While the 2025-26 Federal Budget introduced targeted measures for small businesses and Australian producers, William Buck expresses disappointment that the budget failed to address the critical need for comprehensive tax reform.
With a pivotal election on the horizon, the firm urges policymakers to prioritise bipartisan collaboration to simplify the complex tax system and benefit all Australians.
Todd Want, Head of Tax Services at William Buck, said reforming Australia’s complex tax system would benefit all Australians.
“The budget’s provisions, including energy bill rebates and support for Australian producers, are acknowledged as positive steps. However, we believe a significant opportunity to overhaul the tax system was missed.”
“It represents yet another missed opportunity to overhaul our tax system comprehensively. Simplification and reform are crucial to fostering sustainable growth and ensuring the system works effectively for all Australians,” said Mr Want.
“With the election looming, this budget seems like a missed opportunity by the government to provide long-term relief to businesses across the country. We encourage all parties to use this election as an opportunity to look at a broad reform of our system,” said Mr Want.
The government’s fourth budget included a $150 energy bill rebate for small businesses and up to $25,000 for eligible businesses to fund energy upgrades.
Mr Want said the measures announced in this budget would help businesses, but the forecast of nearly a decade of deficits paints a gloomy picture.
“Small businesses will welcome the support provided in this budget, which will help businesses manage costs and invest in more sustainable operations. However, the budget also showcases the need for policymakers to stop kicking the can down the road on tax reform.”
“The deficits over the coming years highlight the ever-increasing tax burden on Australia’s younger generations, which is unacceptable and can only be resolved by updating our outdated tax system,” added Mr. Want.
William Buck believes that a simplified and reformed tax system is essential for fostering sustainable economic growth and ensuring fairness for all Australians.
