Tax Administration

• Penalty unit increase to $275 from 1 January 2023.

• Personal Income Taxation Compliance Program extended a further 2 years to 30 June 2025

• Shadow economy compliance program extended to 30 June 2026.

• The ATO tax avoidance taskforce will receive additional funding and is being extended to 30 June 2026.

• Financial penalties for breaches of foreign investment compliance to double from 1 January 2023.

• Access to refunds of indirect tax, including GST, fuel and alcohol taxes, under the Indirect Tax Concession Scheme has been expanded to the diplomatic and consular representations of Bhutan.

• The proposed extension of reportable transactions relating to the sharing economy deferred by 12 months to 1 July 2024