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18 Apr 2019 Limiting deductions for tax advice

MEMBER 81 writes: 

Mr Shorten singled out deducting accounting fees as “one of the rorts we want to shut down”, arguing Treasury had wrongly calculated the closing down of tax loopholes as tax increases.

“Did you know that if you want to deduct millions off your tax, you get your accountant to do it. Did you know you can also claim as a tax deduction the hundreds of thousands of dollars you give to your accountant to deduct millions out of the tax system,” Mr Shorten said. 

“You can even claim what you pay the accountant as a tax deduction. Most Australians will never access that system. 

“Why on earth is this government defending the ability of the super wealthy to pay their accountants to minimise their tax and then even claim the cost of paying the accountants? It is a sweet deal but it has got to stop. 

“This nation can’t just keep funnelling money out of the top end when we have got waiting lists for our hospitals, when we have massive out of pockets for people who are diagnosed with cancer. It is about priorities. I’m about middle and working class people.” 

It would be interesting to know how many people get advice on their tax returns.

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