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26 Aug 11 There was a time (long, long ago)

MEMBER 156 writes:

"There was a time when being an Accountant in public practice was fun. Slowly, progressive Federal governments of both political persuasions have made the Federal tax system more complicated and hence created uncertainty, more paperwork, increased costs to clients and in the end more stress and headaches for Accountants.

Does Australia have an efficient and cost effective tax system? No. Will it ever get one? Not in my life time. So let's all enjoy the stress, the frustration and the hopelessness of a Federal Tax system that plainly does not work, let alone the ATO's questionable administration of the system.

Let's just rejoice (if you are old enough) in remembering the time where Capital Gains, Division 7A, Taxation of Trusts (especially Bamford and streaming of capital gains and franking credits), section 100A, Part IVA, FBT, GST and anything else that has been troublesome, did not exist."

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