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Other tax measures

Other tax-related measures announced in the 2015-16 Federal Budget include:

  • The Government has announced that accelerated depreciation on certain drought preparedness assets will be available for primary producers for income years commencing on or after 1 July 2016. Specifically primary producers will be able to claim an immediate deduction for capital expenditure on fencing and water facilities (e.g. dams, tanks, bore, irrigation channels, pumps, water towers, windmills). Fodder storage assets will be depreciated over three years. This measure will also form part of the Government's White Paper on Agricultural Competitiveness.
  • The mandatory start date for the Managed Investment Trust (MIT) Regime will be deferred to 1 July 2016, with an optional early start date of 1 July 2015. This transitional period will provide MITs with additional time to make amendments to trust deeds and systems if necessary. The Government has also announced that it will extend the exclusion from the interim trust streaming provision for MITs to include the 2015-16 income year.
  • The Government has announced that the Global Infrastructure Hub will be exempt from income tax for the period from 24 December 2014 to 30 June 2019.
  • $127.6 million will be provided over four years to a Serious Financial Crime taskforce for investigations and prosecutions targeting superannuation and investment fraud, identity crime and tax evasion.
  • $130.9 million will be provided over four years to the Australian Taxation Office (ATO) to reduce red tape and deliver an improved experience for clients in their dealings with the ATO including a digital by default service for providing information and making payments; improved data and analytics infrastructure; and enhancing the myTax system.
  • An additional $14.6 million will be provided over five years to support the Inspector-General of Taxation.

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