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Concern Bill will result in more red tape

May 15, 2024

Opposition Senator Tricia Watson is concerned the new filing requirements under the Corporation Top-Up Tax Bill will result in more red tape.

She highlighted a section of the Income Tax (Amendment) Bill which was also considered in the Senate today.

It stipulates that from income year 2025, businesses will be required to prepay Corporation Tax on a monthly basis.

Senator Watson is particularly concerned about the impact this will have on self-employed people and small business owners.

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