Last week, at our major event, The Tax Summit 2022, we crowned the winners of our annual Tax Adviser of the Year Awards. These Awards recognise the tax practitioners who routinely go anbove and beyond the call of duty, and really embody what it is to be a tax professional - the dedication, hard work and passion.
We caught up with some of the winners at the event and we asked them...
My budget prediction is more a wish. The extension of temporary full expensing for another couple of years.
So, I'm predicting that there will be very little talk about tax cuts, given what's happened in the UK and the political third rail there. I think with my client base predominantly being multinationals, there'll be a lot of excitement and discussion around the interest limitation rules, royalty payments, transparency and a lot of ESG angles to that.
But I think just as importantly, it's what might not be in the budget next week that we should be thinking about and focusing on. So, what are all of the announced but unenacted measures from a tax point of view that have been hanging around for years and years and years, that we'd sort of dearly love to have some sort of progress on that. That I think is just as important to remain focused on as to what we do see.
Next week is federal budget. My budget prediction is something to do with innovation and on-shoring manufacturing. Ed Husic has been really passionate about this. He's talked about lifting the R&D to GDP ratio up from that 1% mark, maybe even doubling it. Now that's really ambitious, so we want to see some policy behind it.
My prediction is we're not going to see a patent box similar to the last government. However, we will be something that's very labor centric, centric to providing incentives for companies that do more in Australia. So that's my pick, something in that area.
No real strong predictions from me. Every budget you hope for tax reform and are always disappointed. So, if I go into this budget not hoping for tax reform, I may be pleasantly surprised, but at worst it'll just be an even experience.