Last week’s Budget saw the introduction of new taxes, more recurrent spending, and a greater focus on delivering infrastructure.
The Federal Budget has become an annual ‘Twitter event’, with the politicos, business leaders, comedians and anyone with a Twitter handle hitting the hashtag #Budget2017 on the second Tuesday in May.
The underlying economic forecasts contained in the budget do not indicate boom times ahead, and there is current excess capacity within the Australian economy which will take some time to be taken up.
Grant Wardell-Johnson, Partner, Tax shares his first impressions on the 2017 Federal Budget.
It seems from the Budget that substantial tax reform is still off the table – though the moves on the black economy are important for the integrity of the system.
KPMG #Budget2017 predictions put the black economy, responsible expenditure and good debt vs bad debt at the top
The Black Economy will feature on Budget night with the purpose of raising revenue and seeking equity for business. This should lead to a stronger tax system. But there is a need to balance privacy and ensure the rules actually work.