"The ATO has just published a document entitled "CGT concessions for small business - record keeping" in the TAX PROFESSIONALS section of ATO website.
Are they kidding?
After all the hullabaloo us tax agents have endured with the commencement of the Tax Agents Services Act and the rules to be complied with, the ATO has topped it all by advising us Tax Agents to keep a record of the cost of CGT assets, and the date acquired.
Is there even a tax agent in this country that wouldn't know this? Would it not be a requirement that a tax agent know this? Their staff should as well.
Why is it, that the ATO cannot process assessments lodged on 5 January 2010, (yes we still don't have the $100,000 refund as of 28 March 2010!) but can issue the most stupid pieces of advice at the very time they should have their resources allocated to more important matters.
One does wonder about the quality of ATO management staff. Are they going to issue advice as to how to use a pen next?"