Following a year of natural disasters and Government spending to ‘beat the global recession’ the Government is now focussing on promoting jobs growth and bringing Australia out of budgetary deficit.

Jamie Towers of Alliott Group's Brisbane accounting firm member Hanrick Curran provides a commentary on the key issues of the budget

On Tuesday 10 May 2011, the Federal Treasurer Mr Wayne Swan delivered the Government’s 2011-2012 Federal Budget. Mr Swan forecasts a 2011-12 budget deficit of $22.6 Billion (down from an estimated $49 Billion for 2010-11) aiming towards a $3.5 Billion budget surplus in the 2012-13 year.

The budget focuses on jobs growth by spending in key areas such as infrastructure, health and training. The plan to trim the deficit comes from significant budget cuts in other areas and further crackdowns on tax cheats and reducing the ability to income split. The Government has also announced many more measures that were promoted in the Henry Review into Australia’s tax system.

By clicking the 'Download Document' button, you will be able to read a report that summarises the key aspects of the Budget that will affect small to medium enterprises and associated individual taxpayers.

The key superannuation changes will be highlighted in a separate 2011-12 Special Superannuation Budget Report available on Hanrick Curran’s website:www.hanrickcurran.com.au

Should you have any queries in relation to how the Budget announcements will affect you or your business, please contact Jamie Towers or your usual Hanrick Curran advisor on 07 3218 3900.

Article Date: 25th May 2011

Author: Jamie Towers

Firm: Hanrick Curran

Added by: James Hickey