Review of the Managed Investments Act 1998

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 Submissions - R. L. Filmer


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Sir,

This being Taxation submission time, I am currently preparing my documents relating to my investments for submission to my accountant. I make strenuous attempts to have a broad understanding of my tax return, if for no other reason that I can reasonably understand it when it is presented for my signature prior to submission. It also help me to arrange my documents so that the accountants time and his resultant costs are minimised.

 I am frustrated at the total inconsistency and  variety in the manner in which each investment organisation submits their Tax Statement Summary.  Some organisations provide  reasonably well prepared statements, others provide little or no matching of terminology with the tax forms. This lack of uniformity must surely be causing unnecessary costs, as those preparing tax documents sort through and search for correct information.

 Allowing that accountants are able to interpret across these inconsistencies, surely it is possible to arrange for

• Uniformity / consistency of document set -out

• Uniformity / consistency of terminology

of  Tax Statement Summaries so that persons of ordinary intelligence and interest are able to comprehend.

 Eventually, the information must be inserted into the taxation documents, which suggests that the above requirements could be met.

 

R.L.Filmer.
South Australia

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