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From July 1

From 1 July the only organisations paying more tax will be the big banks and multinationals.

Our Diverted Profits Tax comes into effect and will penalise multinationals who try to shift profits offshore with an additional 40 per cent tax on the profits they try and shift. This is in addition to the $2.9 billion that our Government has already clawed back this year through our tough multinational tax avoidance measures and the work of the ATO and tax-avoidance taskforce.

The Major Bank Levy begins to apply from 1 July, ensuring the big banks make a fair contribution to Budget repair, as well as evening the playing field for our smaller banks.