This week brings the release of the Federal Budget, which is the first for Treasurer Joe Hockey. The Deputy Chair of The Tax Institute’s National Technical Committee, Tim Neilson CTA, will join me in the Budget 'lock-up' commencing Tuesday afternoon. This allows The Tax Institute access to all of the Budget papers and announcements ahead of their public release on Tuesday evening.
Members will receive our initial comments on the Budget and a summary of the key measures by way of a special Budget edition of TaxVine that will be sent shortly after the Treasurer delivers his Budget speech at 7.30pm.
The Government will detail its response to the Commission of Audit report in the Budget, which is widely reported to contain new revenue raising measures to assist in addressing the deficit. Will we see an income tax levy and an increase in fuel excise? All will be revealed on Tuesday.
The Tax Institute’s priorities for the Budget are contained in our submission to the Treasurer earlier this year. The full submission can be accessed here. We continue to advocate for a sustained commitment to tax reform for the benefit of all Australians. This requires a measured and structured approach to reform, including a timeline and a process for advancing priority issues.
The Budget submission also outlines a number of priority areas of the tax law that are in need of reform.
Robert Jeremenko CTA is Senior Tax Counsel of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.