Scope: Australia
Status requires verification
Interest charged by the ATO (General Interest Charge) no longer tax deductible from 1 July 2025
Under the Treasury Laws Amendment (Tax Incentives and Integrity) Act 2025, the general interest charge (GIC) incurred on late payments or underpayments of tax will cease to be tax deductible from 1 July 2025. This applies even if the debt relates to prior income years, meaning taxpayers carrying tax liabilities should prioritize meeting due dates to avoid non-deductible interest.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Lowest personal income tax rate reduction and related changes — Canada
Federal Canadian policy reducing the **lowest personal income tax rate** from **15% to 14%**, effective **July 1, 2025**, with a full-year blended rate of **14.5%** for 2025 due to the mid-year change. Also expands critical minerals exploration credits, extends mineral exploration tax credit (METC) for qualifying flow-through share agreements before April 1, 2027, and reclassifies Haida Gwaii for Northern Residents Deductions. These changes provide tax relief for many individuals, particularly those in lower tax brackets or investing in eligible resource activities. Source: Canada.ca.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Better Targeted Superannuation Concessions (Division 296)
Legislation applying **from 1 July 2025**, taxing earnings at **15%** on the portion of an individual’s superannuation balance **above $3 million**. Impacts around 0.5% of super fund members. Aims to re-balance equity in tax concessions and improve sustainability of the superannuation system. ([ato.gov.au](https://www.ato.gov.au/about-ato/consultation/in-detail/stewardship-groups-key-messages/small-business-stewardship-group/sbsg-key-messages-26-november-2024?utm_source=openai))
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Lowering the lowest personal income tax rate from 15 percent to 14 percent, effective July 1, 2025
Budget 2025 proposes to reduce the federal lowest personal income tax rate from 15% to 14%, effective July 1, 2025. For the 2025 taxation year, this results in a blended 14.5% rate. It benefits nearly 22 million Canadians, with tax relief up to CA$420 per person annually, and CA$840 for two-income families. Source deduction tables updated for July-December 2025 period. Impacts non-refundable credit rates accordingly. Expected to cost CA$2.6 billion in 2025 and CA$5.4 billion in 2026. Including qualifying income under $57,375 in 2025 for lowest bracket. Regular rate of 14% applies for full tax year 2026 and beyond.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Bill C-4, Making Life More Affordable for Canadians Act receives Royal Assent
Canadian budget legislation that, as of March 12, 2026, enacts multiple affordability-focused tax measures: reduces the first marginal personal income tax rate from 15% to 14% starting July 1, 2025; removes federal GST on new homes ≤ CA$1 million and reduces it for homes between CA$1 million-CA$1.5 million for first-time buyers; permanently removes the federal consumer fuel charge. These changes affect individuals, businesses, and low-income Canadians and alter key tax obligations and reliefs.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Legislation to make life more affordable receives Royal Assent (Bill C-4)
Bill C-4, Making Life More Affordable for Canadians Act, which received Royal Assent on March 12, 2026, implements several affordability measures including: lowering the first marginal personal income tax rate from 15 % to 14 % (effective July 1, 2025), GST elimination or reduction for first-time home buyers on new homes up to and between certain thresholds, and permanently removing the federal consumer fuel charge. These changes will affect tax withholding, benefit eligibility, and overall tax liabilities.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Canada Proposing Cut of Lowest Personal Income Tax Rate from 15% to 14% Effective July 1, 2025
In Budget 2025, the Canadian government proposed a reduction in the lowest personal income tax rate from 15% to 14%, effective July 1 2025. This will also lower the rate applied to most non-refundable tax credits. For 2025, the full-year rate is calculated as 14.5% due to the mid-year change; in 2026 and beyond the rate is 14%.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Canada lowers lowest federal personal income tax rate from 15% to 14% starting July 1, 2025
As part of Canada’s affordability measures, the federal Government has legislated a reduction in the lowest federal tax rate for individuals from 15% to 14%, effective July 1, 2025. Also adjusts source deduction tables so tax withheld reflects new rate in second half of 2025; full-year rate for 2025 becomes 14.5% due to mid-year implementation.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Canada enacts Bill C-4: Making Life More Affordable for Canadians Act
Canada’s Bill C-4 received Royal Assent on March 12, 2026, permanently removes the federal consumer fuel charge, lowers the lowest personal income tax rate from 15% to 14% effective July 1, 2025, introduces GST relief for first-time homebuyers on new homes up to $1 million (and reduced rates to $1.5 million), and provides automatic federal benefits for lower income Canadians through pre-filled returns or automatic filing for those in simple situations.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Report on Federal Tax Expenditures 2026: Reduction in the First Marginal Personal Income Tax Rate
Introduced in Budget 2025 and included in the 2026 Tax Expenditures report, the government proposed reducing the first federal personal income tax rate from 15% to 14.5% for the 2025 taxation year and to 14% for 2026 onward, with the rate applying to most non-refundable tax credits in parallel. Legislative amendments were included in Bill C-4. This affects individual taxable income in lowest bracket and valuation of credits.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Changes to non-resident CGT rules under Division 855
Proposed amendments to Division 855 (non-resident capital gains tax) of the Income Tax Assessment Act 1997 will take effect for CGT events starting on or after 1 July 2025. Changes include broader asset coverage for foreign resident CGT, a 365-day principal asset test period, and a requirement for foreign residents disposing of shares or membership interests worth over AUD 20 million to notify the ATO before execution. These aim to align Australia’s rules with OECD standards and improve integrity and certainty for investors.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Legislation to Make Life More Affordable for Canadians Act receives Royal Assent
Bill C-4—the Making Life More Affordable for Canadians Act—became law on March 12, 2026. It codifies several affordability measures: cuts the first federal marginal income tax rate from 15 % to 14 % effective July 1, 2025; introduces a first-time home buyers’ GST rebate for new homes up to $1 million (and a reduced GST on homes from $1-1.5 million); and permanently removes the federal consumer fuel charge (carbon price) from legislation along with provincial obligations to have consumer-facing carbon pricing effective April 1, 2025. These changes spread relief across nearly 22 million Canadians and aim to make life more affordable across tax, housing and fuel domains.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Division 296 tax (Better Targeted Superannuation Concessions Measure)
The government introduced Division 296 tax as part of the Better Targeted Superannuation Concessions reforms: individuals with super balances exceeding AUD 3 million will be taxed at 15% on the portion of earnings attributable to balance over that threshold. This starts from the 2025-26 income year, with SMSFs required to report via new labels in the SMSF Annual Return from 2026. The tax is separate from standard income tax and includes transitional and release authority provisions.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Middle-class tax cut: Lowest federal personal income tax rate reduced from 15% to 14%
As part of Budget 2025, the lowest marginal federal personal income tax rate is reduced from **15% to 14%**, effective July 1, 2025. This change applies to the first tax bracket up to $57,375 of taxable income for 2025, and to the federal rate applied to most non-refundable tax credits. The annual tax savings are expected to reach up to $420 per person-taxpayer in 2026, double for two-income households.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Better Targeted Superannuation Concessions (Division 296) Imposition Bill 2023
Introduces a new tax (Division 296) on earnings on superannuation balances over $3 million; changes how Total Superannuation Balance (TSB) is calculated; reported via new labels; applies from the 2025-26 income year. Individuals with TSB > $3M are taxed at extra rates on earnings above thresholds (with progressively higher rates depending on balance over $10M). Liability assessed by notice of assessment, payable 84 days after issue; funds can release money if taxpayer doesn’t pay. ([ato.gov.au](https://www.ato.gov.au/api/public/content/0-bc598107-7819-44fd-a84c-9ded73fe60b1?utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Reducing the lowest personal income tax rate from 15% to 14% in Canada, effective July 1, 2025
The Canadian government proposes lowering the lowest federal personal income tax bracket rate from **15% to 14%**, effective July 1, 2025. The change yields tax relief beginning mid-2025 and fully for tax year 2026, benefiting approximately 22 million Canadians, with working individuals saving up to CAD 420 annually, and two-income families up to CAD 840. Source deduction tables will be updated for the latter half of 2025. The full-year rate for 2025 is 14.5%, transitioning to 14% for 2026 and beyond. The credit rate for most non-refundable tax credits will follow this adjustment. This change has passed as part of Bill C-4, Making Life More Affordable for Canadians Act.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Legislation to make life more affordable receives Royal Assent
This law (Bill C-4, the Making Life More Affordable for Canadians Act) enacts several affordability measures: lowering the first federal tax rate from 15% to 14% (effective July 1, 2025), creating the Canada Groceries and Essentials Benefit (which replaces GST credit, with enhanced payments), making GST relief for first-time home buyers on new homes up to CA$1 million (and partial relief up to CA$1.5 million), and permanently removing the federal consumer fuel charge/fuel-based ‘carbon tax’ for consumer fuel use. These changes will reduce paid taxes and tax burdens for millions of Canadians, particularly low- and middle-income households.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Delivering a middle-class tax cut – reducing lowest federal personal income tax rate from 15 % to 14 %
Lowest marginal federal income tax rate cut from 15% to 14% effective July 1, 2025. Full-year rate for 2025 is 14.5% (due to six months at old rate and six months at new rate). Non-refundable credits rate similarly adjusted. Nearly 22 million Canadians benefit, with phasing in via source deduction beginning July 1.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Tax rate change - lowest individual income tax rate
Reduction of the lowest federal personal income tax rate from 15% to 14%, effective July 1, 2025, affecting those in the first tax bracket (taxable income under ~$58,500 for 2026), and impacting valuation of non-refundable credits since they use the lowest rate as multiplier; draws nearly 22 million Canadians benefiting up to ~$420 each.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Better targeted superannuation concessions — Division 296 tax for large super balances
Legislation has passed to impose a new **Division 296 tax** on superannuation earnings for individuals whose **Total Superannuation Balance (TSB)** exceeds **AUD 3 million**, with higher tax rates for interests exceeding higher thresholds. It’s designed to better target superannuation concessions. The tax applies from the income year commencing 1 July 2025 and the Payday Super requirement takes effect 1 July 2026.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source