Federal Budget Review: Is This the Void We Had to Have?

When the federal budget was released, the initial surprise was that it contained none. However, controversy has emerged around new rules for fringe benefits, income splitting, and means testing of the health insurance rebate. Small business also was left hanging for long-awaited changes. With a debt to reign in, the government instead focussed more on issues of governance, compliance and regulation – and, effectively, put the charity and financial planning sectors on notice. Tax experts Dale Boccabella and Neil Warren, professors at the Australian School of Business, consider the upshot.