The long awaited Henry Review was released yesterday. The announcement is part of a "first wave" of tax reform which focuses on super, company tax and superannuation.

The Federal Government is appealing to low-income earners and older workers through superannuation reform, with the employment guarantee to be lifted to 12% and its age restriction increased from 70 to 75 years of age.

For once there was some good news for small business with a 2% cut in company tax and immediate asset write-off provisions. If you are a medium-sized business though, you'll have to wait for your tax cut.

The Media outlets have been focusing on the fact that only a fraction of the recommendations are being supported by the Government, and much is dependant of the big miners footing the cost, but for accurate timely advice please call your adviser.