In the 2011 Budget Federal Treasurer Wayne Swan has delivered a budget designed to help the Government keep its promise of getting back to surplus in 2012-13. But despite talk of savage cuts, Swan has unveiled a series of smaller initiatives for SMEs and households and one major spending focus - $3 billion skills program designed to increase workforce participation. Read all the latest on the 2011 Budget below:
Business experts are disappointed over the Government's new initiative to temporarily reduce the amount charged to SMEs in quarterly PAYG tax installments, saying it is only a minor initiative that could have been expanded.
The Government will move to stamp out the tax minimisation strategy that allows trust owners to stream $3,333 to children aged 18 and under tax free by abolishing the low-income tax offset for non-work income of minors.
In truth Wayne Swan has produced a budget that is hard to distinguish from his effort last year or in 2008. There’s the same unwillingness to cut deeply into sensitive spending areas, in favour of fiddling at the margin and cutting rats-and-mice spending.
A new independent statutory agency called the Australian Charities and Not-for-profits Commission will be introduced by July 2012 as part of a $53 million crackdown on charities in this year's Federal Budget.
The Government has again flagged a crackdown on tax avoidance in this year's budget, with operators of phoenix schemes given special attention in a round of new measures that will see harsher punishments for company directors caught breaching tax laws
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