Dylan Byrne from accounting firm BDO says the government hasn’t given enough consideration to the vast majority of businesses that will be hurt most by the Carbon Tax.
The focus has been on compensating the top 500 polluters and individuals who will face increased costs. He says it’s the majority of smaller businesses that will miss out, with increased costs and the likelihood of a margin squeeze from the new tax. “They can’t pass those extra costs on,” Dylan says in this edition of BTalk.
He also questions whether changes to income tax has been an opportunity missed. The changes have been made without consideration of a more holistic approach to tax change — something being considered at the tax summit later this year.
One message is clear: your business needs to be prepared for the change.