A Tax Ruling - ABC Online

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    The Federal Treasurer says he is yet to decide whether the tax laws need changing, in response to a deduction granted to a Perth heroin dealer.

    The Federal Court has upheld a ruling, allowing the drug dealer to claim a $220,000 deduction for money stolen during a drug deal.

    The judge suggested Parliament should address the situation.

    The Treasurer, Peter Costello, says he will consider that once the appeal process is exhausted.

    In Parliament, he has ridiculed an Opposition call for the Government to turn its attention to confiscating the proceeds of crime, instead of taxing it.

    "You can do both Mr Speaker, because you can tax the proceeds of crime which they can pay out of other income which they may have lawfully, and you can confiscate the proceeds as well," he said.

    "That is the Government's position, a much tougher position than the Labor Party's position."

 
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