The Forum > General Discussion > Tax Reform, Who Needs It.
Tax Reform, Who Needs It.
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Posted by Poirot, Saturday, 4 April 2015 10:05:22 AM
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The tech giants Apply, Google and Microsoft have been haled before the Senate Inquire into corporate tax avoidance. These companies have been accused of channeling huge profits overseas to avoid tax in Australia.
http://www.abc.net.au/news/2015-04-08/google-apple-microsoft-deny-tax-avoidance-senate-inquiry/6379024 Posted by Paul1405, Thursday, 9 April 2015 9:59:53 AM
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With so many past and present conservative politicians pushing for a hike in the GST and doing their best to convince battling Australians that a GST rise would be good medician for them. One has proved the exception, Peter Costello has come out and slammed the economic performance of the Abbott regime as a "morbid joke"!
While business pockets billions of free tax dollars, seemingly with Hockey and Abbott's blessing, they have had plenty of time in office and done nothing about it, except make a few weak old noises. Abbott and Hockey have been looking for new and varied ways to slug the Aussie battlers with new taxes and charges, and increases in existing taxes on the poor, to cover their own economic incompetence, whiles looking after their mates in big and small business! http://www.smh.com.au/federal-politics/political-news/joe-hockey-and-peter-costello-trade-barbs-over-abbott-governments-tax-and-budget-strategy-20150413-1mkf5j.html Posted by Paul1405, Tuesday, 14 April 2015 10:48:05 AM
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http://www.smh.com.au/federal-politics/political-news/energy-companys-11-billion-transfer-to-singapore-rings-tax-avoidance-alarm-bells-20150403-1me7ij.html
"An energy company operating in Australia transferred more than $11 billion to the low-tax jurisdiction of Singapore in a single year, heightening concerns that Australia is being duped by tax-minimising multinationals.
The extraordinary scale of funds being moved out of the country by individual companies is revealed in an internal Australian Tax Office memo, obtained under Freedom of Information.
It lists 10 companies that channelled a combined $31.4 billion from Australia to Singapore in the 2011-2012 financial year.
An estimated $60 billion in so-called "related parties" transactions went from Australia to tax havens in the same year.
Tax Commissioner Chris Jordan and a number of his senior colleagues have recently flagged concerns about cross-border transfers and intra-company refinancing and the potential that they are linked to tax avoidance.
The Tax Office is particularly concerned about mining and energy companies extracting Australian minerals which have established "marketing hubs" in Singapore that appear to have little use other than as a destination for shifted profits.
An ATO spokeswoman said the issue was currently under investigation. "I can confirm that we currently have 15 audits of marketing hubs under way with more ready to go," she said."
Etc....