In last year’s 2012-13 Budget, the Government released details of what it called its “tax reform roadmap” which it said builds on the work already done by the Henry Review and the Government’s response, and the 2011 Tax Forum. In the 2013-14 Budget on 14 May 2013, the Government updated its tax reform road map. It reiterated the principles for tax reform being a stronger, smarter and fairer tax system.

The Government reviewed its record of tax reforms, and foreshadowed tax changes still to come, including:

  • the progressive increase in the super guarantee rate;
  • reducing interest withholding tax paid by financial institutions on offshore borrowing;
  • introducing non-resident CGT non-final withholding tax;
  • gradually increasing the Age Pension qualifying age to 67 by 2023;
  • in 2015, applying normal Age Pension deeming arrangements to new superannuation account-based income streams.

Source: Tax Reform Road Map booklet, 14 May 2013

[WTB 20, 14/5/13]