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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


(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.
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 |
 About CCH, a Wolters Kluwer business
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 Wolters Kluwer
 The Tax Institute

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