Federal Budget 2013-14
The Federal Treasurer, Mr Wayne Swan, handed down his sixth budget at 7:30 pm (AEST) on 14 May 2013. The 2013/14 Federal Budget could be described as a moderate one in the context of the current budget deficit of $18b. It sets a pathway to return the budget to balance in 2015/16 and to surplus by 2016/17 but with continuing investment in the economy.
In terms of revenue measures, the budget largely aims to protect the corporate tax base from international profit-shifting and erosion, close loopholes and better target concessions, as well as targeting the medical tax offset and the Baby Bonus for individual taxpayers. Here are the tax and superannuation highlights.
Walker Wayland continues organic growth in NSW
The Walker Wayland Australasia accounting community is continuing organic expansion as its member in the NSW regional city of Orange merges with a firm in Bathurst.
Yates Baker McLean has completed a merger with Bathurst firm Lesley Bull & Associates.
The move follows a merger in Western Australia when Walker Wayland Western Australia announced a heads of agreement Attalus. The merger will be completed in six months.
Walker Wayland expands
International accounting group expands in Australia
MONDAY, SEPTEMBER 24, 2012 – International accountancy network Walker Wayland Australasia has announced further expansion as two independent firms joined the community in September.
The network has grown by more than 50 percent in the past year and now includes 13 mid-tier accounting firms across Australia and New Zealand.
Federal Budget 2012-13
On 8 May 2012 the Treasurer, Mr Wayne Swan handed down his fifth Federal Budget. A fiscally tight Budget designed aiming to give rise to that oft-mentioned surplus for 2012-13 it contained anticipated tax changes, but also had a raft of other tax measures including changes to previously announced measures and significant changes to the tax loss measures. Previously announced measures the government decided not to proceed with included the standard tax deduction and the interest discount.
Treasurer Wayne Swan said the budget would deliver a small ($1.5bn) surplus in the year to 30 June 2013, thanks largely to cuts in spending on defence and foreign aid and abandoning planned tax cuts for companies and savers.
Overview of Carbon Price Package
The Federal Government announced details of its Carbon Price package at noon on Sunday 10 July 2011. The proposals are intended to reduce carbon pollution and secure a clean energy future with a Renewable Energy Target of 20% by 2020.
In summary the Governments proposals are as follows:
- A carbon price of $23 for each tonne of pollution beginning 1 July 2012
- Prices are expected to rise by 2.5 % a year in real terms during three-year fixed period until 1 July 2015 then it is proposed Australia will transition to an emission trading scheme
- The price of each tonne will be fixed, like a carbon tax