"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman
Tuesday, October 4, 2011
The World's Greatest Treasurer's Ten Billion Dollar Tax Fiasco!
The Gillard government faces tens of billions of dollars in losses due to botched legislation allowing companies to claim huge deductions for takeovers dating back nearly a decade. It seems that the World's Greatest Treasurer Wayne Swan has delegated the worst tax error in living memory to Assistant Treasurer Bill Shorten for clean-up. . The Australian public would do well to remember that this is the same bunch of incompetents asking them to believe they are right in carbon tax calculations .In the private sector errors of this enormity would warrant instant dismissal as in the recent cases involving traders who made losses for their banks. Swan should take responsibility and resign immediately because as minister he is responsible.
The looming fiscal debacle means Canberra is likely to take the extraordinary step of announcing retrospective legislation this month to try to fix the issue, despite the outrage this will cause in the business community.
The changes to the tax law came into effect in July last year but the government and the Australian Taxation Office belatedly realised in March the massive loophole created by accident in corporate tax.