Tax reform killed by cheap pollies

Intelligent Investor

We have a debate on tax reform. Unfortunately, not much good will come of it, although there is a message for shareholders amid the shambles. Yesterday, I went in search of evidence of the well-known complexity of Australian tax law, finding it in the 11 volumes of the 1997 Income Tax Assessment Act. A hard copy will set you back almost $350. Running to 4,695 pages, the truck that delivers these tomes could also drive through the many loopholes that complex legislation inevitably creates. What’s the expression, lawyers’ picnic? A debate on the tax system is long since due. First on the agenda is a rise in the GST, probably to 15%. One can argue the merits or otherwise of a value-added tax increase but at least this is an issue of substance. What else? Well, there’s a proposal from the Federal Government to get backpackers to pay more tax and another from the opposition to charge smokers $40 for a pack of ciggies. Read full article here: (VIEW LINK)

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