The Guide to Legal Tax Evasion

Ikea is one of the world’s largest home furnishings retailer with 360 stores in 47 countries (Forbes). Surprisingly, this $11.8 billion empire is classified as a charity. Founded in Sweden in 1943 by Ingvar Kamprad, Ikea has achieved remarkable international success and faced few obstacles to its expansion (Forbes). The ingenuity of the brand’s unique retail formula extends to the company’s finances. By exploiting the obscure loopholes and quirks of different jurisdictions, Ikea is effectively able to minimize taxes and enjoy other benefits due to the complex fiscal maze of its business structure (Knaebel)

Ikea’s Innovative Accounting

 

If you established a private foundation, a legitimate one, then it may also be tax exempt.

The ones setup primarily to evade tax the ATO has their eye on.

Legal Database

I have established private ancillary funds and was a board member of one. It was also a deductible gift receipient. All legal and the funds were used legitimately for supporting education for disadvantaged children. Many high net worth individuals have PAFs or Private foundations as part of their structures and dont abuse them.

 

I should setup up one for my disadvantaged children.

 

Ill discount your fee

 

Best of the lot is a church. Worship the sacred god of property and all the income is tax free. FBT concessions, property taxes, land tax and far more. My trivial stipend of $2m a year paid from tithing.

I will call it PropertySong Church.

The Property God has a name - Terminus.....Google

 

how do i sign up..

 

I will send a credit card / direct debit authority form. I'm not so crass as to accept cash.

 

The mechanisms of big business are always a fascinating read

From Michael West there's Top 40 Tax Dodgers 2019 version

Counting down Australia’s biggest Tax Dodgers using 4 years Australian Tax Office transparency data.



1 ExxonMobil Australia Pty Ltd
2 Energy Australia Holdings Limited
3 Virgin Australia Holdings Limited
4 Vodafone Hutchison Australia Pty Ltd
5 Santos Limited
6 Pomi Pty Limited
7 Peabody Australia Holdco Pty Ltd
8 Amcor Limited
9 Fletcher Building (Australia) Pty Ltd
10 Ford Motor Company of Australia Ltd
11 Chevron Australia Holdings Pty Ltd
12 Hewlett Packard South Pacific Pty Ltd
13 Spotless Group Holdings Limited
14 BG International (Aus) Pty Limited
15 Nissan Motor Co (Australia) Pty Ltd
16 BNP Paribas S.A.
17 Puma Energy (Australia) Holdings Pty Ltd
18 Agrium SP Holdings Pty Limited
19 Healthscope Ltd
20 SABMiller Australia Pty Ltd
21 Food Investments Pty Limited
22 Citic Resources Australia Pty Ltd
23 Mitsubishi Motors Australia Limited
24 Foxtel Cable Television Pty Limited
25 Mirvac Limited
26 New Zealand Milk (Australasia) Pty Ltd
27 Sime Darby Industrial Australia Pty Ltd
28 Swiss Re Australia Limited
29 Ingram Micro Holdings (Australia) Pty Ltd
30 Sumitomo Australia Pty Ltd
31 CSR Limited
32 BPIH Pty Limited
33 Yancoal Australia Limited
34 Hannover Life Re Of Australasia Ltd
35 Wilmar Australia Holdings Pty Limited
36 Stockland Corporation Limited
37 ING Bank NV (Sydney Branch)
38 UGL Pty Ltd
39 Burns Philp & Co Pty Limited
40 Victoria Power Networks Pty Ltd

 

Fixed that for you

 

Looks like Qantas did trade its way out of trouble

Fleecing Australia: Tax Office data dump shows the usual large culprits paying no tax

The giant foreign corporations who extract the most from Australian soils and seabeds have once again paid the least in tax, dollar for dollar. Michael West reports on the fifth year of transparency data from the Australian Tax Office.

Oil and gas majors ExxonMobil, Shell, Chevron, again paid zip in 2017-2018. Serial offender Rupert Murdoch’s News Corp, the money magicians from Brookfield, the “Giant Vampire Squid” Goldman Sachs, a bunch of coal companies and frackers again showed zero income tax payable.

The Tax Office has released its annual data dump of this country’s top corporations and the tax they pay. We now have five years of transparency data and the usual suspects are right up there again, fleecing Australia.

Just under a third of the large corporations on the list of 2,214 paid no tax. Many of these will have had bona fide losses. In Australia, unlike the US, tax losses last forever. Thankfully Qantas’s billions in tax losses finally ran dry during the year and the airline was compelled to report a measly $10.96 million in income tax.

Putting this in perspective, this is far less than Qantas boss Alan Joyce’s pay last year of $24 million and was struck on total income of $16.6 billion and taxable income of just $98 million.

EnergyAustralia finally paid a skerrick of tax. Having belted out $30.2 billion in revenues over the prior four years, the energy giant, which is controlled in the notorious British Virgin Islands, stumped up $68.7 million; not much on its annual $7.7 billion from tapping energy customers, or even its taxable income of $368 million.

Perennial tax dodger Glencore actually paid some tax; $240 million on total income of $15.7 billion. Other coal companies such as Yancoal, Peabody, Whitehaven and Sumitomo paid zip on their respective billion-dollar incomes, and despite a bounce in commodity prices. Lendlease, which pays more tax in other countries than it does in Australia (zero) recorded $9.5 billion revenue for the year, $69 million taxable income and donut tax, again.

Cont..........

 

I love it when the tax office takes a dump...

 

Homer is not going to be happy about this

 

Westpac, mint, hundreds of Australians ensnared in global tax evasion probe

Westpac Banking Corporation, the Perth Mint and hundreds of Australian citizens have been caught up in a global tax evasion probe into a Puerto Rican bank co-owned by a flamboyant American millionaire.

Euro Pacific Bank, fronted by US financier and celebrity business commentator Peter Schiff, has been proscribed as a “top tier” organised crime threat to Australia because of its suspected use by Australian and international organised crime syndicates.

Operation Atlantis

 

Westpac CEO must have seen the report and wondered in the glass window in the office is thick.
Westpac, which is still reeling from its $1.3 billion fine in September for breaking money laundering laws, was a Euro Pacific banking "correspondent partner" until 2018. The relationship meant Westpac facilitated the Puerto Rican’s bank’s dealings with its Australian customers.

What it does show however is what be one of the first co-ordinated global agency actions. There is a group called J5. Its a joint action taskforce involving the Netherlands, canada, UK, US, & Australian crime agencies, tax agency and money reporting agencies acted together and they all co-ordinated data raids on 24th January 2020 at the very same time in hundreds of places around the globe at the very same time. The ATO claim 100 Australians are under review. One was named and was the very same guy as the Plutus Payroll fraud.

 

In that Jan. 23rd statement, the IRS said its day of action was taking place "as part of a series of investigations in multiple countries into an international financial institution located in Central America, whose products and services are believed to be facilitating money laundering and tax evasion for customers across the globe."

It didn't name the financial institution located in Central America that it was referring to.

IRS officials meet 'J5' counterparts in Sydney to discuss joint 'tax crime' enforcement

 

Pretty typical for tax and financial investigations. The entity will holler to media and disclose themself. There are now dedictated journos who watch this stuff and its headline stuff and too complex for the average punter but they love reading about the busts. When I first read about J5 I was thinking some major issue with a Fender Telecaster guitar

Its like outlaw motor cycle gangs without guns.

J5 seems to be building some pace
On 13 July 2020, the organization marked its two-year anniversary through a virtual meeting to announce that hundreds of data exchanges between J5 partner agencies have occurred with more data being exchanged in the past year than the previous 10 years combined https://www.irs.gov/pub/irs-utl/j5-media-release-07-13-2020.pdf

Since the inception of the organization, two J5 countries have hosted events known as “Challenges” aimed at developing operational collaboration. FIOD hosted the first J5 “Challenge” in Utrecht in 2018 and brought together leading data scientists, technology experts and investigators from all J5 countries in a coordinated push to track down those who make a living out of facilitating and enabling international tax crime. The event identified, developed, and tested tools, platforms, techniques, and methods that contribute to the mission of the J5 focusing on identifying professional enablers facilitating offshore tax fraud. The following year, the U.S. hosted a second “Challenge” in Los Angeles and brought together investigators, cryptocurrency experts and data scientists in a coordinated push to track down individuals perpetrating tax crimes around the world.

These matters include tools to profile coin transacting and dark web functionality and ...lets call it telecommunications methodology. This element is less shared and a 5 eyes matter.

James Bond is now an accountant in jeans and shorts who works only in a office.

 

Saw the below image, unsure of the accuracy



Maybe this assisted

https://www.infrastructure.gov.au/m...ision/relief-australian-media-during-covid-19

 

Almost 800 large companies paid no tax in 2020-21. Here's the full list

Thirty-two per cent of Australian public companies paid no tax in 2020-21, according to Australian Taxation Office (ATO) data.

The ATO's eighth corporate tax transparency report, which covers 2,468 corporate entities, found that 782 (32 per cent) did not pay any tax.

The report attributes that to various reasons, including companies making an accounting loss or claiming tax offsets that reduced their tax bill to nil.

"There's legitimate reasons why companies may not pay tax," ATO deputy commissioner Rebecca Saint said.

You have to have made profit in a year to be subject to tax. There are obviously genuine reasons why companies may not be profitable during the year.

"There's also other reasons why you may not pay taxes, you might be able to carry forward losses from earlier years to offset against income for that year.

"We do scrutinise why it is that [it's] nil tax … that they are genuine losses, and that they're not generated by uncommercial or artificial arrangements."

The data comes as the ATO continues to battle large companies over unpaid taxes, with Ms Saint telling ABC News that 113 companies had assessments raised against them during the 2022 financial year, totalling about $3 billion.

 

News Corp is a US listed company. It has since been reconstructed after several demergers. eg Disney acquired the Fox Studios arm etc