Archive for 'Tax avoidance'
Saving money, the driver for cutting the ATO staff by 20%, is also the driver of big business tax avoidance. Business tax avoidance is systemic. It requires a systemic response, not Tax Office staff cuts.
This is a link to my article in socialist magazine Solidarity on how tax avoidance is very big business indeed, and why we should be going after multinationals rather than taking services away from the needy. To read the whole article click here.
Tax avoidance is big business
Obviously GlaxoSmithKline has seen an opportunity to increase its returns in what is a highly profitable industry. Don’t imagine however that we as community will benefit indirectly through increased tax revenue from this profit gouging.
According to the Corporate Tax Transparency Report recently released by the Australian Tax Office, in 2012/13 GalxoSmithKline had sales of almost $1.5 billion in Australia. However its taxable income was only $57.9 million on which it paid tax of just under $12 million.
GlaxoSmithKline: A tax avoider and a price gouger using the Turnbull government’s attacks on people in chronic pain to further advantage itself at our expense.
The fact that Thomas has to resort to puerile name calling rather than rational analysis highlights the paucity of logical arguments those defending tax avoidance by big business have. Yours in frog droppings, sandal-wearing, muesli-chewing and bike riding on pedestrian walkways
This is a link to my article in Monday’s Canberra Times on tax avoidance. I end up by saying: ‘If big business wants to win back the trust of working class taxpayers who pay more tax than them, in some cases literally and in many cases as a percentage of their income, then it is time for those companies to explain how it is that their tax contribution is zero or small. After all if they have nothing to hide they should have nothing to fear from telling us their full tax story.’ Click here for the link to the full article.
Resource companies, rapaciousness, destruction of the environment and of jobs, and tax minimisers are words that all come to mind.
Is there a correlation between mistreating staff and avoiding tax? Between profiting from people’s misery and tax avoidance? Read my report in Independent Australia today (Monday) to find out. Click here. Big business tax watch: Do corporate tax avoiders also mistreat their staff?
The ATO’s recent ‘Corporate Tax Transparency Report’ is reason to be “screaming from the rooftops for the companies in this list to explain how they have been exploiting us for years”, according to former Assistant Commissioner of Taxation, John Passant.
To read the whole article in Independent Australia click here. Big Business Tax Avoidance
Me in Independent Australia on Australian Prime Minister Malcolm Turnbull on transparency: Shielding the rich and shrouding gulags in secrecy
Australian Prime Minister Malcolm Turnbull says he’s keen on transparency but shields the rich from transparency on tax, shrouds our gulags in secrecy about atrocities in detention and tells us zip about his tax haven investments. Not good enough, says former Assistant Commissioner of Taxation John Passant in Independent Australia.
An annual net wealth tax on the top 10 percent of the wealth holders, abolition of the superannuation tax haven, removal of the capital gains tax concession, taxing trusts like companies, imposing a super profits tax on all industries (such as banks, not just mining companies,) making the current income tax system more progressive, with for example a 100% rate on all income greater than $250,000, are just a few suggestions that come to my mind. Of course, Labor as a party of neoliberalism won’t do anything radical. It will fiddle while the revenue Rome burns