Late last month, the ATO released a findings’ report in relation to its ‘Top 500’ private groups tax performance program. This assurance program is part of the wider Justified Trust initiative to ensure all Australian corporate taxpayers pay the right amount of tax
There are two main stimulus measures, which have been extended for another 12 months, which is quite a surprise but a very pleasant one.
In encouraging signs for future growth and innovation, one third took advantage of the Instant Asset Write-off and plan to follow suit with the R&D Tax Incentive.
Overall this is a Budget with plenty of useful and targeted measures for business.
Despite the challenges, it is encouraging to see a generally upbeat mood among the CEOs, CFOs and directors surveyed in terms of prospects for the next few years.