The government is seeking to elevate this year's budget to a long term 'economic plan' that will support Australia’s transition into an advanced and diverse economy. The path towards fiscal sustainability, however, is proving difficult with the government still forecasting deficits up to 2019-20.
Business will benefit in the long term by lower company tax rates, although access to the reduced rates will not flow through to our larger companies for many years. Multinational businesses will also need to deal with the additional scrutiny from the Australian Taxation Office that will no doubt arise as part of the government's agenda to combat profit shifting.
Transparency reporting in all its guises is here to stay. How a business proposes to respond requires careful consideration.