The new release of the Federal Budget has brought some retailers good news and bad news. The good new is, is that there will be jobs and growth. The bad news is that the retailers face increased taxes on their businesses and even as individuals. Some of the retailers are going to be happy but most of the are not going to be happy with that large increase of what they are going to have to pay in taxes.
- Retailers will face increased taxes on businesses and individuals as a way to reduce government debt
- The new budget puts the focus on jobs and growth
- Products not being sold legally, such as tobacco, are a major source of revenue loss for taxes and businesses
“The ARA maintained that a levy on Australia’s five biggest banks, as well as stricter regulation, will reduce Australian debt and hopefully stimulate a return to surplus.”