Favourite Comment of the Week
Perhaps Professor Fels should name and shame the Vic Government for profiteering with its triple tax for decades.
There is some logic in what Paul has raised here. I vividly recall Prof. Fells making many a statement about business not being permitted to profit from the introduction of the GST. Many builders initially, wrongfully charged the full GST amount on materials and then added their profit margin and GST on GST. This was quickly picked up and stopped for fear of fines and penalties.
The State Governments of course was immune to this and as we saw for 13 years has been allowed to not only double tax but triple tax those prudent enough to insure.