Federal Parliament resumed for the Spring session on 8 August 2017. Commonwealth revenue measures introduced into Parliament, or registered as legislative instruments or regulations since the August edition of TaxTalk Monthly, include:
- Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 and a series of related Bills (introduced into the House of Representative on 17 August 2018), which propose to increase the Medicare levy rate from 2 to 2.5 per cent beginning the 2019-20 income year, and increase other taxes linked to the Medicare levy in line with this increase. The associated increase in the Fringe Benefits Tax (FBT) rate to 47.5 per cent is proposed to apply from the FBT year beginning 1 April 2019.
- Notice of Substituted Rates of Excise Duty and Notice of Substituted Rates of Customs Duty for Excise-Equivalent Goods for certain alcohol, petroleum and gas products, effective from 1 August 2017.