TOP 10 AUSTRALIAN COMPANIES WHICH DIDN'T PAY TAX 2013/2014

Discussion in 'Living Room' started by Chilliblue, 17th Dec, 2015.

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  1. Scott No Mates

    Scott No Mates Well-Known Member

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    @THX - I like to sound as if I know what I am talking about occasionally ;) If not, I bluff :p
     
    Scott No Mates, 18th Dec, 2015
    #21
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    @Terry_w transfer pricing policy is the bigger issue, eg software or music, fmcg etc which can be bought cheaply from overseas however if it is sold through the established channels show a much higher price.
     
    Scott No Mates, 18th Dec, 2015
    #22
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  3. geoffw

    geoffw Moderator Staff Member

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    And when it is sold here at a higher price the profits get shifted out of Australia to a low taxing country so there's a double whammy for Australia. Higher prices paid and no benefits to the country through taxation (and probably very little benefit through employment or other spending here).
     
    geoffw, 18th Dec, 2015
    #23
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  4. THX

    THX Well-Known Member

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    Just proof corporate tax rates should be zero.
     
    THX, 18th Dec, 2015
    #24
  5. geoffw

    geoffw Moderator Staff Member

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    What a great idea.

    While immensely rich organisations get richer, ordinary Australians will need to be taxed a lot more to compensate for the loss of income from those companies which do pay tax.
     
    geoffw, 18th Dec, 2015
    #25
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  6. THX

    THX Well-Known Member

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    It is a good idea, take your left wing glasses off and you might see. Even the OECD agrees with me (http://www.oecd.org/tax/tax-policy/41000592.pdf). btw company tax only makes up approx 22% of the total tax revenue collected in Australia and I believe is getting smaller.

    Of course all this tax talk assumes we have a revenue problem in Australia and not a spending one :p
     
    THX, 18th Dec, 2015
    #26
  7. Perthguy

    Perthguy Well-Known Member

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    If a company makes a loss, how much tax should they pay?

    Is there?
     
    Perthguy, 18th Dec, 2015
    #27
  8. geoffw

    geoffw Moderator Staff Member

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    Spending is being cut.

    If company tax is 22% of the tax revenue that would mean that either individuals pay 20% more or spending is cut by a similar amount.

    Your consistent personal comments and insults towards people you disagree with is getting extremely tiresome. Play the ball and not the man.
     
    geoffw, 18th Dec, 2015
    #28
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  9. Perthguy

    Perthguy Well-Known Member

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    The Government want the masses to hate someone or something. Otherwise the hate might be directed at the Government. :)
     
    Perthguy, 18th Dec, 2015
    #29
  10. THX

    THX Well-Known Member

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    Not by much. Most spending cuts are in limbo in the Senate, and don't go far enough.

    Correct. And a company's entire existence is to create profit, let them keep their profit and they will reinvest it. Less tax, more growth, more jobs, more income tax and other misc taxes.
     
    THX, 18th Dec, 2015
    #30
  11. geoffw

    geoffw Moderator Staff Member

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    That's OK if it's Australian companies making the profit and spreading the good cheer. But when they are overseas companies (and especially companies which charge more for their products in Australia than their own country) almost all of those benefits go to another country.
     
    geoffw, 18th Dec, 2015
    #31
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  12. wogitalia

    wogitalia Well-Known Member

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    It actually is a great idea. You'd up the GST to say 20% instead. All of a sudden companies would be a lot more happy to do business in Australia but even more so to base themselves in Australia, where their employees will be taxed and spend their money.

    The idea is to change the tax profile away from income taxes (a stupidly inefficient form of taxation not far ahead of Stamp Duty on the worst taxes list) towards consumption taxes that are easier to allocate and collect and harder to avoid.

    Removing a corporate tax is a genuine incentive for businesses to be in Australia and active in Australia.
     
    wogitalia, 18th Dec, 2015
    #32
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  13. BigKahuna

    BigKahuna Well-Known Member

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    Are some people really saying that these companies who paid no tax didn't make a profit? Have they been living in an alternative universe? These are some of the biggest profit makers in Australia and overseas. It's all about having good teams of accountants and tax lawyers. It's about moving money around, creating rafts of companies, moving money into tax havens, round robins, unit trusts, family trusts. I'm flummoxed as to why supposedly intelligent and successful men here are denying the reality, or perhaps they really don't know.

    Of course these companies should avail themselves of every loophole possible when it comes to paying taxes. And that's exactly what they do.

    The relevant question is whether the government should close loopholes.
     
    BigKahuna, 18th Dec, 2015
    #33
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  14. Chilliblue

    Chilliblue Well-Known Member

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    When companies such as Apple, Google and Microsoft who are profitable in Australia pay only between 3-5% tax it begs the question why.
     
    Chilliblue, 19th Dec, 2015
    #34
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  15. Bayview

    Bayview Well-Known Member

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    Yeah; good 'ol "Auntie"...

    Just yesterday on 774 radio, they were recapping the year; all the bloopers and things that most folks hated...texts and calls flying in, and then discussion about the completely randomly selected texts...reminds me of the Q&A tweets...completely random :rolleyes:

    Anyway; I digress; they spent almost 12 mins (I was counting them) talking about the broken marble coffee table courtesy of T.A's send off party, and various other anti T.A and Lib gaffs...

    Numerous texts slamming T.A and others...not one Labour Party slam, not one Labor slam...

    Absolutely no mention - none whatsoever - of Billy Bob texting on his phone for a good 300 metres or more.

    And this is the benchmark of of unbiased media news and current affairs reporting...o_O
     
    Last edited: 19th Dec, 2015
    Bayview, 19th Dec, 2015
    #35
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  16. Bayview

    Bayview Well-Known Member

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    The 3-5% of the tax they pay on the turnover, but the nett profit after expenses, depreciation, interest wages and so forth is what they pay tax on.
     
    Bayview, 19th Dec, 2015
    #36
  17. Bayview

    Bayview Well-Known Member

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    It would interesting to see how much actually does get cut...

    Apparently 86% of all Gubb revenue is already legislated for expenditure - it won't be cut.

    So, that leaves 14% to work with...not much wiggle room there.
     
    Bayview, 19th Dec, 2015
    #37
  18. THX

    THX Well-Known Member

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    That's exactly what it means and they didn't pay company tax, I'm sure they paid plenty of other taxes.

    And good on them too. Every single entity who pays tax should do this.

    Who says they are loopholes?
     
    THX, 19th Dec, 2015
    #38
  19. Scott No Mates

    Scott No Mates Well-Known Member

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    Somehow, mathematically these companies which pay minimal tax are still able to pay (franked) dividends.

    A question for those in the know: does the total of the franking credits equal the amount of tax paid on profits or does the gummint's bottom line take a hit?
     
    Scott No Mates, 19th Dec, 2015
    #39
  20. BigKahuna

    BigKahuna Well-Known Member

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    BigKahuna, 19th Dec, 2015
    #40
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