The 2011 Federal Budget has been produced in difficult political circumstances, but in an economic climate that's still much healthier than in many other developed economies. Economist Professor Neville Norman, of Melbourne University, assesses it as a "good effort", with the skilled migration and training schemes its best feature. Tax expert Michael Jones of Cummings Flavel McCormack outlines the measures that will affect small business, particularly on CGT concessions, FBT rates and superannuation contributions. He adds that the main tax action is happening "off-Budget", in regard to changes to the law governing the taxation of discretionary trusts.
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