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In fact, they feel the Government’s long awaited response fell short of the comprehensive review predicted by many.

Of the 138 recommendations that had potential for real, long-term tax reform, the Government has announced it will act on five as well as some additional measures it introduced on superannuation. The remaining 114 recommendations were left for discussion as part of a “mature tax debate in coming years” and 29 were rejected.

Gleeson & Partners certified practising accountant Joe O’Sullivan said the review itself was the most wide-ranging study of the tax system since he started in the industry 23 years ago.

Tuross public accountant Michele Tyrrell agreed that the review itself was wide-ranging, but said the Government’s response fell short of expectations.

And, put simply, Donald & Ralston’s David Ralston says it’s impossible to know what the outcome will be until after the election.

“I think we will find that next year it will be an entirely new conversation,” he said.

“They can make promises during the election year and then break them if they need to, it’s the way it always works.”

Despite this Mr O’Sullivan welcomed the review.

“Certainly it was needed,” he said. “Any discussion is welcomed in the sense that we live in a dynamic world where nothing is static and nothing remains the same.

“It’s appropriate to review our tax system because Australia must be competitive in a modern world.”

As it stands, the shire’s small businesses are set to benefit through simplified depreciation. Effective from July 1, 2012, the instant asset write-off will increase to $5000 from $1000.

However, according to Mr O’Sullivan, many shire businesses are classed as “micro” businesses and hence do not operate through a corporate structure.

“Consequently they will look to personal income tax cuts for their benefit of which there is no mention,” he said.

Despite this, Mr O’Sullivan felt optimistic that the Government regulators and the industry had responded to the environment in which Australia trades and carries out business.

However, Ms Tyrrell remained unconvinced.

“It’s just a lot of talking at this stage,” she said. “The changes that the Government has proposed are years down the track. I don’t think people should be at all concerned.”

Mr Ralston said the Government would pay $500 into the superannuation savings of people earning less than $37,000.

“Low-income earners would earn just above that,” he said. “And the Government would be well aware of this.”