Post Budget: Tax & Superannuation
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  Running Time: 8:29 Date: 01/06/2013 Not too many tax changes in the Budget to add to business's compliance burden, and the superannuation reforms were announced in April. The Medicare levy increase is the big revenue item. After some tax-reform-heavy recent Budgets, less for business to worry about in this year's version, says tax expert Michael Jones, of Cummings Flavel McCormack. An increase in the Medicare levy, up to 2% from July 1 2014, is the biggest revenue item, and will be rushed through Parliament with bi-partisan support but - with only 17 parliamentary sitting days before the September election - other measures may not become law. On superannuation, little new in the Budget - the government laid out its cards in April. But the Tax Office will be funded to set up a task force to look at trusts, with possible future reforms in mind. Topics: Accounting & Tax, Financial Management, Investment |
 Michael Jones, Cummings Flavel McCormack |