Greatest Good May 2025 Regulatory Update

Data Governance Foundations for Boards

The Australian Institute of Company Directors (AICD) has collaborated with the Melbourne Business Schools Centre for Business Analytics and law firm, Allen’s, to publish a data governance resource. The Data Governance Foundations for Boards details better practice to assist boards in overseeing the multifaceted nature of data governance, recognising that it requires directors to balance innovation and strategic vision with risk management and ethical considerations.

Accompanying the publication is a Snapshot and Checklist for SME and not-for-profit directors, as well as various case studies.

Election promises, priorities and issues to consider

Promises

• Tax cuts - a reduction in the individual tax rate for individuals (in the $18,201-$45,000 tax bracket)

- from 1 July 2026, tax rates drops from 16% to 15%

- from 1 July 2025, the tax rate drops from 15% to 14%

• The introduction of a $1,000 instant tax deduction from 1 July 2026 for individual work-related expenses incurred, without the need for receipts
• Extending the small business instant asset write-off threshold of $20,000 for an additional 12 months to finish at 30 June 2025 
• An additional 15% tax on certain superannuaiton earnings for superannuation balances above $3m

Other priorities

• KWM has produced this excellent summary on ESG, Employment, Energy, Housing, the Environment, Health, Infrastructure and ESG opportunities
• Allens have also considered what's on the horizon for employment and industrial relations laws

Disclaimer: This does not purport to be comprehensive or to render legal advice. You should not act based on any information contained in this publication without first obtaining specific professional advice. Consult your legal advisor to determine if this applies to you.