Demystifying the Federal Budget

End of the financial year and pronouncement of a new budget are festive occasions for accountants. Therefore, Brisbane Chapter of ICAI organized Technical session titled “Demystifying Australian Budget” on 25th May 2017 with an objective to discuss the Australian Federal budget for the fiscal year 2017-18 announced on 9th May, 2017. The meeting was held at the offices of our Chairman, CA Surender Sharma. The discussions focused on the changes in various provisions under the proposed budget and its impact on businesses and individuals. The discussions were led by four experienced speakers on tax and advisory services from Grant Thornton, a renowned and well established accounting and auditing firm in Australia. 14 members attended this session. 

The session officially started at 6 PM, with the introduction of speakers by the chairman of Brisbane Chapter of ICAI, CA Surender Sharma. First speaker, Simon Hancox, one of the partners and National Head for Not for Profit in Grant Thornton covered recent changes on Australian Accounting Standards 15, 1058, and 16. This presentation on accounting standards was followed by a presentation on changes on GST by Amisha Upadhyaya. Ms. Upadhyaya is a Senior Indirect Tax Manager. 

The third presentation by Mark Foster comprehensively discussed the fuel tax credit. Finally, the fourth presenter, Chris Dunne, a senior tax manager, covered the corporate tax changes and discussed the introduction of two new taxes; major bank levy and ghost tax. The session was formally ended by the Vice Chairman CA Benno Parackal, thanking the speakers on behalf of all members. 

Most of the members were very enthusiastic and stayed back even after the speakers left in an enjoyable networking session with a further discussion on budget and planning for the next session on June. On this occasion, we had some excellent catering organised by our Treasurer, CA Kinjal Dhruv through her network. The session was registered for CPE hours and all ICAI members were credited with two hours.