Tax reform killed by cheap pollies

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?

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