Posted , September 21, 2015.

Tax reform under Malcolm Turnbull and Scott Morrison”… the only way we can ensure that we remain a high wage, generous social welfare net, first world society is if… we have strong business confidence.” Malcolm Turnbull, September 14, 2015

Leadership instability in the federal government has been unsettling for business and society as a whole. However, the latest change in leadership puts two men with business experience squarely at the helm with expectations that there will be greater understanding and appreciation of the pressures facing the agriculture sector, manufacturers, importers, exporters and the services sector.

Joe Hockey instigated a major review of tax reform which had over 800 submissions. It’s now possible that the terms of the review will be tweaked to emphasise business. The new leadership could foreseeably use this as an opportunity to engender confidence by delivering an immediate benefit to business. We’ll be watching closely and will keep you updated.

Whilst the media continue to impress the inevitability of recession, it’s not a fait accompli. There are factors that may provide a buffer, such as a lower dollar, that would benefit local manufacturers and exporters.

Under the new leadership, there’s likely to be a greater focus on investing in skills, which could benefit businesses looking to expand their production and access to markets. There may be an increased value placed on perpetual natural resources and technology, which could lead to concessions and more grants that increase Australia’s ability to nurture and maintain our most creative and innovative minds.

”Our values of free enterprise, of individual initiative, of freedom; this is what you need to be a successful agile economy in 2015.” Malcolm Turnbull, September 14, 2015

We are keeping a close eye on changes to taxation and benefits and are always able to advise you of the latest reforms and legislation that can grow your business and help you succeed.

Call us on (03) 9587 9747 to discuss how you can take advantage of the changes.