Although this year’s Federal Budget on 10 May might have seemed something of a non-event to many people, it was a BIG DEAL in a tax and superannuation sense – many significant changes were announced that would be of interest to practitioners and their clients.
The Thomson Reuters special Budget night issue of its Weekly Tax Bulletin (Issue 19) led the way with detailed comprehensive reports, containing exclusive analysis, comment and interpretation, plus an extra dimension with Reuters News comments on the economics of the Budget. Thomson Reuters Weekly Tax Bulletin (WTB) consistently goes the extra yards with value-added comment and analysis.
In addition, WTB followed up 3 days after the Budget (in Issue 20) with significant extra Budget-related content and analysis – there was, after all, much to discuss and analyse.
PLUS, as at 27 May 2011, WTB had also published 6 Practitioner Articles on issues related to the Budget. Those articles covered:
Budget FBT car valuation changes (the new flat 20% rate) – by Michael Bannon, Partner, Duesburys Nexia.
- Budget proposals (now included in a Bill) to abolish the low income tax offset for minors – by Paul Banister, Director Tax Services, Grant Thornton.
- Care needed with Budget super-related changes – by Deborah Wixted, Head of Technical Services, Colonial First State.
- Budget tax loss proposals re infrastructure – by Charles Armitage, Partner and Rory O’Brien, Senior Associate, Allens Arthur Robinson.
- Minimum pension drawdowns – beware of Budget changes – by Stuart Jones, Senior Tax Writer, Thomson Reuters.
- Government concerns in the Budget about tax loss claims raise a red flag for practitioners and their clients – by Terry Hayes, Senior Tax Writer, Thomson Reuters.
In addition, WTB has published other practitioner comment on issues from the Budget such as discretionary trust changes, excess superannuation contributions tax, tax concessions re not-for-profit organisations, and the taxation of profits made by foreign managed funds.
All up, as at 27 May 2011, WTB had published over 75 reports related to the Federal Budget, reinforcing how important this Budget was for taxpayers and their advisers.
Terry Hayes BBus CPA FTIA
Senior Tax Writer