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28 Jan 2011 On the parallel universe that is the Tax Act

MEMBER 7, in a letter also published in the Australian Financial Review, writes:

"In the Australian Financial Review (AFR) last Friday (21 January 2011), I read the following tax related articles that were headlined “Top judge hits out at federal laws", "Accountants' tax trap" and "Boards warned on compliance".

In the first article mentioned the sub heading was "Opening the Tax Act is like entering the door to a parallel universe"; beautifully said. I am getting more convinced all the time that the system is designed to engulf us tax practitioners. We need to have a legal person sitting next to us 24/7 and, even then, hope that we get it right.

But am I getting too paranoid? I have just re-read the headlines of the AFR front page dated 17 December 2010 which read "Labor to fix trusts tax tangle". Ah, that makes me feel better!"

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