When the federal budget was released, the initial surprise was that it 
contained none. However, controversy has emerged around new rules for 
fringe benefits, income splitting, and means testing of the health 
insurance rebate. Small business also was left hanging for long-awaited 
changes. With a debt to reign in, the government instead focussed more 
on issues of governance, compliance and regulation – and, effectively, 
put the charity and financial planning sectors on notice. Tax experts 
Dale Boccabella and Neil Warren, professors at the Australian School of 
Business, consider the upshot.