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Tax professionals give Federal Budget the resounding thumbs down

CCH and The Tax Institute release results of joint survey on
2012 Australian Federal Budget


WEBWIRE

(Sydney, Australia, June 7, 2012) – CCH customers and members of The Tax Institute were asked their thoughts on the Australian Federal Budget handed down by the Gillard Government on 8 May 2012. The results are in with some surprising answers in the mix.

Those surveyed came from a broad spectrum of professional backgrounds including Tax & Accounting, Business Corporate, Legal, Education and Government.

Overall, the Budget received “the thumbs down” from survey participants with nearly three quarters of the tax-specialist professionals ‘not happy’ with the 2012 Australian Federal Budget.

The survey asked: “What are the top 3 Federal Budget announcements that you see will affect you or your business the most?” There was a mix of answers but a strong theme emerged indicating that the biggest impact would result from the superannuation changes and the failure to implement the company tax rate reduction.

Interestingly, the next biggest impact was the carbon tax, although this was not part of the Budget Night announcements. No doubt this is indicative of how unpopular the Government’s carbon pricing mechanism really is amongst professionals and the Australian population in general.
The following were the stand-out issues that were missing from the agenda on the night which our survey participants believe should have been covered:

  • the plight of small business / lack of business incentives
  • failure to stimulate the economy / productivity / jobs growth
  • the need to cut corporate tax; and
  • general tax reform.


 
For full details of the survey click here.
To view the CCH Budget Report click here.
Ends.
 
 
For more information, please contact:
Greg Conway
Senior Communications Advisor, Wolters Kluwer Asia Pacific
T: +61 2 9857 1886 | Mb. +61 (0)408 290 412 | greg.conway@cch.com.au
 About CCH, a Wolters Kluwer business
CCH (www.cch.com.au) is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues of (2011) €3.4 billion ($4.7 billion) and approximately 19,000 employees worldwide. Please visit our website or follow us on Twitter, LinkedIn or Facebook for more information.


About Wolters Kluwer
Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Professionals in the areas of legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare rely on Wolters Kluwer’s leading information-enabled tools and software solutions to manage their business efficiently, deliver results to their clients, and succeed in an ever more dynamic world.

Wolters Kluwer employs approximately 19,000 people worldwide, and maintains operations across Europe, North America, Asia Pacific, and Latin America, serving customers globally. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
 
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 Budget
 Federal
 Wolters Kluwer
 CCH
 The Tax Institute


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