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The government has now accepted an early return to a fiscal surplus is no longer feasible given the significant decline in forecasted revenues. The government’s platform hinges on various social reform programs including DisabilityCare Australia and the National Plan for School Improvement.
David Murray AO, Paul Bloxham, HSBC Australia’s Chief Economist and David Linke, Head of Corporate Tax, KPMG spoke on a panel facilitated by Carson Scott, Sky Business News Channel at a KPMG budget breakfast in Sydney on 15 May. The panel members shared their insights on the release of the Federal Budget and its implications for Australian business.
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The 2013 Federal Budget has provided some significant reforms to impact the financial services industry. There were a number of expected inclusions and unexpected surprises including changes to thin capitalisation and superannuation. We review the major implications for the financial services industry.
We also provide additional superannuation commentary following the Budget and announcements of 5 April 2013.
Federal Budget 2013
KPMG's review of the major implications arising from the 2013 Federal Budget.
KPMG has been awarded the Financial Review Capital CFO 2012 Audit Firm of the Year for a second consecutive year.
KPMG in Australia employs around 5,200 people and operates in 13 cities across the country. Find your local KPMG office.
KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.