In his Budget reply speech last year, Opposition Leader Bill Shorten announced plans to impose a cap on the amount that can be claimed for getting tax returns done by a tax agent. Shorten said Labor would apply a cap of $3,000, claiming that 48 wealthy individuals had paid an average of $1 million to get their tax done in 2014-15, as a result of which they managed to get away with paying no tax.
On Monday, The Tax Institute labelled the policy “outrageous” and claimed that it would “cause fee pressure and see clients limit their advice to a dollar amount”. From Accountant’s Daily:
