THE NEWS WRAP: Vic business groups criticise government for failing to deliver budget tax reforms

Victorian business groups have criticised the State Government for failing to deliver significant tax reforms in its budget.

In its first budget since taking power, the Baillieu administration said that it was slashing nearly $2 billion in spending and launching a tax crackdown to raise an extra $235 million. Meanwhile, investment in business and innovation is set to fall from $50.2 million to just $17.8 million.

The Victorian Employers’ Chamber of Commerce said it was “disappointed” that the budget hadn’t delivered tax relief for the state’s businesses.

ATO to extend tax crackdown

The Australian Taxation Office is investigating an extra 500 people suspected of hiding money in offshore tax havens.

According to the Australian Financial Review, the ATO’s Project Wickenby is ramping up its activity to identify tax evaders who did not come forward during a one-off amnesty that ended last June.

New ACCC chairman gets SME approval

Australia’s peak small business body has welcomed the nomination of Rod Sims as the new chairman of the Australian Competition and Consumer Commission.

Sims has been put forward by treasurer Wayne Swan to replace Graeme Samuel when he steps down on July 31.

Peter Strong, chief executive of the Council of Small Business of Australia, told SmartCompany: “We support it and we look forward to talking to him about the small business environment.”

Overnight

The Dow Jones Industrial Average edged up by 0.15 point to 12,807.51. The Australian dollar fell slightly to 108.46 US cents.