Australia Budget 2022-23 Includes New Interest Limitation Rules, Deduction Limits on Intangible Payments to Low-Tax Jurisdictions, and Public CbC Reporting

Australia's Treasurer Jim Chalmers delivered the Federal Budget for 2022-23 on 25 October 2022. The main tax-related measures of the budget are summarized as follows:

Commonwealth Penalty Unit – increase in amount

The Government will increase the amount of the Commonwealth penalty unit from AUD 222 to AUD 275, from 1 January 2023. The increase will apply to offences committed after the relevant legislative amendment comes into force. The amount will continue to be indexed every 3 years in …