ICAA downplays likelihood of Budget tax breaks
The Federal Government is unlikely to be sympathetic to pre-Budget submissions which seek additional tax breaks, according to Institute of Chartered Accountants (ICAA) head of tax policy, Michael Croker.
Croker has called for member views on the compilation of the ICAA's pre-Budget submission but warned that the Government was more likely to "welcome those submissions that identify spending cuts and reduced tax concessions".
He signaled that the ICAA's submission would be primarily focused on tax, superannuation and small business issues such as red tape.
"Although the Government clearly feels that current deficit and debt levels are unsustainable, drastic policy changes which focus on short-term fixes could de-rail the recovery which, in some sectors at least, already appears to be underway," Croker said.
"The Government's credentials will be on display and Joe Hockey's first budget will hopefully set out the long-term pathway to a healthy and sustainable Australian economy through prudent financial management."
AUTHOR
Mike Taylor
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