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
Middle-Class Tax Cut: Lowest Personal Income Tax Rate Reduced from 15% to 14%
The Canadian federal government proposes reducing the lowest marginal personal income tax rate from 15% to 14%, effective July 1, 2025. Non-refundable tax credits will also be tied to that rate. The full-year 2025 rate is 14.5% due to the mid-year change. Estimated cost: billions in relief; benefits for nearly 22 million Canadians. ([canada.ca](https://www.canada.ca/en/department-finance/news/2025/05/delivering-a-middle-class-tax-cut.html?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
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 on earnings above $3 million balance
From 1 July 2025, individuals with total super balances exceeding $3 million will face a 15% tax on earnings attributable to the portion of their super balance above $3 million. Super funds must report additional Division 296 information; SMSFs will use new labels on the SMSF annual return; SFT and intra-fund transfer protocols updated. Reporting obligations kick in for the 2026 financial year. Impacts super funds, high balance individuals, and financial reporting systems.
Editorial impact label: Medium
- 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
Scope: Australia
Proposed
Foreign Residents CGT Amendments – Division 855 Reforms
Proposed amendments (not yet law) to Division 855 of the Income Tax Assessment Act 1997 to clarify and broaden the types of assets subject to CGT for foreign residents. Key changes include extending the principal asset test to a 365-day period, and requiring ATO notification before disposing shares or membership interests exceeding **AUD 20 million**. These reforms apply to CGT events from **1 July 2025**, once enacted, and aim to improve integrity and align with international standards.
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: Better Targeted Superannuation Concessions
From the 2025-26 income year (1 July 2025), individuals with total superannuation balances exceeding A$3 million will face stepped increases in concessional tax rates on super earnings: above A$3m up to A$10m taxed at ~30%, above A$10m taxed at ~40%. Objective is to improve equity and sustainability of superannuation tax concessions.
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
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: Global
Status requires verification
Canada reduces lowest federal personal tax rate in 2026 with Bill C-4
Under Canada’s Bill C-4, the lowest federal marginal personal income tax rate is reduced from 15% to **14.5%** for the 2025 taxation year, and further to **14%** for 2026 and subsequent years. Associated changes include adjustments to non-refundable tax credit rates and introduction of a Top-Up Tax Credit to ensure no increase in liability for certain credit claims. Approximately 22 million Canadians benefit. ([canada.ca](https://www.canada.ca/en/department-finance/services/publications/report-impact-reducing-lowest-marginal-personal-income-tax-rate-non-refundable-tax-credits.html?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
Making Life More Affordable for Canadians Act (Bill C-4) receives Royal Assent
Bill C-4 enacts affordability measures including lowering the first federal marginal personal income tax rate from 15% to 14% effective July 1, 2025; eliminating or reducing GST on new homes for first-time buyers (new homes up to $1 million GST-free; homes between $1–1.5 million partially relieved); permanently removing the federal consumer fuel charge; and implementing the Canada Groceries & Essentials Benefit with automatic federal benefits filing for low-income individuals. Implications include savings of up to ~$420 per individual in the lowest tax bracket, up to $50,000 GST relief for eligible homebuyers, and broader impact on affordability for millions. Most measures are in force or will take effect on the dates specified (GST relief applies to agreements entered on or after March 20, 2025; tax rate change effective July 1, 2025).
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
First Federal Marginal Personal Income Tax Rate Reduced from 15 % to 14 %
As part of Bill C-4 (Making Life More Affordable for Canadians Act), the federal first marginal personal income tax rate was permanently lowered from 15 % to 14 %, effective July 1, 2025. This reduces federal tax liability for individuals with taxable income in the first bracket and enhances the value of non-refundable tax credits tied to that bracket. Approximately 22 million Canadians benefit from up to CAD 420 in savings per person, CAD 840 for two-income families.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Proposed Division 855 CGT changes for foreign residents (from 1 July 2025)
Proposed amendments to non-resident CGT rules in Division 855 will broaden asset coverage for foreign residents, change the point-in-time principal asset test to a 365-day testing period, and require foreign residents disposing of shares or membership interests valued over AUD20 million to notify the ATO before undertaking transactions. Not yet law but will apply to CGT events from 1 July 2025.
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’s report on impact of reducing the lowest marginal personal income tax rate under Bill C-4
Bill C-4 reduces Canada’s **lowest personal income tax rate** from 15 % to 14.5 % for tax year 2025, and to 14 % for 2026 and subsequent years. The report also examines how this rate reduction affects non-refundable tax credits calculated with the "appropriate percentage" under Canadian federal law. This change benefits nearly **22 million Canadians** and saves individuals up to **CAD 420** (or **CAD 840** for two-income families) in 2026. Certain tax credits will see proportional changes in their value due to this shift. This is now law under Budget 2025 and Bill C-4.
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 lowering the first federal marginal tax rate and GST/HST home buyer rebate (Bill C-4)
Bill C-4, the Making Life More Affordable for Canadians Act, which received Royal Assent March 12, 2026, lowers the first federal personal income tax rate from **15 per cent to 14 per cent** effective July 1, 2025. It also introduces a **GST/HST rebate** for first-time home buyers: full elimination of GST on new homes up to $1 million and a reduced rate for homes priced $1-1.5 million, applies to agreements entered on or after March 20, 2025. These changes aim to support middle-income earners and first-time home buyers.
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
Making Life More Affordable for Canadians Act (Bill C-4) becomes law
Bill C-4, the “Making Life More Affordable for Canadians Act”, received Royal Assent on March 12, 2026. Key changes include: • reducing the first personal tax bracket rate from **15 % to 14 %** as of July 1, 2025 (benefiting about 22 million Canadians, with savings up to $420 per person, $840 for dual-income families); • eliminating GST for first-time home buyers on new homes up to **$1 million**, and reducing GST on homes between $1 million and $1.5 million; • permanently removing the federal consumer fuel charge and removing the requirement that provinces maintain consumer-facing carbon pricing as of April 1, 2025. These measures are now law, giving certainty to taxpayers and signalling shifts in affordability policy.
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’s Making Life More Affordable Act (Bill C-4) – Middle-class tax cut & GST rebate for first-time home buyers
Bill C-4, which received Royal Assent on March 12, 2026, lowers Canada’s first marginal federal personal income tax rate from 15% to 14% effective July 1, 2025; provides GST/HST rebates for first-time buyers on new homes up to $1 million, and reduced GST for homes between $1 million and $1.5 million. Also permanently removes federal consumer fuel charge and related carbon price requirement.
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
Making Life More Affordable for Canadians Act (Bill C-4) receives Royal Assent
Bill C-4 enacts a set of affordability measures including: lowering the first federal marginal tax rate from 15% to 14% effective July 1, 2025; GST rebate for first-time home buyers on homes up to $1 million, reduced for $1-1.5 million; permanent removal of federal fuel charge and consumer carbon price requirement. These measures are now law and provide relief to middle-income earners and first-time home buyers. Impact is high for individual taxpayers in Canada.
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: Reduction of the lowest federal personal income tax rate and Top-Up Tax Credit under Bill C-4 and C-15
Canada reduced its lowest marginal personal income tax rate from 15% to 14.5% in 2025 and to 14% for the 2026 taxation year. To offset reduced value of non-refundable credits exceeding the first bracket, a Top-Up Tax Credit was enacted to preserve equity.
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 – Better Targeted Superannuation Concessions for super balances over $3 million
From **1 July 2025** (the 2025-26 income year), individuals with a Total Superannuation Balance over **$3 million** will be liable for **Division 296 tax**, a **15% tax** on earnings attributable to the excess balance. The liability is independent of fund tax, issued via NOA (due 84 days after issuance), with options to elect fund withdrawal or default release authority. Negative super earnings may carry forward. First reporting through super fund/SMSF annual returns from the 2026 SAR.
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
Middle-Class Tax Cut
The Government of Canada reduced the lowest federal personal income tax rate from 15% to 14%, effective July 1, 2025, for the first tax bracket (taxable income up to $57,375 in 2025). This will reduce withholding starting mid-year, provide tax relief of up to $420 per individual or $840 per two-income family in a full year, and result in approx. $27.2 billion in savings over five years. This measure is enacted and applies in tax year 2026 and mid-2025.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source