Federal Budget 2013/14
The 2013/2014 Federal Budget was potentially the Government's last chance to put through many of the social reforms on its agenda. However it has been widely criticised for the wasted opportunity to embark on longer-term tax reform that puts Australia in a good position for years to come.
The focus on short-term revenue raising at the expense of longer term reform has left business in a state of uncertainty, with many tax measures announced both before and in the Budget yet to be enacted.
The problem with an election year is the question of how to push through reform without unsettling consumer confidence or unnecessarily upsetting the voting public pre-election. Part of the answer is in $4.1bn worth of reforms impacting on predominantly large entities, foreign entities and non-residents under the Protecting the Corporate Tax Base from Erosion and Loopholes Package.
As for the economy, the surplus predicted in the last Budget failed to materialise and instead we have a $18bn deficit.
In what has been said to be a "true Labor budget", social reforms have been included:
- DisabilityCare Australia (previously announced)
- Gonski review education reform (previously announced)
- A Plan for Australian Jobs (previously announced)
- World Leading Cancer Care initiatives
A Swan song indeed.
For more information about what the Federal Budget entails, click through to the pages below for more detailed summaries. For further information or to find out how these measures may affect you or your business, please contact us on 02 9957 4033 or via our contact form
Click through to the pages below for details about how the Budget affects you.
Families & Community
Key economic highlights
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Last updated May 2013. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.