If your super rich, you should never pay tax, in the UK these kind of people use a loop hole and have a good accountant to avoid paying tax.
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If your super rich, you should never pay tax, in the UK these kind of people use a loop hole and have a good accountant to avoid paying tax.
Spending freeze suggests low or no profit which = no taxQuote:
Originally Posted by Brett1066
Are the bastards forcing you to work for payment? :eek: :p
This list is not particularly useful.
Income tax is payable by a company on the amount of profit they make, not their income. The fact that a company has no taxable income in most cases will simply mean that it is not operating at a profit. In some cases this may reflect past losses carried forward. In a few cases it may indicate that they have arranged their affairs so that they do not make a profit in Australia, but I suggest that this applies to very few - and the ATO does chase them up.
If looking for anomalies, it is worth noting that the big miners are among the highest payers of tax, much higher than the big banks, but again, this difference is meaningless, since income before costs has no fixed relation to profit.
Some of the "no taxable income" ones are obvious - Qantas, for example, has been making major losses for a number of years, and has only just climbed into the black. It would be surprising if businesses such as News Ltd were making much, if any, real profit, as they have a lot of expensive units such as newspapers and TV stations that are losing money.
But to repeat - this list provides no information to gauge whether or not a company is paying their fair share of tax.
John
as with pretty much every rort, company scam, price fixing scam etc etc, which involves any large business or organisation in this country, they'll spend millions of the tax dollars that us hardworking people pay investigating, but absolutely nothing what-so-ever will be done about it.
But when the overtaxed hardworking population try to get something cheaper overseas because we are RIPPED OFF here big time, they will stamp down on that straight away to protect these non-tax paying companies profits by taxing us further to stop us trying to get a better deal.
Don't people realize that the only ones who pay over the top tax in Australia are those on a wage? The tax system is legally rorted by just about everyone else. The wage earners have to pay their tax before they get their money. Think of it as the price you pay for income stability. Anyone not on a wage doesn't know what income they will make next week and that includes big companies. Those not on a wage get to legally move their income around to minimize the tax. Everyone here would do it if they could.
Actually the truth is more like, " if we lowered the corporate tax rate AND got them all to pay it there would be a massive boost to govt tax collection and the ability to do numerous things properly ".Quote:
Originally Posted by Ferret
Your looking at hundreds of billions in lost tax through schemes. If we had that instead, you could correctly maintain roads, fund schools, increase infrastructure like trains, upgrade our medical facilities, reduce uni fees and increase places. For a start.
No nation has ever taxed itself into prosperity.?
― Rush Limbaugh
Quotes About Taxes (128 quotes)
Not that it's right but all that list really serves to demonstrate who has the best accountants :angel:
You have to ask, if these companies were made to pay mega amounts of tax (ie. an amount relating to their income) how many people would be jobless tomorrow? ;)
Wow quotes from a talk back radio host.Quote:
Originally Posted by B.S.F.
That theory ONLY works if the profits that avoid tax are spent elsewhere in the same countries economy.
When it's shifted overseas any and all benefits are lost.
Interesting second link.
Ha-Joon Chang
“Once you realize that trickle-down economics does not work, you will see the excessive tax cuts for the rich as what they are -- a simple upward redistribution of income, rather than a way to make all of us richer, as we were told.”
― Ha-Joon Chang, 23 Things They Don't Tell You About Capitalism
tags: economics, economy, recession, social-justice, tax-cuts, taxation, taxes 68 likes
Naomi Klein
“In Venezuela Chavez has made the co-ops a top political priority, giving them first refusal on government contracts and offering them economic incentives to trade with one another. By 2006, there were roughly 100,000 co-operatives in the country, employing more than 700,000 workers. Many are pieces of state infrastructure – toll booths, highway maintenance, health clinics – handed over to the communities to run. It’s a reverse of the logic of government outsourcing – rather than auctioning off pieces of the state to large corporations and losing democratic control, the people who use the resources are given the power to manage them, creating, at least in theory, both jobs and more responsive public services. Chavez’s many critics have derided these initiatives as handouts and unfair subsidies, of course. Yet in an era when Halliburton treats the U.S. government as its personal ATM for six years, withdraws upward of $20 billion in Iraq contracts alone, refuses to hire local workers either on the Gulf coast or in Iraq, then expresses its gratitude to U.S. taxpayers by moving its corporate headquarters to Dubai (with all the attendant tax and legal benefits), Chavez’s direct subsidies to regular people look significantly less radical.”
― Naomi Klein
tags: ch'vez, leftism, political, subsidies, taxes, usa, venezuela 24 likes Like
This one is good
“These are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas.
Wait—Texas? Wasn't Texas supposed to be thriving even as the rest of America suffered? Didn't its governor declare, during his re-election campaign, that 'we have billions in surplus'? Yes, it was, and yes, he did. But reality has now intruded, in the form of a deficit expected to run as high as $25 billion over the next two years.
And that reality has implications for the nation as a whole. For Texas is where the modern conservative theory of budgeting—the belief that you should never raise taxes under any circumstances, that you can always balance the budget by cutting wasteful spending—has been implemented most completely. If the theory can't make it there, it can't make it anywhere.”
― Paul Krugman