Australian Tax Update: Australian Budget 2014-2015

2014-2015 Australian Federal Budget - Government takes its first steps of tax reform in preparation for a broader comprehensive review of the Australian taxation system.

INTRODUCTION -

The Australian Coalition Government has presented the 2014-2015 Federal Budget, which includes changes to personal tax rates, the fuel excise rules and various other taxation rules.

From a business taxation perspective, the tax reforms announced in the Budget have been relatively minor, with broader comprehensive taxation reform to be addressed in the Government's proposed White Paper. As an initial step in this process, the Government has indicated that a discussion paper is due to be released later this year outlining options for tax reform in Australia.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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