Australia’s going for the foxes in charge of the henhouse approach to corporate tax collection

Posted on

The Sydney Morning Herald has reported that:

The Australian Taxation Office wants to allow big business to oversee its own tax returns, internal documents reveal, despite the potential for conflict of interest, greed and even corruption.

The Tax Office has been working on a “transformational” plan to fundamentally change Australia’s corporate tax system with companies allowed to use their own accountants to sign off on their tax bills, effectively outsourcing tax oversight to the private sector.

No, this is not April Fool’s Day. The suggestion is, apparently, that KPMG, PWC, EY and Deloitte (and others, no doubt) should audit their own client’s tax affairs and agree them on behalf of the state for tax purposes with the goal of ‘saving money’ even when, no doubt, many of those tax returns will include tax planing schemes sold to them buy those same firms.

It is, quite literally, an insane idea.

Wait for it to be copied here, soon.