In the run-up to the Federal Budget, two things were expected, a budget that responsibly delivered tax cuts and also a budget that delivered ‘meaningful’ tax reform. Of course, this is a difficult balancing act for any government, as spending money on our priorities is ‘responsible’, while expenditure on others’ priorities is not. Also, making fundamental changes to the tax system can be a significant risk that can easily backfire come election time.
In this Federal Budget the Government has proposed a staged reduction of personal tax rates that is significant, although somewhat dampened by the extended period over which it will be delivered. Fundamental tax reform, however, was not a feature of this Federal Budget, but we were not completely disappointed, as a number of significant tax changes were announced that are likely to have an impact on your current tax affairs.
With a deep understanding of the links between our clients’ personal and professional lives, Kelly+Partners offers a coordinated solution across a range of financial services: accounting, tax, superannuation, wealth management, finance, estate planning assistance and family office services.
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