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By: Brett Curtis, Yan Wong, Emma Maguire
21 May 20242 min read
In its place, the Government announced new measures to penalise, from 1 July 2026, SGEs that are found to have mischaracterised or undervalued royalty payments, to which royalty withholding tax would otherwise apply.
The discontinuation is a sensible step to avoid potential duplication of rules following the introduction of the ‘Pillar Two’ Global Minimum Tax and Domestic Minimum Tax measures, which should broadly apply to combat tax avoidance using cross border intangible payments to low taxed jurisdictions.
Our 2024-25 Federal Budget commentary can be found here.
Our Client Alert of 25 March 2024 in respect of the Pillar Two exposure draft materials can be found here.
Our Client Alert of 6 April 2023 on this discontinued measure can be found here.
The NSW Budget 2026 focuses on health and education spending, with slower growth forecasts, rising debt and targeted foreign investor duty relief measures.
On Tuesday 23 June 2026, Treasurer David Janetzki handed down his second state budget alongside Premier David Crisafulli. Deficits are forecast throughout the forward estimates, with a surplus of $619m projected for 2029-30.
The Government has announced revisions to several tax measures in the Budget, affecting capital gains tax treatment for small businesses, a special carve-out for start-ups, and a conditional exclusion for discretionary testamentary trusts from the 30 per cent tax on trusts.
