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Anti-avoidance Legislation Costly and Won’t Work

Anti-avoidance Legislation Costly and Won’t Work

ACT Finance Spokesman Rodney Hide said today that the Government’s new anti-avoidance legislation was costly, unnecessary and wouldn’t work.
“Dr Cullen was warned when he rushed his tax-hike Bill through the House under urgency before Christmas that his legislation was deficient, that the policy was muddle-headed and that more legislation would be needed to patch it up.
“This is now the second piece of legislation announced attempting to fix the gaps in our tax base that the hike to 39 cents has made possible. The first was the five-percent withdrawal tax on super funds. We now have the Minister targeting trusts, companies and partnerships that as was predicted can be used to avoid his tax hike.
“The Minister’s response is dopey. It makes our tax laws even more costly and complicated. The new rules are easily got around.
“There’s no doubt there will be more legislation as Dr Cullen continues to attempt to plug the holes he has created.
“The mistake was to hike the top rate to 39 cents in the first place. That tax hike was unnecessary and very bad economically. It looks like the Minister of Revenue is now going to spend all his time attempting to plug the gaps instead of just admitting his mistake and going back to 33 cents,” concluded Rodney Hide.

ENDS

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