The Treasurer, Scott Morrison, delivered his maiden Federal Budget speech on Tuesday 3 May 2016. With the expectation of a double dissolution election being called by the Prime Minister Malcolm Turnbull, there was great expectations about the contents of the speech.
In summary, the Budget focuses on the following areas:
•A Ten Year Enterprise Tax Plan which aims to make Australian corporate tax more competitive in the global market;
•Incentives for early stage investors as part of the National Innovation and Science Agenda;
•A strategy for tackling the MNCs profit shifting;
•Substantial changes to superannuation; and
•Creation of a taskforce focused on tax compliance and avoidance.
From a deficit perspective, the Government plans to reduce the deficit from the current $39.9bn to $6bn by 2020 through a reduction in public spending, increased focus on tax compliance and provision of stimuli for jobs growth.
Click here to read the highlights.