The original May Budget was rejected by opposition parties. The newly elected government reintroduces Ontario Budget and retains income tax increases
The changes relate to governance and enforcement in connection with the Central Excise Act, including powers to obtain information, compulsory pre-deposit, etc.
The much heralded requirement to submit trial balances electronically each month has been postponed
The OECD approved the updates of its Model Tax Convention and made changes to Articles 17 and 26, regarding tax treaty of termination payments and beneficial owner definition
The new law has yet to been implemented, but a leaked government paper has raised concerns that Australia may be taking one step too far in redressing the balance