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.

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.

Well said Joe!
I would trust you for sure :)

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.

May May - Did you mean -
Trust me, I am from the Government and I am here to help you

Yes Philip, that's correct. I'm Joe, and I'm the Treasurer. I sit in the "one true" government, at the right hand side of Go.... oops I mean Tony. Any alternative government would be led by a false prophet. You can trust me, I wouldn't lie to you.

To the 'Usual Suspects' on OLO 'God the Father' (aka Rupert Murdoch) is well up the list! That news must grieve you no end to discover that your much beloved 'Septic Tank' is right up there with our biggest tax avoiders.
The Liberals are shocked at these revelations in the SMH. How long has this been going on, they ask? It must stop! Bill Heffernan a close confidant of Abbott warns the government must secure the tax revenue base before spending on essential services is affected. The Liberals are shocked! Well, well, well, who are they kidding they have aided and abetted big and small business in ripping Australia off since the year dot! Don't try crying crocodile tears now. The votes will pass judgement come next election.

'The Liberals are shocked!

Yea Paul just like Labour/Greens are shocked by union thuggery and corruption. Give us a break.

Just be careful what you wish for because there's always two sides to a story, but all too often when the other side is told it doesn't sell news.

Surely You must look at the big picture before passing comment.

Dear Rehctub,

Some people can't see the bigger picture.
They've got such a small screen.

Phillip I have mentioned many times that Australia delivers more “Return On Investment “to Global Miners than any of their other global operations.

This means some despot in Africa has hammered out a better deal than our consecutive governments.

In the 1970’s the corporations coughed up 27% in tax in first world countries....now they pay 9%.

Global Miners dig up and tap our carbon fuels for nothing and we are forced to pay world parity pricing. The only thing we had going was cheap energy.....they strip our resource and we pay extra. We ship coal to India while we import their wind turbines and pay billions for the privilage ....who’s looking out for Australia, not our government.

Phillip, just 8.4% of all the 5bn adults in the world own 83.4% of all household wealth , that’s property and financial assets, like stocks, shares bullion and cash in the bank. Australians have less household savings than in 1970. In the 1970’s WE owned five State Banks and one Commonwealth bank.......we own nothing now and have the highest consumer debt in our history.

There are 147 companies that own produce and deliver 90% of everything we buy...those 147 arw owned by 3 corporations: CME Group, Barclays, and Mcgraw Hill......and behind them is almost every federal reserve bank on the globe and behind them is the European Banking Cartel............very very few run everything and they control the technology and the governments.

It is ironic that in an enlightened humanitarian age we are more enslaved by the few than ever.

sonofgloin, thank you for that most enlightening and accurate comment, unfortunately it falls on the deaf ears of the 'Crumb Gathers' of which we have numerous examples here on OLO. They kneel at the rich mans table ever wanting, ever hoping, that a tincy morsel may fall their way. Lads have you had your daily bread?

Runner, nothing what so ever to say about this tax scandal? Just some nonsense comment off the subject. Well, being a professed member of some churchy mob, those non paying parasites of society, I expect nothing less from you!

sonofgloin - Contrary to what Paul says I agree with what you say.
It amazes me why some people have so much money they could not spend it in a lifetime but work hard or sneaky to accumulate more, probably saying is true money = power and that is what they really want.

Phil; <<Contrary to what Paul says I agree with what you say>>
sonofgloin; Contrary to what Phil says I agree with what you say.
We have a lot of warm and fuzzy agreement here.
Runner; Contrary to what Anyone says I never agree with what you say.
Well, that takes care of some of that warm and fuzzy agreement. LOL

Other people are not your property.

People benefit society more by avoiding and evading tax than they do by paying it; and so there is nothing morally wrong with people avoiding it. On the other hand, there is nothing moral about obtaining funds by threatening to cage and rape people, which is all that tax is.

It never occurs to the greedy graspers who advocate high rates of tax that it's a tax on *income*. The troglodyte class think of this as what they get in their bank after their employer has taken out the tax.They are rarely confronted with the choice whether to categorise something as income (taxable) or as an expense (not taxable).

However for the productive class who actually do all the employing, they are confronted with this decision all the time. *Obviously*, given the choice, they're not going to choose to categorise an item as taxable when they can equally validly choose to categorise it as not-taxable.

You should be cheering the companies that avoid tax, and only a parasite and a hypocrite would think himself entitled to the fruits of other people's labour taken under coercion.

Jardine said, "only a parasite and a hypocrite would think himself entitled to the fruits of other peoples' labour taken under coercion". Hmmmm, sounds like a typical overpaid company executive.

Dear Jardine,

<<People benefit society more by avoiding and evading tax than they do by paying it; and so there is nothing morally wrong with people avoiding it.>>

Benefit is no measure of morality.

Morality says: "Thou shalt not steal".

Perhaps if you openly refused to pay tax, then you could stand your moral ground.

(
As for "benefit", there isn't really any as you claim, because when you avoid paying tax, the government simply raises the taxes on other innocent people, who cannot then benefit themselves or others with that extra money that was taken away from them.
)

When Jesus was given a Roman coin, he asked: "whose face is this?", so they answered "Caesar's", so he said: "then give him back what is his!". If you accept the government's money, which they printed using their favourite faces, then you are not a victim when taxed, then you have become their partner in crime and should accept their conditions, those strings attached to their money, including taxation, without complaining.

Yes, of course we should complain that the state/government heavily-restricts our freedom to use our own money, but one evil doesn't cancel another. So long as you accept the government's money, you are morally obliged to pay your taxes.

Jardine K. Jardine>> People benefit society more by avoiding and evading tax than they do by paying it; and so there is nothing morally wrong with people avoiding it.<<

As Paul said this is an agreement fest.....but let’s qualify the tax players.

JKJ, you said "people avoid tax" and some do by understating or over claiming in their returns....criminal actions that are against the law.

Corporations on the other hand do not wilfully understate or over claim........they have constantly applied pressure through professional lobbyists to legally have the amount of tax they pay reduced.

All first world governments have cut the tax paid by corporations by two thirds in thirty years while the PAYE employee tax rate is the same...they just piss around with the thresholds every now and them so they have an election promise.

If you PAYE $1000 you will be taxed $220......If a corporation earns $1000 they will be taxed $90....and they can claim GST back as well.

The 8% that own 85% of everything on this globe must be aliens because they have no shred of humanity in them.....We are poor saps.......with the 15% of the globes assets that the 92% of us own we feed the needy, shelter the homeless and support charities...what do the 8% do with the 85% they own?....really what do they do with it?