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Home » When will the Government introduce the legislation to give effect to these commitments? When will th...
When will the Government introduce the legislation to give effect to these commitments? When will the changes apply?
22nd December, 2021
On 25 July 2022 the Government announced that it is introducing legislation to ensure that no veteran pays higher income tax because of the Douglas decision. A draft bill, Treasury Laws Amendment (Measures for a later sitting) Bill 2022: Taxation of military superannuation benefits, and associated draft explanatory material, was released for public consultation between 25 July and 5 August.
The Government’s approach means that affected veterans in the DFRDB and MSB schemes will not only retain the income tax benefits of the Douglas decision but also retain the resulting benefits of changes in their taxable income, such as Family Tax Benefit entitlements and the childcare subsidy.
The implementation of this legislation will be subject to passage of the Bill, The Government anticipates this legislation will be introduced shortly.