Quote:
Originally Posted by Renato1
Most of this is the line being peddled by Fairfax, the ABC and Crikey.
Most of the tax stuff has been attacked and demonstrated to be wrong by Terry McCrann in his columns.
And, as he points out, Fairfax's main financial paper, the Australian Financial Review is probably very embarrassed by the tripe being put out by its sister papers. The AFR isn't publishing the "We are being ripped off by companies" nonsense, because they know it's nonsense.
The notion that the most feared organisation in the country - the ATO - just lets companies pay little of no tax, is ridiculous.
As Treasurer Hockey recently said, the companies are paying 30cents tax in the dollar on every single dollar that they are required to do so.
McCrann pointed out that the conspiracy articles were
a. confusing accrual accounting profits in the company reports, with the actual profits they had to pay tax on,
b. that they were confusing Trusts with companies, where the trusts pay no company tax, but the trust owners were paying tax at the full personal rate,
c. that they were confusing overseas earnings with local earnings, where, for example their analysis suggested that Newscorp should be paying Australian company tax on all its profits, when in fact most of that profit is made overseas, where they pay tax in the overseas countries.
Regards,
Renato
|
Murdoch's newscorp recently received a nice refund from the ATO to the tune of about 880 million dollars soon after the Abbott government was elected in 2013.
Hockey made no comment on the refund, and the government decided not to challenge the Federal Court ruling
Terry McCrann works for Murdoch doesnt he? Like Andrew Bolt, a world authority
Almost two-thirds of Australia’s top 100 companies listed on the stock exchange have subsidiaries in tax havens or low-tax jurisdictions, a new report shows.
Thirteen of the top 20 companies, including two of the big four banks, have entities in well-known tax havens such as the Cayman Islands, Luxembourg, the British Virgin Islands and Bermuda.
http://www.smh.com.au/business/top-f...524-2k719.html