Following the firm's release of its Federal Budget Highlights: 2019-20 insights on Tuesday 2 April, the MinterEllison tax team has published a report “A changing tax landscape? Insights from the Government and Opposition tax policies” reflecting on the policies announced by both the Federal Government and the Australian Labor Party and how this might impact business.

The implications will be quite different depending on which party is successful in the upcoming Federal election. MinterEllison's insights cover the Government and Opposition tax policies on:

• Corporate tax
• Personal tax
• Private Business
• Global tax
• Superannuation
• Tax reform

With a Federal election set for 18 May 2019, 'Budget week' defined the policy differences between both major parties.

"The key takeaway for corporate Australia, regardless of which way the election goes, is that the ATO will remain heavily funded and empowered," said Adrian Varrasso, MinterEllison's Head of Tax. "A consistent message from both major parties is that, whilst there is no mention of substantive structural reform to corporate tax, there will continue to be increased scrutiny on the tax affairs of corporates through a well-resourced regulator."

"Australia has in recent years implemented a range of corporate tax integrity measures as part of the OECD's Base Erosion and Profit Shifting Project. The Coalition's proposed expansion in funding for the ATO, which might reasonably be expected to receive bi-partisan support, will provide the ATO with resources to enforce these measures," noted Mr Varrasso.