Cullen closes loophole that had no "significant impact"

Cullen has announced today that he will pass changes to the legislation implementing the loans policy, despite him telling the house that, "No, I do not think there will be any significant impact in that respect".

The changes will: 

  • Ensure that refunds relating to the 2004-2005 and 2005-2006 tax years remain subject to interest.
  • Prevent refunds being claimed for previous years unless the claims have already been lodged.
  • Remove the opportunity to apply for special deduction rates below the standard 10 per cent rate for the balance on the current tax year. 

One wonders about other loopholes out there awaiting closing that have no "significant impact". Not only has he closed the loophole he will do it retrospectively. Retrospective legislation is in essence an admission of poor policy, legislation and planning.

Some questions for parliament;

  1. Would the minister explain why if there was no "siginificant impact" he has closed the loophole.
  2. Why is the minister making the legislation retrospective when he told the house on 23 November 2005 that "I doubt they would be made retrospective".
  3. Given that the minister has said "I doubt they would be made retrospective" on 23 November 2005, could he please explain how he has not mislead the house in giving that answer.

Why don’t these bozos just admit that the policy is a crock and needs to be completely disposed of or re-thought by someone other than a failed history teacher?

 


THANK YOU for being a subscriber. Because of you Whaleoil is going from strength to strength. It is a little known fact that Whaleoil subscribers are better in bed, good looking and highly intelligent. Sometimes all at once! Please Click Here Now to subscribe to an ad-free Whaleoil.

48%