Thread: Australia's top 40 tax dodgers

And yet people are moaning and groaning about a few old farts getting a few dollers tax relief on franking credits while all these big companies are getting a free ride woth billions of dollars.

The rules that allow this situation to be revised won’t be fixed whilever those with the power to amend them are influenced by lobbyists and other ‘mechanisms’ that allow influence over the individual representative

We are lucky in Australia that we have minimal corruption but the influence of the rich over the elected is one remnant

How many of the retiring politicians have been offered a sweet post on the board of “retirees wanting their cranking credits Pty Ltd”?

Originally Posted by AJM

The rules that allow this situation to be revised won’t be fixed whilever those with the power to amend them are influenced by lobbyists and other ‘mechanisms’ that allow influence over the individual representative

We are lucky in Australia that we have minimal corruption but the influence of the rich over the elected is one remnant

How many of the retiring politicians have been offered a sweet post on the board of “retirees wanting their cranking credits Pty Ltd”?

Franking credits, not cranking credits!

Collectively, those old farts are robbing the country by a couple of billion dollars. Some $3.8bn from individuals Will Labor's dividend imputation policy overwhelmingly affect the low paid? - Fact Check - ABC News (Australian Broadcasting Corporation)

Are they breaking any laws???

A mate of mine runs a couple of company’s.....he pays good money ensuring he doesn’t pay a cent more than required

No one says they break any laws

The question remains though “are the current laws looking after the greater good of Australia?”

Everyone should pay as little as possible in tax, but multi-national corporations can shift income that “should” be taxed in Australia into low tax countries by mechanisms like transfer pricing that gives an unfair edge over all Australian companies that have their entire business structure within our borders.

This well known clip is quite relevant - the companies in the thread's link above may be minimising tax but I bet it is because the laws allow them too.

See from about 1.30 but the whole thing is interesting.

YouTube

The whole argument that these big companies pay no tax is flawed. They pay literally tons of tax, just not on profits. It comes out through payroll tax, royalties, tax on shareholder dividends, GST etc. To compare company tax to personal income tax, which is how the argument is simplified for the 2GB listening public, is just plain wrong. If a company is operating correctly, their taxable profits should be minimal. Whatever cash is left over after expenses should be invested in growth or paid out in dividends. Ergo, no company tax payable.

If the money is being "paid" to parent companies abroad then that's another matter, but then you need to consider what that parent company invested in the first place. No investment means no jobs, and no subsequent payroll tax.