Thanks Thanks:  0
Needs Pictures Needs Pictures:  0
Picture(s) thanks Picture(s) thanks:  0
Results 1 to 14 of 14
  1. #1
    Join Date
    Jun 2007
    Location
    Victoria, Australia
    Posts
    114

    Default Is Australia the world's best tax haven ?

    This list was posted in the Age sometime ago. These companies have over $1billion in revenue and pay no income tax in Australia. Labor's Sam Dastyari has been pushing this in the senate against must pressure from vested interests. Any of these companies familiar?

    Why is the 15% GST proposal so emotionally discussed, but these $1Billion plus earners get almost no mention?

    By way of one example, CSL is leaving Australia for Switzerland which has a lower Company Tax.... lower than zero ?

    CSL LIMITED
    Total income: $2,105,980,000

    ______________

    Who is not paying tax?

    Here is the source.
    Which of Australia's biggest companies are not paying tax


    Last edited by Big Shed; 8th Feb 2016 at 07:46 PM. Reason: Link from SMH pasted in

  2. #2
    Join Date
    Aug 2015
    Location
    QLD
    Posts
    735

    Default

    Why should any company pay 'income' tax ?

    Like most Australians I own shares in some of these companys either directly or indirectly and I pay tax on the dividends. Looking at the situation in the most basic way, the more you tax the Co's the less the dividend payout.

    Most tax money is p.issed against the wall by the politicians anyway. They dont deserve any more then they get to waste... in fact a dramatic reduction is in order.

  3. #3
    Join Date
    Jun 2007
    Location
    Victoria, Australia
    Posts
    114

    Default

    Same argument can be applied to personal income tax. It took a senate inquiry to make this data publicly available and that against much resistance. Currently Government expenses exceed revenue, so lets increase the GST.

  4. #4
    Join Date
    Aug 2010
    Location
    Near Bendigo, Victoria, AUS
    Age
    72
    Posts
    3,102

    Default

    I agree with the GST incrrease wholehearedly.
    Think about it: paying tax for having money or earning money or saving money or investing money is ultimately an incentive for people or companies to make an effort to do these. However taxing SPENDING money is the fairest way. Rich people spend lots - and therefore pay lots of tax. Poor people spend less - and pay less tax. What could be fairer? If rich people or companies don't want to spend it but save it or invest it or whatever without having to pay tax, then there is a great incentive to grow companies, job numbers, infrastructure etc....
    What really s#1ts me is rich people not paying tax on money they SPEND, because they have weasel ways of making it 'someone else' spending the money (like their companies or whatever) tax free.....
    The VAT and MWSt in Europe is now around 19% I think and guess what, they can afford to look after their education (free), health (free), social services (free), infrastructure....
    Incidentally, some of the Baltic states (Denmark, Sweden, Norway, Finland) have the highest personal tax system in the world - and the statistics show they are the people happiest to live where they live, the most satisfied with their governments. Seems the people most frightened of tax are the most annoyed with their governments. Logical?
    Cheers, Joe
    retired - less energy, more time to contemplate projects and more shed time....

  5. #5
    Join Date
    Nov 2007
    Location
    Near Rockhampton
    Posts
    270

    Default

    Quote Originally Posted by YBAF View Post
    Why should any company pay 'income' tax ?

    Like most Australians I own shares in some of these companys either directly or indirectly and I pay tax on the dividends. Looking at the situation in the most basic way, the more you tax the Co's the less the dividend payout.

    Most tax money is p.issed against the wall by the politicians anyway. They dont deserve any more then they get to waste... in fact a dramatic reduction is in order.

    Your signature line urges "reasoned argument" to combat Global Warming Hysteria. Is this your idea of reasoning regarding tax reform?

  6. #6
    Join Date
    Nov 2006
    Location
    Bendigo Victoria
    Age
    80
    Posts
    7,471

    Default

    Topari, please post a link to your source for the company data or else it will be deleted, we have no way of verifying anything on that list.

    Not quite sure why this is posted on a Metalwork Forum?

  7. #7
    Join Date
    Jun 2007
    Location
    Victoria, Australia
    Posts
    114

    Default

    Quote Originally Posted by Big Shed View Post
    Topari, please post a link to your source for the company data or else it will be deleted, we have no way of verifying anything on that list.

    Not quite sure why this is posted on a Metalwork Forum?
    Data deleted. You can delete the thread. The data is real an I would expect people to be outraged.

  8. #8
    Join Date
    Jun 2007
    Location
    Victoria, Australia
    Posts
    114

  9. #9
    Join Date
    Aug 2008
    Location
    near Rockhampton
    Posts
    6,216

    Default

    Do people forget about things called expenses?

    What is the point of a list showing how much revenue a company makes. It has no relationship to how much profit they make.

    Profit is taxable, revenue is not.
    Gold, the colour of choice for the discerning person.

  10. #10
    Join Date
    Nov 2006
    Location
    Bendigo Victoria
    Age
    80
    Posts
    7,471

    Default

    Quote Originally Posted by topari View Post
    Data deleted. You can delete the thread. The data is real an I would expect people to be outraged.

    I didn't question whether the data was real or not, but in cases like this it is always better to post a link rather than a humongous list (very hard to scroll through and hard on forum resources and could have come from anywhere).

    People can now see where this list came from and make up their own mind based on the source of publication.

    Let me just say that this is a world wide problem and most countries are trying to grapple with it.

  11. #11
    Join Date
    Nov 2006
    Location
    Bendigo Victoria
    Age
    80
    Posts
    7,471

    Default

    Quote Originally Posted by .RC. View Post
    Do people forget about things called expenses?

    What is the point of a list showing how much revenue a company makes. It has no relationship to how much profit they make.

    Profit is taxable, revenue is not.
    Thank you RC, forgot to put that in my reply.

    Makes for a nice "sound bite" though and gets in the gullible punters.

  12. #12
    Join Date
    Dec 2005
    Location
    Canberra
    Posts
    490

    Default

    Profit may be taxable, but when you source finance (or buy car engines, or materials, or lease IP, or other forms of transfer pricing) from your parent company in the Cayman Islands at five times the rate you could have sourced it locally, you've just reduced your "have to pay tax on" Australian profit and magically created a profit in a lower (or no) tax environment.

    For example:
    How Ireland got Appleā€™s $9bn profit | afr.com

    I'd love to pay less than a cent in the dollar income tax too!!!!

  13. #13
    Join Date
    Nov 2006
    Location
    Bendigo Victoria
    Age
    80
    Posts
    7,471

    Default

    Totally agree MS, but as long as these practices are legal these companies will continue using them.

    The current govt has gone some small way to try and curtail these practices, but there is a long way to go.

    Countries all over the world are grappling with this problem, we are not alone.

    We need more than some pollie grandstanding and breast beating, particularly one from a party that has done nothing about it in their last 2 terms in office.

  14. #14
    Join Date
    Sep 2011
    Location
    Emerald Central Qld
    Posts
    349

    Default

    Unfortunately most small businesses dont seem to be able to get out of paying tax.
    In my case the business pays on the profit ?? and my wife and I pay as well.

    The harder you work the more tax is paid for the hot air generators to waste on some hair brained scheme .

    If there was a BS tax the pollies would be paying the highest.

    Michael

Similar Threads

  1. Hmm. Haven't taken anything apart lately...
    By Michael G in forum METALWORK GENERAL
    Replies: 17
    Last Post: 10th Feb 2015, 11:24 AM
  2. Only in an imperfect world would we be without vice.
    By Michael G in forum METALWORK GENERAL
    Replies: 16
    Last Post: 24th Jan 2014, 06:54 AM
  3. It's a small world
    By neksmerj in forum METALWORK GENERAL
    Replies: 0
    Last Post: 17th Apr 2011, 09:30 PM
  4. World Blacksmithing Championships
    By BobL in forum THE SMITHY
    Replies: 41
    Last Post: 15th Jul 2010, 01:26 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •