Category: Malcolm Turnbull

Corporate tax-dodging in Australia costs billions

Two reports on company taxation show that more than a third of the largest companies operating in Australia paid no tax in 2014–15 and that multinational tax evasion cost an estimated $4.8 billion that year. These reports show the fraud of the claims being made by the Australian government and… – Continue reading

To really tackle corporate tax evasion we need a public register

The Australian government shouldn’t rely on leaks like that of the Panama Papers to pick up on tax evasion, it should consider stronger action. The federal government showed some leadership earlier this year by announcing the establishment of a public register of beneficial ownership of companies, with the aim of… – Continue reading

PM to push for G20 tax evasion crackdown

Malcolm Turnbull will push for a crackdown on multinational tax avoidance when he meets with world leaders at the G20 summit in China. But Labor have accused Mr Turnbull of not having a strong plan for confronting corporate tax avoidance at home, let alone abroad. The prime minister will arrive… – Continue reading

Australia to Have Public Register to Record Tax Avoidance

Australia is following the path of the United Kingdom and is planning to create a public register that will unmask the shell company owners who take advantage of tax avoidance by the international companies. The Guardian reported that the Canberra government has expressed on making a public commitment to put… – Continue reading

No Agreement On Australian State Tax Devolution

The leaders of Australia’s federal, state, and territory governments have failed to reach an agreement on a proposal to enable the states to levy income tax. The Council of Australian Governments (COAG) met on April 1. Ahead of the meeting, Federal Prime Minister Malcolm Turnbull had proposed that the federal… – Continue reading

The rich people who pay no tax

Only the little people pay taxes. For a small, select cohort of rich Australians, the famous quote of New York property billionaire Leona Helmsley rings not as an outrage but as an inspiration. In the most recent documents released by the Australian Tax Office, there were 55 people who had… – Continue reading

How to hit the rich where it really hurts

If the apparent demise of the Coalition’s push to increase the GST shows anything, it’s that Australians are unwilling to accept tax reform unless it is obviously fair. It is right to think that rich people should pay more tax than the poor. Happiness studies show an extra dollar means… – Continue reading

Budget cost of family home tax breaks close to $55bn a year, says Treasury

Surge in revenue foregone by exempting family home from capital gains tax – largely driven by higher property prices – fuels fiscal policy debate The budget cost of tax breaks on family homes has reached nearly $55bn a year, fuelling debate about alternative options as the Turnbull government prepares its… – Continue reading

GST debate: Scott Morrison backs need for option to raise tax as part of reforms

Treasurer says possibility of an increase needs to be on table if voters want relief from the effects of ‘bracket creep’ in income tax Scott Morrison has opened the political new year softening Australians up for an increase in the GST, arguing that reform needs to be on the table… – Continue reading

Thirty-eight percent of Australia’s large companies paid no tax in 2013-14

An Australian Taxation Office (ATO) report issued last month on “corporate tax transparency” showed that 1,539 of the country’s biggest firms had a combined turnover of $1.6 trillion but paid a total of only $39.9 billion in company tax—about 2.5 percent of the collective turnover. Five hundred and seventy-nine of… – Continue reading

Australia lays bare corporate tax details

The Australian Government’s efforts to improve tax collections are more urgent amid falling revenue from weak commodity prices, the Wall Street Journal reports Malcolm Turnbull’s government took the rare step of making public the tax affairs of scores of multinationals, highlighting that many big names—including Apple Inc. and Volkswagen AG… – Continue reading

Tax transparency: full list of exempt companies revealed as Senate battle looms

Private companies that were given a historical exemption from filing annual financial reports are run by a who’s who of corporate Australia, including Malcolm Turnbull Private companies associated with Australia’s business elite, including prime minister Malcolm Turnbull, are on a list of entities not required to publish tax information under… – Continue reading

People are leaving fake price tags in IKEA to call out tax avoidance

Some people think popular furniture store IKEA is being naughty, and not paying its proper share of tax in Australia. The franchise is a behemoth, both literally in terms of store size and figuratively in that it collected a US$5 billion profit for the 2014 financial year. A community action… – Continue reading

Uber, Airbnb to be hauled before Senate inquiry into corporate tax avoidance

What does Uber mean for Canberra? Journalist Henry Belot explains how Uber will work in the ACT and what it means for passengers and drivers. Uber and Airbnb will be dragged before the Senate inquiry into corporate tax avoidance this week to face questions about tax structures that allow them… – Continue reading