While very few Australians are amongst the “super wealthy” many ordinary people employ tax accountants to help them with their management and yes, the fees are tax deductible. Our country is built on innovation and through that innovation comes the need to structure businesses legally and efficiently. The result being jobs created in our country and increased tax revenue for the government to spend on education, health and essential services. Indeed, the ATOs own figures which are publicly available, indicate even those on large incomes don’t “spend millions” on their tax accountant.
But our federal opposition wants to restrict accounting fees as a deductible expense to $3,000.