Tag: Debt Levy

Australian businesses are invited to have their say on the current tax system and its impact on their operations.

While the government is rightly attempting to put our fiscal position on a sustainable footing its sense of urgency seems to be at the expense of long-term, broader reform to the tax system.

It’s been a super month for Government economic statements, in Australia with the long awaited “commission of audit’ report being released just ahead of the usual Federal Budget unveiling.

Small and medium sized businesses do not want to see an increase in the goods and services tax in next week’s Federal Budget and many are pessimistic about whether the Abbott Government will deliver on its promises for the sector.

When the Commission of Audit report was released last week – replete with sweeping cuts to public spending – it became clear that this years’ budget would be taking no prisoners. We’ve been living beyond out means for too long, and the party is over.

The majority of small business owners face a vicious “double whammy” revenue hit if Tony Abbott proceeds with a mooted debt levy on income tax to repair the budget.