Business facing $10bn tax hit to save surplus
The federal government is planning to raise an extra $10 billion from the business sector through new tax measures announced today in response to a sharp deterioration in its budget outlook.
Treasurer Wayne Swan released the mid-year update to the 2012-13 budget this morning, with a lowering of the economy’s expected growth and $16.4 billion of tax increases and spending cuts over four years to keep the budget in surplus.
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