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Labor’s proposal to limit the deductibility of the cost of managing tax affairs to $3,000 has been met with scepticism from the tax commissioner.
The basis of Labor’s proposal comes from analysis of ATO data that showed that in 2014–15, 19 people claimed an average of $1.1 million in deductions for the use of “the lawyers and tax advisors that helped them pay no tax”.
Read more at the Accountants Daily.