Australia Budget Agency Announces 2026-2027 Budget Measures

The Australian Budget Department May 12 announced 2026-2027 budget measures. The budget includes measures to: 1) provide a permanent 25 percent fringe benefits tax (FBT) discount for electric cars using a 15 percent rate in the FBT formula, from April 1, 2029; 2) amend Pillar Two global minimum tax provisions to implement the OECD side-by-side package, from Jan. 1; 3) increase low-income thresholds for the Medicare levy by 2.9 percent, from July 1, 2025; 4) provide transitional concessions under the capital gains tax regime for foreign investments in renewable energy infrastructure assets, through June 30, 2030; 5) introduce a A$250 ...