IR Act & Regulations: A Disgrace

Forget about the substance and effect of the new Federal IR Laws for the moment, but reflect on this

- the Federal Government has been spruiking de-regulation rather than more regulation

- many Federal Ministers have spoken about cutting red-tape for business

- the new IR Act is 1,151 pages long

- the new Regulations, only issued late last Friday afternoon, are 414 pages long

- in the absence of a consolidated IR Act, it is not presently possible to "tie back" references to a section in the Act to the actual Act

- an Explanatory Statement runs to some 400 pages.

Bottom line, the whole "scheme" starts next Monday. Who is going to be able to understand it all let alone comply?

And then there are the draconian provisions of the Act and the Regulations. Watch out for what will be considerable angst and repercussions to this legislation.

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Mahler's Prodigal Son

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