- Tightened the FBT exemption for work-related items
- Amended the FBT law in relation to jointly held assets
- Improved fairness in the Medicare levy surcharge by raising the income thresholds
- Improved housing affordability through the First Home Saver Account
- Increased the Child Care Rebate from 30 per cent to 50 per cent
- Introduced a new Education Tax Refund
- Tightened eligibility for dependency offsets
2009
- Tightened access to non-commercial business losses
- Removed interest withholding tax on government securities
- Better targeted the exemption for foreign employment income
- Amended FBT law to ensure that donations to deductible gift recipients under salary sacrifice arrangements do not result in an employer incurring FBT liability
- Better targeted eligibility for employee share scheme tax concessions
- Introduced the Secure and Sustainable Pension Reforms
2010
- Released the Government's response to the AFTS report
- Lifted tobacco excise (AFTS Recommendation 73)
2011
- Repealed the foreign investment fund regime
- Supported innovative small Australian businesses through a redesigned R&D tax incentive payment
- Commenced a review into modernising the taxation of trust income (AFTS Recommendation 36)
- Introduced the first two phases of an investor manager regime
- Reformed the statutory formula method for valuing car fringe benefits (AFTS Recommendation 9)
- Reformed the taxation of fuels towards energy content based taxation (AFTS Recommendation 65)
- Introduced the Paid Parental Leave scheme
- Removed minors' eligibility for low income tax offset on unearned income
- Phased out the dependent spouse tax offset (AFTS Recommendation 6)
- Fostered the national conversation on tax reform through the Tax Forum