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The Federal Government delivered its pre-election Budget in May, and the key winners were older Australians, suppliers to infrastructure projects and small business – just to name a few.
Based on announcements prior to Tuesday’s federal budget, Australia’s improved economic fortunes and more rigorous tax compliance and enforcement activities are providing more revenue.
Many countries have the challenge of delivering sustainable tax revenues amid ongoing globalisation, technological change and disruption, rising energy costs and ageing populations. These influences won’t dissipate, but a review of recent history in the context of rumoured tax cuts in Tuesday’s federal budget reveals a substantial turnaround in Australia’s fortunes.
Australia has continued its aggressive, unilateral approach to tackling Base Erosion and Profit Shifting, with the Diverted Profits Tax (DPT) introduced to combat multinational companies shifting profits out of Australia.
