ARTICLE · 21 MAY 2012

Budget Reality – What it really means for SME's

Hayes Knight

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In the Budget, ATO received funding for compliance programs and the extension of Project Wikenby style investigations.

AustraliaTax

Greg Hayes

There is a big gap between what politicians say and what is happening 'on the ground.' It's like they're playing with the map and we're driving on the roads. We are the ones who experience the road blocks and the pot-holes, the redirection, and changing traffic conditions. While a new road might be announced to resolve some of the issues, you still have to wait for it to be built. So, it is with the Federal Budget.

Here's what some of the road ahead looks like for business:

The ATO

Since we're flogging the 'road' analogy, let's call the ATO the police.

In the Budget speech, Treasurer Wayne Swan pointed out that tax receipts are down $150bn since the GFC. Tax as a proportion of GDP in 2011/2012 and the previous two years is the lowest it has been since 1993/1994.

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