A quote from an article in today’s AFR:
ATO second commissioner Jeremy Hirschhorn has warned the four firms – Deloitte, EY (the former Ernst & Young) KPMG and PwC – that they need to rein in “hired gun” and “guru” tax partners that come up with overly aggressive tax schemes that are technically legal but represent a risk to the taxation base.
That’s right. The ATO does not want tax advisors working for their clients but rather working for the ATO.
Hows this for an idea. Simplify the tax system – and put all those tax advisors and ATO people into actual productive work.
Legislative and regulative complexity is a subsidy – from those who can’t afford expensive advice to those who can.
Not just in tax but in all activities.