Liam Drady
Contact West Carr & Harvey

Federal Budget 2022 – Other areas

Temporary reduction in fuel excise
The Government announced it will halve the excise and excise-equivalent customs duty rate that applies to petrol and diesel for 6 months.

The 50% reduction will apply from 30 March 2022 and will reduce the excise from 44.2 cents per litre to 22.1 cents per litre.

Tax Integrity – extension of the ATO Tax Avoidance Taskforce
The Government announced it will provide additional funding to the  ATO to extend the operation of the Tax Avoidance Taskforce by 2 years to 30 June 2025. The Taskforce was established in 2016 to undertake compliance activities targeting multinationals, large public and private groups, trusts and high wealth individuals.

Enhanced sharing of STP data
The government will commit $6.6 million for IT infrastructure to be developed to allow the ATO to share single touch payroll (STP) data with state and territory revenue offices on an ongoing basis.