According to the Fairfax Press 'A number of prominent Australians including captains of industry, politicians, philanthropists, developers, lawyers, accountants, criminals and entrepreneurs are set to become embroiled in one of the nation's most explosive tax investigations into offshore structures'.

Seems a few chickens are coming home to roost. As the old chinese proverb says 'may you live in interesting times'

The list includes "politicians" say no more, depending on who will determine who much will be released to the public.

I commend the person who released the information.

CORRECTED

The list includes "politicians" say no more, depending on who will determine how much will be released to the public.

I commend the person who released the information

Hold on, are we talking about blatantly illegal acts here or strategic ways in which people have legally, if somewhat unscrupulously, sought to minimise their tax?

Ludwig channelling Kerry Packer...

Priceless

Let's just wait & see what our self-proclaimed financial/economics guru Alan Austin will have to say about that because it is in those peoples' period that Alan tells us Australia has become the envy of the world. Envious probably that our Government has been letting them off the hook for so long.

legally,
Ludwig,
Do I detect a tiny hint of not all is well with the present system ? These people probably couldn't feed themselves if we had a fair tax such as a flat Tax. Alas, the way it is they can make squillions & get put on a pedestal for it.

<< Do I detect a tiny hint of not all is well with the present system ? >>

Absolutely Indi. The present system is very rotten indeed.

Yes a flat tax would be good. Except that it would be nice to be able to tax the very high income earners at a somewhat higher rate and the lowest income earners at a lower rate, yes?

<< Ludwig channelling Kerry Packer... >>

Hehehe, Anti.

As with the current army email scandal, and all sorts of other matters discussed on OLO, we need to understand that if a culture is allowed to exist, whether legally sanctioned or sanctioned due to blind-eyedness by the authorities to the point where something different to the strict legal situation is allowed to exist in an ongoing manner, then it is not so much the fault of those who partake in this culture or practice, but rather it is the fault of the authorities that have allowed it to become entrenched.

And then suddenly it is these same authorities that start crying foul because people are doing things that are at the edge of legality or even well beyond technical legality.

So lets be very careful about who is really in the wrong here.

very high income earners at a somewhat higher rate and the lowest income earners at a lower rate, yes?
Ludwig,
Well, if I could have my way way everyone would pay the same rate. If someone comes up with something that everyone is willing to pay for then good on them. Same if someone has the go & energy in them to make more. No more writing off expenses & we'd see a levelling of the playing field & a huge slow down in industrial pollution. We could quite easily have a 4 day working week & still be well off.

Can't agree with you here Luddy. Like Individual I want an equal tax, with stuff all deductions, exceptions or handouts to complicate things, & tilt playing fields.

One of our big problems is multiple bits of welfare handouts.

Any handout should be the same, & in just one up front package. For example, why should an unemployed person renting get rent assistance, when another with an even bigger mortgage gets nothing.

I want to see one payment, rather than a bit for a bloke, a bit more for his lady, a bit more for the kids, a bit more for rent, then a dozen others hidden in the fine print, that only smarties know about.

Those smarties working the system do very well, better than workers in many instance, & it is all hidden.

Yes flat tax, & if you want to help lower income earners, a high threshold. Then let everyone pay their own doctors & hospital bills, & their rent. This way if people can't live on their income, without hidden handouts it would become obvious, & major change would be demanded. The present system just encourages cheating.

Well it is no wonder since Australia has long subscribed to the US economic model of success ie. ambition and success = good and it doesn't matter how you get there.

A classic pigs at the trough scenario. These porcines are the first to cry if the minimum wage gets lifted by a measly 2% and yet quite happy to feast at the trough on the back of the poorest paid.

Wasn't it billionaire Warren Buffet who came out recently asking the rich to pay more. It is a problem inherent in the system and most have drunk the Koolaid.

I really love how these champions of capitalist free enterprise expect their employees and customers to be educated in taxpayer funded schools, be treated in taxpayer funded hospitals and even travel to and from work on taxpayer funded roads but don't see why they should have to contribute toward them in any way.

It's all provided free for their convenience.

Many also preach about the concept of mutual obligation and bemoan the idea of welfare yet influence politics for their own financial benefit and are often the biggest bludgers of all.

wobbles
Well put. These groups also quick to accept hand outs, in effect socialising debt while privatising profit. Win-win for the rich and powerful and the lowest paid continue to support these fat cats through low wages and taxpayer funded subsidies, grants or handouts.