Since the 2013 Tax Expenditures Statement (TES), a number of tax expenditures have been deleted where those tax expenditures had been abolished by 15 December 2014, that is, by when the 2014-15 Mid-Year Economic and Fiscal Outlook was released.
This includes all tax expenditures related to the carbon tax and the Minerals Resource Rent Tax (MRRT), and also several other tax expenditures abolished in recent years.
Appendix B lists all modified and deleted tax expenditures.
There are no new tax expenditures in the 2014 TES.
The Temporary Budget Repair Levy, higher fringe benefits tax (FBT) rate and associated FBT changes applying from 2014-15 to 2016-17 have been incorporated into the personal income tax, superannuation and FBT benchmarks.
The Government repealed the MRRT with effect from 1 October 2014. Consequently the benchmark tax rate for iron ore and coal extraction has been set to zero. This is the same benchmark that was used before the introduction of the MRRT.
The Government repealed the carbon tax with effect from 1 July 2014. Consequently the carbon price benchmark has been removed.