Category: News Corporation

Transparency is best tonic for multinational tax avoidance

‘Special purpose’ approach by accountants hides corporate secrets Amid the maelstrom over the GST, the Senate last night passed what may be the most useful piece of legislation yet to combat multinational tax avoidance. The new law was not carried by the government, whose track record on tackling big tax...

How the digital economy will impact your specific industry

The digital economy is an increasing concern for taxpayers, especially in light of impending BEPS guidance, but how it will impact different industries will vary. The fundamental principle behind the digital economy, in terms of transfer pricing, is its reliance on intangible assets and the difficulties when deciding which jurisdiction...

Rupert Murdoch’s US empire siphons $4.5b from Australian business virtually tax-free

Rupert Murdoch’s media empire in the US has siphoned off $4.5 billion of cash and shares from his Australian media businesses in the past two years, virtually tax free. According to calculations by University of NSW accounting academic, Jeffrey Knapp, over the past 10 years, Mr Murdoch’s companies here have...

Big business took $25 billion in tax relief in 2014, Tax Office figures show

Australia’s biggest 900 companies claimed tax deductions and exemptions worth a total $25 billion last year – enough to wipe out two-thirds of the current federal budget deficit at a stroke. As Treasurer Joe Hockey prompted a national “conversation” about tax reform, including the prospect of a higher and broader...