Higher-income earners can minimise the impact of the federal government's budget tax hikes and welfare cutbacks by deferring income, prepaying expenses and possibly splitting superannuation contributions with their spouse, according to tax experts.
AS soon as Wayne Swan finished delivering his budget speech on Tuesday, the nation's accountants and financial advisers had began thinking of ways to mitigate tax hikes and welfare cutbacks suffered by their clients. The government constantly tweaks the rules, but tax planners always adapt.

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Australia's Goods & Services Tax (GST) is predicted to increase as pressure mounts on the Federal Government to fund its recent spending, including the recently minted COAG hospitals agreement.

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Accountant may seek compensation from the Australian Taxation Office (ATO) as a result of damage to their reputation and bottom lines following problems flowing from the ATO’s switch to a new IT system.

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Accountants have flagged they may sue the Australian Tax Office (ATO) over a computer glitch holding up the processing of refunds.

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