Treasurer Joe Hockey announced a string of unpopular measures designed to put the federal budget on the path to surplus, including a two per cent deficit levy on high earners, an increase in fuel excise and cuts to the public service.
But while accountants welcomed cuts to spending, they said more work was needed to lift revenues.
"The government has attempted to tackle half of our budget problem: expenditure, without committing to a timeline in which to address the other crucial half of the equation: revenue," The Tax Institute board member Tim Neilson said.
But he welcomed a 1.5 per cent cut in the company tax rate, to take effect from July 1, 2015, saying it would reduce the government's reliance on company revenues.
"It will also reduce the incentive for profit shifting out of Australia, allowing us to retain a greater share of the profits generated here in Australia," Mr Neilson said.
Accounting giant PwC said the government now needed to consider all options to boost revenue.
"All facets - from GST to mining tax - must be on the table," PwC chief executive Luke Sayers said.
"Comprehensive tax reform will underpin economic growth, support Australia's most vulnerable, and deliver secure budgets at all levels of government."
The institute of Chartered Accountants Australia said a two per cent levy on those earning more than $180,000 had the potential to hurt the economy, while raising relatively little money.
"The debt levy could negatively impact consumer spending, hurt unincorporated small businesses and puts Australia's top marginal tax rate amongst the highest in the world," chief executive officer Lee White said.
"The amount raised by the debt levy is projected to be only $3.1 billion over four years, and even this may prove to be optimistic."
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