Tax Bites EP12: Budget 2024 Highlights: Tax Implications and Changes

In this special late night edition of the Tax Bites podcast Professor Graham Cooper, Nick Heggart, Ryan Leslie and Toby Eggleston delve into the key tax-related aspects of Budget 2024. The discussion begins with general observations about the budget's minimalistic approach to new tax measures before shifting to specific changes, such as the unexpected adjustments to the capital gains tax (CGT) regime for non-residents, aiming to align with OECD standards, yet raising questions about compatibility with existing treaties. Additionally, the podcast covers minor tweaks to the CGT non-resident withholding regime, the issuance of tax incentives for critical minerals and green hydrogen production, and updates to anti-avoidance rules and intangibles taxation. Lastly, the continued extension of the small business instant asset write-off and increased funding for the ATO's Tax Avoidance Taskforce are mentioned as recurring elements in the budget. The podcast concludes with reflections on potential impacts and the broader implications for future tax policy ahead of the upcoming election. 00:09 Welcome to the Budget 2024 Special Edition 00:39 Initial Reactions to Budget 2024 00:48 Overview and Surprises in the Budget 02:02 Deep Dive into Capital Gains Tax Changes for Non-Residents 11:53 Exploring Tax Incentives for Future Growth 15:29 Shifting Gears: From Intangibles to Anti-Avoidance Measures 21:01 Wrapping Up: Budget Analysis and Final Thoughts Our budget Tax Note can be found here: https://hsfnotes.com/taxaustralia/2024/05/14/2024-budget-tax-note/