Tax Institute welcomes move to push Budget out by five months

SYDNEY, Friday, 20 March 2020: The Tax Institute has welcomed the Government’s announcement today to push the Federal Budget out by five months from May to October 2020.

The Tax Institute’s Senior Tax Counsel, Professor Bob Deutsch, said “As much as it is preferable to maintain certainty where we can to try and offset the uncertainty of these times, we welcome the Government’s move to push the Budget out by five months.”

“Budget night is traditionally one of the biggest nights in the calendar for tax professionals. Major tax and superannuation law changes are usually announced as part of the Federal Budget. It is a huge statement by the Government to move the Budget out by five months.”

“We know that members have been waiting for announcements about measures that remain uncertain, for example what further changes might be announced in relation to Division 7A. However, given the circumstances we are in, clearly priorities need to change. There are much more immediate matters to consider, such as the health and well-being of everyone. Everyone is feeling pressure and anxiety from the unknown consequences that are flowing from the Coronavirus crisis,” said Professor Deutsch.

“Clearly, fiscal management of the economy is extremely important at this time. The vehicles the Government is using are the stimulus package that we saw last week and the one to come in the next few days, which in the current circumstances are the right vehicles to be using given they can have a more immediate effect and are unlikely to meet with objection as they pass through the Parliamentary process.”

ENDS

For more information, please contact:

Stephanie Caredes, Tax Counsel, The Tax Institute: 0450 434 665

The Tax Institute is the leading forum for the tax community in Australia. Our reach includes membership of 12,000 tax professionals from commerce and industry, academia, government and public practice and 40,000 Australian business leaders, government employees and students. We are committed to representing our members, shaping the future of the tax profession and continuous improvement of the tax system for the benefit of all, through the advancement of knowledge, member support and advocacy. Read more at taxinstitute.com.au