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Harradine not the end of the line for GST



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MEDIA RELEASE

18 May 1999

Hamtdine not the end of the line for GST

Senator Harradine is not the end of the line for the GST and businesses that discount the tax are taking huge risks, the Australian Society of Certified Practising Accountants^CPAs) said today.

“There is now a perception that tax reform is dead and buried. However, businesses that do not have contingency plans in place, whatever the outcome of the current political stalemate, risk bankruptcy. Business planning and decisions must be made while the politicians procrastinate,”

Angela Ryan, ASCPA Tax Director said today.

“The Government has a number of clear options left to them to pursue tax reform, including negotiating with the Green parties, negotiating with the Australian Democrats, or triggering a double dissolution.

“Regardless of the politics, business still needs to have a contingency plan to manage their affairs whatever is finally agreed in Canberra. 11 would be a mistake to leave business planning until the tax reform legislation is passed in the Senate. By then losses could be substantial and unrecoverable.

“All indications are however, that if the GST makes it through the Senate it will be more complicated than the current proposals. 'That makes planning even more imperative,” Ms Ryan said. ยท

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Contact: Angela Ryan, ASCPA Tax Director, 0414 865 339 (mob), or Lisa Armstrong, PR Manager-NSW, 02 9375 6205 (bh), 0414 834 700 (mob).

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Australian Society o f Certified Practising Accountants 170 Queen Street, Melbourne, Victoria 3000 Tel.: 03 9606 9606 Fax: 03 9602 1163 ACN 008 392 452