Australian Budget 2014–15

The Australian coalition government has presented the 2014–15 Federal Budget, which includes changes to personal tax rates, the fuel excise rules and various other taxation rules.

From a business taxation perspective, the tax reforms announced in the Budget have been relatively minor, with broader comprehensive taxation reform to be addressed in the government’s proposed white paper. As an initial step in this process, the government has indicated that a discussion paper is due to be released later this year outlining options for tax reform in Australia.

As expected, the Budget maintains the government’s position on previously announced (but not yet enacted) tax reforms, such as a cut in the company tax rate for small businesses and repeal of the mineral resources rent tax. Other reforms, such as the tax treatment of employee share schemes for ‘start-up’ companies and the goods and services tax (GST), are slated for release in the government’s white paper…

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