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Corporate Tax Cheats

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9 yrs ago

Luxembourg tax files: the Australian companies engaged in tax avoidance.

Ikea , the Future Fund, Lend Lease, AMP and Macquarie Group are among dozens of Australian companies using elaborate, legal structures to cut their tax bills, leaked documents reveal read more:

http://www.theguardian.com/business/2014/nov/06/luxembourg-tax-files-the-australian-companies-engaged-in-tax-avoidance

 The government is pushing for the poor, the sick and the elderly to pick up the budget bill, while corporate tax dodgers get off with paying a pittance. A good example, Ikea. They pay a meagre 3% while the rest of the population pays 30%. Why is this allowed to happen? Corporate tax cheats are costing Australian taxpayers billions of dollars — money that could be funding our hospitals, universities and social safety net. 

 

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Micha,

Most topics wander, provided they come back to their roots from time to time I see no drama.

I can recall paying some $25,000 in tax one year in the early 90s when one of WAs leading businessmen only paid $8,000.

That I was a wee bit peeved at the unfairness of the situation goes without saying.

He had access to the breaks, as salaried staff I did not.

Take it easy.

SD

Corporate tax avoidance is worse than simply defrauding a country of taxes and forcing ordinary taxpayers to pick up the tab, they also:

- take their money overseas which ensures less money circulating in that country's economy and thereby affecting the health of that economy

- by paying less taxes, they have an unfair competitive advantage over those corporations who do NOT practice tax avoidance OR take their money overseas.  

Hence, these mega corporations do more than simply make ordinary taxpayers pick up THEIR tax liabilities, they are also detrimental to the health of our economy.

Agree with you absolutely Mussi re the above. I think many believe that enough is enough. The world is close to the point where hiding money offshore is foolhardy, no matter how little or large the amount is. Read in the Business Insider that the loopholes are beginning to close and the Australian Tax Office has announced a voluntary scheme for people to declare unreported foreign income and assets.

The ATO wants taxpayers with offshore assets to report their interests ahead of a global crackdown on people using international tax havens. The deal seems to be a good one because the ATO will limit any penalties to 10% rather than the usual 90%. The major added benefit of this scheme is getting the opportunity to escape a criminal investigation.

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kfchugo
9 yrs ago

I agree that 10% is better than 90%, but for the really clever and astute, 0% is even better. I wont be declaring my offshore millions :)

I am gunna dob you in then.

KFC,

I mentioned to my accountant back a bit that the best place for some money would be buried in a hole in the back yard somewhere.

He said he knew of an old prospector who did just that, quite a bit of money invoved from all accounts. Unfortunately Altzheimers caught up with him and he could not remember what he had done with it.

The family were quite peeved and had turned the back yard into a wasteland trying to find it. Last heard the money was still AWOL, along with his memory.

Take it easy.

SD

SD, 

My great aunt used to hide money in her mattress, when she died they threw out the mattress. We only found out about the money some time later due to several entries in her diary!

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