The 2016-17 Federal Budget is a budget of targets – broad targets to boost business and innovation and the narrow revenue targets of the wealthy and multi-nationals. It’s a big, long-term crafted budget designed to give enough pre-election glow but with structural measures to reign in spending and reduce concessions.
At one end, the Budget contains board measure to bolster business, investment and innovation including tax cuts and a number of tax measures enabling and freeing up alternate funding and investment sources for business.
At the other end are significant reforms restricting access to superannuation concessions as well as a stronger crackdown on multinationals diverting profits outside Australia.
To police the new revenue measures, the ATO gets and extra $678.9 million to establish a new Tax Avoidance Taskforce.
Plus, the Budget allows for a $1.6 billion decisions taken but not yet announced” election war chest.