Despite the 2010-11 Federal Budget being a no-frills budget, it has plenty of content with a number of important, if not earth

shattering, tax changes that will improve the Australian Tax System.

With the Australian Economy now performing better than expected a year ago the Federal Government is expecting

to return the Federal Budget to surplus by 2012-13, which is three years earlier than was previously expected.

Although the Treasurer has stated that this is not a typical election Budget as it does not have the usual sweeteners for voters,

it can be seen as being crafted with an eye on the upcoming election by trying to paint the Government as economically

conservative to offset some recent criticism of Government spending and mismanagement.

Following lasts night’s Federal Budget we have attached two reports to our website.

Federal Budget 2010 - Chartered Accountants/Thomson Reuters report

Federal Budget Hillross Adviser Briefing- The Taplan Flash, a publication of AMP

1. The ICAA review of the budget is very detailed analysis of all of the tax, social security and superannuation measures announced

2. The Hillross budget briefing focuses more on the financial planning implications of the budget

If you wish to discuss how the budget impacts your personal circumstances please do not hesitate to contact your client partner or manager.

Regards,

The team at BDH & Co