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What does the new Government mean to you?
October 2013

Within the first few weeks of the Coalition Government, the new Prime Minister Tony Abbot has rolled up his sleeves and got to work on promises and reforms announced during the 2013 Federal Election campaign.  

One of his first tasks was to instruct the Department of Prime Minister and Cabinet to draft legislation to remove the Carbon Tax with the intention of introducing the legislation on the first day of the new Parliament.

Tax and structural changes

Mr Abbot is not letting the grass grow under his feet on other legislation either; abolishing the Carbon Tax is just the first of many tax and structural changes the new Government intends to make.

So what are the key changes? We've rounded up the main changes that the Government will introduce in the coming weeks and months:

Tax and tax reform
Business
Superannuation
Individuals & Families
Infrastructure

Will change actually happen?
One of the main obstacles facing the new Government is the ability to bring about legislative change is the Senate, where they do not have a majority. This election was a half Senate election and as such the Greens will hold the balance of power until 30 June 2014, then microparties will hold the balance of power.

That makes the Government's agenda difficult to achieve. The Greens and the Labor Party have stated that they will not support the abolition of the Carbon Tax, a key piece of the Coalition's so-called mandate for change, though a compromise position is still possible.

Either the Government can negotiate with the microparties and their myriad vested interests or hold to its promise to call a double dissolution. Even then, there is no certainty that the end result will give them greater control in the Senate.

More articles on what the new Government means for you
Tax and tax reform
Business
Superannuation
Individuals & Families
Infrastructure

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Last updated October 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.

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Disclaimer

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.

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