From a taxation point of view, the 2008 - 2009 Budget covered a wide range of matters, including:

• tax system review - further details announced of the proposed review of the tax system
• personal income tax cuts
• TOFA: stages three and four have been deferred until 1 July 2009, plus other amendments announced
• family trusts - government confirms reversal of family trust changes
• company losses - government to proceed with changes to company loss recoupment rules
• simplified imputation - government to complete the simplified imputation system
• employee share schemes - changes re elections and removal of double taxation
• consolidation - government confirms it will proceed with modifications to the consolidation regime
• CGT - extension of CGT small business concessions re related entities and partnerships
• capital protected borrowings - change to benchmark interest rate
• GST - several measures including re charities, international communications, sale of real property
• FBT - tightening of work-related exemption, amendments re jointly held assets, tightening of meal exemption
• legislation by press release - the government has proposed what it believes is a way of more effectively dealing with previously announced tax changes
• valuations and private rulings - government releases draft regulations
• depreciation on in-house computer software - increasing the write-off period to four years
• Medicare levy - thresholds for levy and surcharge increased
• First home saver accounts - substantial changes announced
• Managed fund distributions to non-residents – Australian withholding tax rates to be reduced.

Further information

• visit the Federal Budget section of the CPA Australia website
• visit the 2008 Media Releases section of the Treasurer's website
• visit the 2008 Media Releases section of the Assistant Treasurer's website
• read the Budget Papers on the Federal Government website