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The Forum > General Discussion > Very disturbing information - must see.

Very disturbing information - must see.

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Very disturbing information everyone should see. especially the list of what companies pay go down the list, WE are being suckered by these companies right left and center. Remember the BILLION of dollars profit the big banks announced.

http://www.smh.com.au/business/the-economy/asx-200-company-tax-avoi...

Almost a third of Australia's largest companies are paying less than 10 in the dollar in corporate tax, according to a report that exposes a gaping hole in government revenues over the past decade.

As Australia prepares to host world leaders at the G20 summit in Brisbane in November, where a global assault on tax avoidance will be a key topic of discussion, the report found 84 per cent of Australia's top 200 stockmarket-listed companies pay less than the 30 per cent company tax rate.

Some companies, including household names like James Hardie, do not contribute a dollar to Australian coffers, it found.

Tax minimisation by large companies far outweighs that of small and medium-sized businesses and has a disproportionately large effect on eroding the tax base.

"Tackling corporate tax avoidance is an urgent priority; Australia does not have a spending problem, it has a revenue problem and it must be fixed," write the authors of the report, Who Pays For Our Common Wealth?

The 90-page look at the the tax contributions of the S&P/ASX 200 between 2004 and 2013 the first research of its kind attempted claims up to $80 billion was foregone by the taxman over that period; a sum of money that could all but wipe out the government's past two budget deficits.

It details the widespread and growing use of subsidiaries in tax havens and so-called "thin capitalisation", where local entities are saddled with huge debts to reduce tax liabilities in Australia.

Almost 60 per cent of the ASX 200 declare subsidiaries in tax havens. For example, global broadcaster 21st Century Fox has 117 and logistics group Toll Holdings 72 in low-tax jurisdictions, including Bermuda, the British Virgin Islands and Singapore.

FOLLOW above link for complete story.
Posted by Philip S, Monday, 29 September 2014 10:11:27 AM
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Hey, I'm Joe Hockey, now listen to me Philip buddy. What these companies are doing is perfectly legal. They break no laws. Therefore it's OK and 100% PC. Good on 'em.

Now, do you know of any unemployed bludgers (not to mention those horrid unmarried mothers) collecting $250 welfare per week? If so, I command you to immediately report them to me. These bludgers are living the high life, while our companies are struggling to make their billions.

You can trust me.
Posted by May May, Monday, 29 September 2014 1:49:00 PM
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Well said Joe!
I would trust you for sure :)
Posted by Suseonline, Monday, 29 September 2014 2:37:57 PM
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http://www.youtube.com/watch?v=L8vmOGalpxA
Posted by Jay Of Melbourne, Monday, 29 September 2014 4:04:08 PM
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So we have companies gold plating the network, so that they can increase prices, then these exact same companies are minimising the amount of tax that they pay in this country.
Posted by Wolly B, Monday, 29 September 2014 4:54:41 PM
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May May - Did you mean -
Trust me, I am from the Government and I am here to help you
Posted by Philip S, Monday, 29 September 2014 6:58:40 PM
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