The theme of our Convention this year was the distinction between the taxation LAW - that is, the black-letter laws and regulations on the statute books, as interpreted by the Courts and Tribunals, and the taxation LORE - that is, what taxpayers, their advisers, and the Commissioner believe the law is or perhaps would like it to be.
It has always been thus, but lately the Commissioner has signalled a more revenue centered approach to the interpretation of legislation. This has provoked no little controversy in the tax profession, particularly among advisers to small and medium sized enterprises.
We trust that our thought-provoking array of presentations on both tax and broader economic issues will assist our members and our clients, as the Australian community moves into the next phase of what have been, and will continue to be, uncertain times.