Australian Politics Forum - Top Companies That Pay No Tax

Swagman

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Re: Top Companies That Pay No Tax
Reply #120 - Dec 18^th, 2015 at 11:43pm

Bias_2012 wrote on Dec 18^th, 2015 at 9:36pm:

Perceptions Now,

Here is another list, the first half of which is "Zero Tax or Less"

http://www.abc.net.au/news/2015-12-17/tax-transparency-report/7036708

We need publication of these companies every year so we can see when their initial investment finishes and their profit making begins.

How much tax did the ATO pay? What about the ABC? What about Fairfax? huh...........?????? Shocked

Why don't you pair go and add up just how many dollars in wages these evil companies paid out to their employees in 2013? How many dollars did they spend in the Australian economy? Shocked

Fair Dinkum?.......the Left are really just a miserable bunch of hypocritical whinging pricks....... Sad

.....but non-leftists already know that..... Cheesy

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Jovial Monk

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Re: Top Companies That Pay No Tax
Reply #121 - Dec 19^th, 2015 at 5:38am

Andrew Leigh on tax transparency:

Quote:

One of Bradbury’s award-winning reforms was tax transparency – laws that required the tax office to report the tax paid by firms with total income above $100 million. The Liberals didn’t like the change, and voted against it at the time. After winning government, they set about trying to repeal it – first by warning of kidnap risk, and then by suggesting that it might embarrass some firms if the public knew how little tax they paid.

Farcically, the government said that it wouldn’t pass its own multinational tax package unless the parliament agreed to wind back secrecy. In effect, Scott Morrison was holding a gun to his own head, but the Greens Party fell for it. On the last day of parliament for 2015, the Greens Party agreed to amendments that kept two in three private companies out of the tax transparency net.

This week’s release of tax transparency data has shown the value of letting the sunlight in. The 1300 economic groups covered by the report had a combined taxable income of $170 billion, and contributed $40 billion in tax towards funding Australia’s schools, hospitals and roads.

Worryingly however, the tax office report also reveals that one in four of these companies paid no tax despite earning over $100 million in revenue. In the energy and resources sector 57 per cent of multinational firms paid no tax, while in the banking and financial sector the figure was 45 per cent. The companies concerned will no doubt want to explain these figures further to their customers and the Australian community.

Tax transparency matters because without it, we have no way of knowing if big companies are paying their fair share. There are plenty that do, and their contribution deserves acknowledgement.

http://www.andrewleigh.com/putting_the_spotlight_on_company_tax_dodgers_business...

Damn Greens, did a dirty deal that disgusted even some of its own Senators, to protect the Green’s wealthy, inner city base from having to disclose tax payments.

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mariacostel

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Re: Top Companies That Pay No Tax
Reply #122 - Dec 19^th, 2015 at 6:45am

Bam wrote on Dec 18^th, 2015 at 10:04pm:

Bam's list of most patriotic companies:
(The top ten companies by tax paid)

BHP BILLITON LIMITED	3,950,825,604
RIO TINTO LTD	3,050,569,573
COMMONWEALTH BANK OF AUSTRALIA	2,872,351,385
WESTPAC BANKING CORPORATION	2,428,665,547
NATIONAL AUSTRALIA BANK LIMITED	2,260,156,675
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	1,964,803,966
TELSTRA CORPORATION LTD	1,741,846,820
WESFARMERS LIMITED	1,093,140,349
WOOLWORTHS LIMITED	910,864,515
FORTESCUE METALS GROUP LIMITED	737,898,334

Look more closely ... the top ten companies represent only four industries: banking, mining, telecommunications and retail. Does anyone else think we may need more diversity in our economy?

Then stop complaining and start up your own company in a new area. Although why you think FOUR diverse industries in the top ten is a problem is anyones guess.

But you normally HATE banks and miners and the likes of Wesfarmers. What happened?

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mariacostel

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Re: Top Companies That Pay No Tax
Reply #123 - Dec 19^th, 2015 at 6:48am

Jovial Monk wrote on Dec 19^th, 2015 at 5:38am:

Andrew Leigh on tax transparency:

Quote:

One of Bradbury’s award-winning reforms was tax transparency – laws that required the tax office to report the tax paid by firms with total income above $100 million. The Liberals didn’t like the change, and voted against it at the time. After winning government, they set about trying to repeal it – first by warning of kidnap risk, and then by suggesting that it might embarrass some firms if the public knew how little tax they paid.

Farcically, the government said that it wouldn’t pass its own multinational tax package unless the parliament agreed to wind back secrecy. In effect, Scott Morrison was holding a gun to his own head, but the Greens Party fell for it. On the last day of parliament for 2015, the Greens Party agreed to amendments that kept two in three private companies out of the tax transparency net.

This week’s release of tax transparency data has shown the value of letting the sunlight in. The 1300 economic groups covered by the report had a combined taxable income of $170 billion, and contributed $40 billion in tax towards funding Australia’s schools, hospitals and roads.

Worryingly however, the tax office report also reveals that one in four of these companies paid no tax despite earning over $100 million in revenue. In the energy and resources sector 57 per cent of multinational firms paid no tax, while in the banking and financial sector the figure was 45 per cent. The companies concerned will no doubt want to explain these figures further to their customers and the Australian community.

Tax transparency matters because without it, we have no way of knowing if big companies are paying their fair share. There are plenty that do, and their contribution deserves acknowledgement.

http://www.andrewleigh.com/putting_the_spotlight_on_company_tax_dodgers_business...

Damn Greens, did a dirty deal that disgusted even some of its own Senators, to protect the Green’s wealthy, inner city base from having to disclose tax payments.

And once again here is another MP who lacks the ability to understand the difference between revenue and profit. The silliest thing about tax transparency is that the vast, vast majority cannot understand it and probably never will.

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crocodile

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Re: Top Companies That Pay No Tax
Reply #124 - Dec 19^th, 2015 at 7:30am

Jovial Monk wrote on Dec 19^th, 2015 at 5:38am:

Andrew Leigh on tax transparency:

Quote:

One of Bradbury’s award-winning reforms was tax transparency – laws that required the tax office to report the tax paid by firms with total income above $100 million. The Liberals didn’t like the change, and voted against it at the time. After winning government, they set about trying to repeal it – first by warning of kidnap risk, and then by suggesting that it might embarrass some firms if the public knew how little tax they paid.

Farcically, the government said that it wouldn’t pass its own multinational tax package unless the parliament agreed to wind back secrecy. In effect, Scott Morrison was holding a gun to his own head, but the Greens Party fell for it. On the last day of parliament for 2015, the Greens Party agreed to amendments that kept two in three private companies out of the tax transparency net.

This week’s release of tax transparency data has shown the value of letting the sunlight in. The 1300 economic groups covered by the report had a combined taxable income of $170 billion, and contributed $40 billion in tax towards funding Australia’s schools, hospitals and roads.

Worryingly however, the tax office report also reveals that one in four of these companies paid no tax despite earning over $100 million in revenue. In the energy and resources sector 57 per cent of multinational firms paid no tax, while in the banking and financial sector the figure was 45 per cent. The companies concerned will no doubt want to explain these figures further to their customers and the Australian community.

Tax transparency matters because without it, we have no way of knowing if big companies are paying their fair share. There are plenty that do, and their contribution deserves acknowledgement.

http://www.andrewleigh.com/putting_the_spotlight_on_company_tax_dodgers_business...

Damn Greens, did a dirty deal that disgusted even some of its own Senators, to protect the Green’s wealthy, inner city base from having to disclose tax payments.

JM, be good sport and please let us all know which specific companies are dodging tax based upon the data that PN has so kindly posted for us.

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Very funny Scotty, now beam down my clothes.

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Jovial Monk

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Re: Top Companies That Pay No Tax
Reply #125 - Dec 19^th, 2015 at 7:32am

mariacostel wrote on Dec 19^th, 2015 at 6:48am:

Jovial Monk wrote on Dec 19^th, 2015 at 5:38am:

Andrew Leigh on tax transparency:

Quote:

One of Bradbury’s award-winning reforms was tax transparency – laws that required the tax office to report the tax paid by firms with total income above $100 million. The Liberals didn’t like the change, and voted against it at the time. After winning government, they set about trying to repeal it – first by warning of kidnap risk, and then by suggesting that it might embarrass some firms if the public knew how little tax they paid.

Farcically, the government said that it wouldn’t pass its own multinational tax package unless the parliament agreed to wind back secrecy. In effect, Scott Morrison was holding a gun to his own head, but the Greens Party fell for it. On the last day of parliament for 2015, the Greens Party agreed to amendments that kept two in three private companies out of the tax transparency net.

This week’s release of tax transparency data has shown the value of letting the sunlight in. The 1300 economic groups covered by the report had a combined taxable income of $170 billion, and contributed $40 billion in tax towards funding Australia’s schools, hospitals and roads.

Worryingly however, the tax office report also reveals that one in four of these companies paid no tax despite earning over $100 million in revenue. In the energy and resources sector 57 per cent of multinational firms paid no tax, while in the banking and financial sector the figure was 45 per cent. The companies concerned will no doubt want to explain these figures further to their customers and the Australian community.

Tax transparency matters because without it, we have no way of knowing if big companies are paying their fair share. There are plenty that do, and their contribution deserves acknowledgement.

http://www.andrewleigh.com/putting_the_spotlight_on_company_tax_dodgers_business...

Damn Greens, did a dirty deal that disgusted even some of its own Senators, to protect the Green’s wealthy, inner city base from having to disclose tax payments.

And once again here is another MP who lacks the ability to understand the difference between revenue and profit. The silliest thing about tax transparency is that the vast, vast majority cannot understand it and probably never will.

You are bloody joking, Longy! Leigh has high economic qualifications, left a Uni post to enter Parliament.

Can’t you get anything right?

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Maqqa Gold Member Offline 14% - that low?! Posts: 16000	Re: Top Companies That Pay No Tax Reply #126 - Dec 19^th, 2015 at 7:34am Jovial Monk wrote on Dec 19^th, 2015 at 7:32am: You are bloody joking, Longy! Leigh has high economic qualifications, left a Uni post to enter Parliament. Can’t you get anything right? That makes Leigh correct in everything he says?
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crocodile

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Re: Top Companies That Pay No Tax
Reply #127 - Dec 19^th, 2015 at 7:39am

mariacostel wrote on Dec 19^th, 2015 at 6:48am:

Jovial Monk wrote on Dec 19^th, 2015 at 5:38am:

Andrew Leigh on tax transparency:

Quote:

One of Bradbury’s award-winning reforms was tax transparency – laws that required the tax office to report the tax paid by firms with total income above $100 million. The Liberals didn’t like the change, and voted against it at the time. After winning government, they set about trying to repeal it – first by warning of kidnap risk, and then by suggesting that it might embarrass some firms if the public knew how little tax they paid.

Farcically, the government said that it wouldn’t pass its own multinational tax package unless the parliament agreed to wind back secrecy. In effect, Scott Morrison was holding a gun to his own head, but the Greens Party fell for it. On the last day of parliament for 2015, the Greens Party agreed to amendments that kept two in three private companies out of the tax transparency net.

This week’s release of tax transparency data has shown the value of letting the sunlight in. The 1300 economic groups covered by the report had a combined taxable income of $170 billion, and contributed $40 billion in tax towards funding Australia’s schools, hospitals and roads.

Worryingly however, the tax office report also reveals that one in four of these companies paid no tax despite earning over $100 million in revenue. In the energy and resources sector 57 per cent of multinational firms paid no tax, while in the banking and financial sector the figure was 45 per cent. The companies concerned will no doubt want to explain these figures further to their customers and the Australian community.

Tax transparency matters because without it, we have no way of knowing if big companies are paying their fair share. There are plenty that do, and their contribution deserves acknowledgement.

http://www.andrewleigh.com/putting_the_spotlight_on_company_tax_dodgers_business...

Damn Greens, did a dirty deal that disgusted even some of its own Senators, to protect the Green’s wealthy, inner city base from having to disclose tax payments.

And once again here is another MP who lacks the ability to understand the difference between revenue and profit. The silliest thing about tax transparency is that the vast, vast majority cannot understand it and probably never will.

Not so sure about the lack of understanding on the MP's part. Andrew Leigh is at least one MP with some pretty stellar credentials on the economic front. He knows all right but is unfortunately caught up in the politics and has to toe the party line.

The list doesn't get around the fact that is simply impossible to determine the tax liability with some seriously important information missing. It is rather damaging by giving the casual reader incorrect conclusions.

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Very funny Scotty, now beam down my clothes.

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Jovial Monk

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Re: Top Companies That Pay No Tax
Reply #128 - Dec 19^th, 2015 at 7:45am

Maqqa wrote on Dec 19^th, 2015 at 7:34am:

Jovial Monk wrote on Dec 19^th, 2015 at 7:32am:

You are bloody joking, Longy! Leigh has high economic qualifications, left a Uni post to enter Parliament.

Can’t you get anything right?

That makes Leigh correct in everything he says?

Makes him a LOT more correct than poor old Longy! Cheesy

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Jovial Monk

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Re: Top Companies That Pay No Tax
Reply #129 - Dec 19^th, 2015 at 7:50am

crocodile wrote on Dec 19^th, 2015 at 7:39am:

mariacostel wrote on Dec 19^th, 2015 at 6:48am:

Jovial Monk wrote on Dec 19^th, 2015 at 5:38am:

Andrew Leigh on tax transparency:

Quote:

One of Bradbury’s award-winning reforms was tax transparency – laws that required the tax office to report the tax paid by firms with total income above $100 million. The Liberals didn’t like the change, and voted against it at the time. After winning government, they set about trying to repeal it – first by warning of kidnap risk, and then by suggesting that it might embarrass some firms if the public knew how little tax they paid.

Farcically, the government said that it wouldn’t pass its own multinational tax package unless the parliament agreed to wind back secrecy. In effect, Scott Morrison was holding a gun to his own head, but the Greens Party fell for it. On the last day of parliament for 2015, the Greens Party agreed to amendments that kept two in three private companies out of the tax transparency net.

This week’s release of tax transparency data has shown the value of letting the sunlight in. The 1300 economic groups covered by the report had a combined taxable income of $170 billion, and contributed $40 billion in tax towards funding Australia’s schools, hospitals and roads.

Worryingly however, the tax office report also reveals that one in four of these companies paid no tax despite earning over $100 million in revenue. In the energy and resources sector 57 per cent of multinational firms paid no tax, while in the banking and financial sector the figure was 45 per cent. The companies concerned will no doubt want to explain these figures further to their customers and the Australian community.

Tax transparency matters because without it, we have no way of knowing if big companies are paying their fair share. There are plenty that do, and their contribution deserves acknowledgement.

http://www.andrewleigh.com/putting_the_spotlight_on_company_tax_dodgers_business...

Damn Greens, did a dirty deal that disgusted even some of its own Senators, to protect the Green’s wealthy, inner city base from having to disclose tax payments.

And once again here is another MP who lacks the ability to understand the difference between revenue and profit. The silliest thing about tax transparency is that the vast, vast majority cannot understand it and probably never will.

Not so sure about the lack of understanding on the MP's part. Andrew Leigh is at least one MP with some pretty stellar credentials on the economic front. He knows all right but is unfortunately caught up in the politics and has to toe the party line.

The list doesn't get around the fact that is simply impossible to determine the tax liability with some seriously important information missing. It is rather damaging by giving the casual reader incorrect conclusions.

When we have some years data I think we can start to draw conclusions. One year is probably not enough data, enough maybe to pick some areas to look into more closely.

I have certainly not said any company or industry is dodging tax or anything like that by dubious means. Carry forward of losses is standard practice, has to be as companies don’t get a tax refund like PAYE earners do.

But in a couple of years I would say some conclusions can start to be drawn.

Why is the banking and finance so high in companies paying little tax? Banks are making record profits.

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crocodile

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Re: Top Companies That Pay No Tax
Reply #130 - Dec 19^th, 2015 at 7:52am

Just a side note. Andrew, on his blog has been kind enough to post more of his thoughts on corporate taxation. He wholeheartedly agrees that the majority of the burden of corporate tax falls on labour rather than the owners of capital by a margin of 2/3 to 1/3. His only concern is capturing the foreign dividends. Easily fixed through legislation.

http://onlinelibrary.wiley.com/doi/10.1111/1467-8462.12127/full

Seriously, the corporate tax rate of 30% is hurting and we are slowly losing to more competitive jurisdictions.

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Very funny Scotty, now beam down my clothes.

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Dnarever

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Re: Top Companies That Pay No Tax
Reply #131 - Dec 19^th, 2015 at 8:32am

crocodile wrote on Dec 19^th, 2015 at 7:52am:

Just a side note. Andrew, on his blog has been kind enough to post more of his thoughts on corporate taxation. He wholeheartedly agrees that the majority of the burden of corporate tax falls on labour rather than the owners of capital by a margin of 2/3 to 1/3. His only concern is capturing the foreign dividends. Easily fixed through legislation.

http://onlinelibrary.wiley.com/doi/10.1111/1467-8462.12127/full

Seriously, the corporate tax rate of 30% is hurting and we are slowly losing to more competitive jurisdictions.

How can it hurt when nobody pays it.

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Bam

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Re: Top Companies That Pay No Tax
Reply #132 - Dec 19^th, 2015 at 8:36am

crocodile wrote on Dec 19^th, 2015 at 7:52am:

Just a side note. Andrew, on his blog has been kind enough to post more of his thoughts on corporate taxation. He wholeheartedly agrees that the majority of the burden of corporate tax falls on labour rather than the owners of capital by a margin of 2/3 to 1/3. His only concern is capturing the foreign dividends. Easily fixed through legislation.

http://onlinelibrary.wiley.com/doi/10.1111/1467-8462.12127/full

Seriously, the corporate tax rate of 30% is hurting and we are slowly losing to more competitive jurisdictions.

I am not at all convinced by the argument that it's somehow hurting. It's time for some perspective.

For the 1539 large companies listed:

The total amount of revenue was $1,629,023,186,711.
The total taxable income was $169,906,851,714. (10.43% of revenue).
The total tax paid was $39,862,816,070 (23.46% of taxable income and 2.45% of revenue).

How many PAYE taxpayers are paying no more than 2.45% of their gross income in tax? Not many. Most pay more than that.

It's not just taxes though. Spending needs to be considered. Some of these large corporations receive some form of government assistance. The mining industry alone receives more than $2 billion a year in rebates for diesel fuel. After the various forms of corporate welfare are considered, the corporations are not actually contributing much tax revenue at all.

If we want to consider cutting the corporate tax rate, it must be funded by corresponding deep cuts to corporate welfare so the Budget is not left worse off. The PAYE taxpayer already carries the largest tax burden in Federal taxation. They shouldn't be expected to carry more of it so companies can pay less.

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Bam

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Re: Top Companies That Pay No Tax
Reply #133 - Dec 19^th, 2015 at 8:39am

Dnarever wrote on Dec 19^th, 2015 at 8:32am:

crocodile wrote on Dec 19^th, 2015 at 7:52am:

Just a side note. Andrew, on his blog has been kind enough to post more of his thoughts on corporate taxation. He wholeheartedly agrees that the majority of the burden of corporate tax falls on labour rather than the owners of capital by a margin of 2/3 to 1/3. His only concern is capturing the foreign dividends. Easily fixed through legislation.

http://onlinelibrary.wiley.com/doi/10.1111/1467-8462.12127/full

Seriously, the corporate tax rate of 30% is hurting and we are slowly losing to more competitive jurisdictions.

How can it hurt when nobody pays it.

The majority of companies in that report did pay tax, though some amounts were ludicrously small.

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cods

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Re: Top Companies That Pay No Tax
Reply #134 - Dec 19^th, 2015 at 8:54am

I noticed Toys R Us.. on the no pay list...

I for one have no idea how this works...I mean it doesnt matter how little a pensioner earns the govt wants a bit of it...

so this kind of puzzles me...if they are using shelf companies or overseas companies to lower their profits
then I am happy to take my business elsewhere.

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