Australian Politics Forum - Crack Down On Top End Of Town First

Bam

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Re: Crack Down On Top End Of Town First
Reply #75 - Dec 20^th, 2015 at 1:42pm

John Smith wrote on Dec 20^th, 2015 at 8:25am:

Dnarever wrote on Dec 20^th, 2015 at 8:14am:

They could probably make it an 18% tax and collect more if they removed all deductions.

not sure about removing all deductions ... many businesses wouldn't survive if they couldn't claim their deductions, but there are waaaayyyy to many loop holes in the current system that allow them to escape their taxes. One that comes to mind is to stop the transfer of money overseas for tax purposes

Another good post.

Many of the deductions are necessary. The problem here is that not all of them are and the rules for some deductions are far too lax. When various multinationals were dragged in front of the Senate to provide an explanation of their tax affairs, they all said much the same thing - they avoid tax because Australian law permits it.

Sending money overseas is a case in point. It's currently legal for multinational corporations to create a financial structure where they "borrow" money from a foreign branch of the same corporation that charges "interest" and then the Australian branch "repays" the "loan". The "interest rate" on these "loans" is well above market rates. And yes, I used scare quotes liberally because this is extremely dubious IMO.

It is not hard to fix this particular rort. Require all corporate loans and debts to be held by an Australian bank (a company incorporated in Australia that holds an Australian banking licence). Any debts that do not conform are either not deductible at all, or have a maximum deemed interest rate equal to the RBA's cash rate, currently 2%.

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stunspore Gold Member Offline Australian Politics Posts: 5097 Gender:	Re: Crack Down On Top End Of Town First Reply #76 - Dec 20^th, 2015 at 2:21pm I would say just let the die hard libs have their last words - they are delusional if they believe the bottom half of the population should be paying more taxes compared to the top half and will just keep pumping out drivel. If they want Australia to be like America, just move to America then.
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mariacostel

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Re: Crack Down On Top End Of Town First
Reply #77 - Dec 20^th, 2015 at 5:18pm

Dnarever wrote on Dec 20^th, 2015 at 8:14am:

Bam wrote on Dec 19^th, 2015 at 9:23pm:

John Smith wrote on Dec 19^th, 2015 at 8:11pm:

I don't blame business for doing what they are allowed to do. I blame the government for allowing it in the first place.

This is probably the most insightful remark on this topic so far.

Yes I thought it was on target as well.

The problem isn't that companies legally pay little or no tax but that our current taxation laws enable and encourages it.

They could probably make it an 18% tax and collect more if they removed all deductions.

How does a business operate without deductions? While somewhat obvious that you dont have the foggiest clue on how business operates, would you like to see how long Coles stays operating if it cannot claim the cost of staff and product as deductions? I would say 5 minutes max.

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mariacostel

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Re: Crack Down On Top End Of Town First
Reply #78 - Dec 20^th, 2015 at 5:22pm

Bam wrote on Dec 20^th, 2015 at 1:42pm:

John Smith wrote on Dec 20^th, 2015 at 8:25am:

Dnarever wrote on Dec 20^th, 2015 at 8:14am:

They could probably make it an 18% tax and collect more if they removed all deductions.

not sure about removing all deductions ... many businesses wouldn't survive if they couldn't claim their deductions, but there are waaaayyyy to many loop holes in the current system that allow them to escape their taxes. One that comes to mind is to stop the transfer of money overseas for tax purposes

Another good post.

Many of the deductions are necessary. The problem here is that not all of them are and the rules for some deductions are far too lax. When various multinationals were dragged in front of the Senate to provide an explanation of their tax affairs, they all said much the same thing - they avoid tax because Australian law permits it.

Sending money overseas is a case in point. It's currently legal for multinational corporations to create a financial structure where they "borrow" money from a foreign branch of the same corporation that charges "interest" and then the Australian branch "repays" the "loan". The "interest rate" on these "loans" is well above market rates. And yes, I used scare quotes liberally because this is extremely dubious IMO.

It is not hard to fix this particular rort. Require all corporate loans and debts to be held by an Australian bank (a company incorporated in Australia that holds an Australian banking licence). Any debts that do not conform are either not deductible at all, or have a maximum deemed interest rate equal to the RBA's cash rate, currently 2%.

As always, you are making quite silly statements. When Qantas wants to borrow $8B for new planes where does it go? Down to the local branch of the ANZ? When BHP needs to raise $3B for a new project does it run a Kickstarter?

Stop fixating on multinationals and actually express you endless hatred of AUSTRALIAN business. Details the deductions you disagree with instead of making wild and unspecified complaints.

And because you are such a whiner about being confronted by a demand for facts, here is a picture just for you.

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nowhining_002.jpg (113 KB | 31 )

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John Smith Gold Member Offline Australian Politics Posts: 75097 Gender:	Re: Crack Down On Top End Of Town First Reply #79 - Dec 20^th, 2015 at 5:26pm
Back to top	Our esteemed leader: I hope that bitch who was running their brothels for them gets raped with a cactus. IP Logged

mariacostel

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Re: Crack Down On Top End Of Town First
Reply #80 - Dec 20^th, 2015 at 5:26pm

stunspore wrote on Dec 20^th, 2015 at 2:21pm:

I would say just let the die hard libs have their last words - they are delusional if they believe the bottom half of the population should be paying more taxes compared to the top half and will just keep pumping out drivel.

If they want Australia to be like America, just move to America then.

And you are truly delusional if you think the bottom half pays more tax than the top. That is so provably idiotic that I at first assumed it was a joke.

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Idiot_Boss.jpg (27 KB | 26 )

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John Smith

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Re: Crack Down On Top End Of Town First
Reply #81 - Dec 20^th, 2015 at 5:30pm

mariacostel wrote on Dec 20^th, 2015 at 5:26pm:

stunspore wrote on Dec 20^th, 2015 at 2:21pm:

I would say just let the die hard libs have their last words - they are delusional if they believe the bottom half of the population should be paying more taxes compared to the top half and will just keep pumping out drivel.

If they want Australia to be like America, just move to America then.

And you are truly delusional if you think the bottom half pays more tax than the top. That is so provably idiotic that I at first assumed it was a joke.

It's OK maria, you're not really surrounded by idiots .......................... it's just the reflection on your monitor

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Bobby.

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Re: Crack Down On Top End Of Town First
Reply #82 - Dec 20^th, 2015 at 5:31pm

Jovial Monk wrote on Dec 20^th, 2015 at 7:47am:

ATO auditing involves rather more than looking at the tax return.

The Libs slashed the workforce of the ATO especially the corporate branch. A lot of the tax experts who did audit company tax returns are now working for the big accounting firms advising companies how to reduce tax using loopholes. This is what you call a spectacular own goal!

Yet this did not come about by chance. It is standard neocon ideology.

spectacular own goal!

Which means the poorest & most vulnerable pay too much tax.

Typical Libbo policy.

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mariacostel

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Re: Crack Down On Top End Of Town First
Reply #83 - Dec 20^th, 2015 at 6:03pm

Bobby. wrote on Dec 20^th, 2015 at 5:31pm:

Jovial Monk wrote on Dec 20^th, 2015 at 7:47am:

ATO auditing involves rather more than looking at the tax return.

The Libs slashed the workforce of the ATO especially the corporate branch. A lot of the tax experts who did audit company tax returns are now working for the big accounting firms advising companies how to reduce tax using loopholes. This is what you call a spectacular own goal!

Yet this did not come about by chance. It is standard neocon ideology.

spectacular own goal!

Which means the poorest & most vulnerable pay too much tax.

Typical Libbo policy.

You really are quite stupid.

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dumbest_003.jpg (70 KB | 32 )

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Bam

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Re: Crack Down On Top End Of Town First
Reply #84 - Dec 20^th, 2015 at 7:45pm

mariacostel wrote on Dec 20^th, 2015 at 5:22pm:

Bam wrote on Dec 20^th, 2015 at 1:42pm:

John Smith wrote on Dec 20^th, 2015 at 8:25am:

Dnarever wrote on Dec 20^th, 2015 at 8:14am:

They could probably make it an 18% tax and collect more if they removed all deductions.

not sure about removing all deductions ... many businesses wouldn't survive if they couldn't claim their deductions, but there are waaaayyyy to many loop holes in the current system that allow them to escape their taxes. One that comes to mind is to stop the transfer of money overseas for tax purposes

Another good post.

Many of the deductions are necessary. The problem here is that not all of them are and the rules for some deductions are far too lax. When various multinationals were dragged in front of the Senate to provide an explanation of their tax affairs, they all said much the same thing - they avoid tax because Australian law permits it.

Sending money overseas is a case in point. It's currently legal for multinational corporations to create a financial structure where they "borrow" money from a foreign branch of the same corporation that charges "interest" and then the Australian branch "repays" the "loan". The "interest rate" on these "loans" is well above market rates. And yes, I used scare quotes liberally because this is extremely dubious IMO.

It is not hard to fix this particular rort. Require all corporate loans and debts to be held by an Australian bank (a company incorporated in Australia that holds an Australian banking licence). Any debts that do not conform are either not deductible at all, or have a maximum deemed interest rate equal to the RBA's cash rate, currently 2%.

As always, you are making quite silly statements. When Qantas wants to borrow $8B for new planes where does it go? Down to the local branch of the ANZ? When BHP needs to raise $3B for a new project does it run a Kickstarter?

Stop fixating on multinationals and actually express you endless hatred of AUSTRALIAN business. Details the deductions you disagree with instead of making wild and unspecified complaints.

And because you are such a whiner about being confronted by a demand for facts, here is a picture just for you.

Reported again. At this rate you'll be banned by Christmas.

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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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Bam

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Re: Crack Down On Top End Of Town First
Reply #85 - Dec 20^th, 2015 at 7:49pm

mariacostel wrote on Dec 20^th, 2015 at 5:22pm:

Bam wrote on Dec 20^th, 2015 at 1:42pm:

John Smith wrote on Dec 20^th, 2015 at 8:25am:

Dnarever wrote on Dec 20^th, 2015 at 8:14am:

They could probably make it an 18% tax and collect more if they removed all deductions.

not sure about removing all deductions ... many businesses wouldn't survive if they couldn't claim their deductions, but there are waaaayyyy to many loop holes in the current system that allow them to escape their taxes. One that comes to mind is to stop the transfer of money overseas for tax purposes

Another good post.

Many of the deductions are necessary. The problem here is that not all of them are and the rules for some deductions are far too lax. When various multinationals were dragged in front of the Senate to provide an explanation of their tax affairs, they all said much the same thing - they avoid tax because Australian law permits it.

Sending money overseas is a case in point. It's currently legal for multinational corporations to create a financial structure where they "borrow" money from a foreign branch of the same corporation that charges "interest" and then the Australian branch "repays" the "loan". The "interest rate" on these "loans" is well above market rates. And yes, I used scare quotes liberally because this is extremely dubious IMO.

It is not hard to fix this particular rort. Require all corporate loans and debts to be held by an Australian bank (a company incorporated in Australia that holds an Australian banking licence). Any debts that do not conform are either not deductible at all, or have a maximum deemed interest rate equal to the RBA's cash rate, currently 2%.

As always, you are making quite silly statements. When Qantas wants to borrow $8B for new planes where does it go? Down to the local branch of the ANZ? When BHP needs to raise $3B for a new project does it run a Kickstarter?

Stop fixating on multinationals and actually express you endless hatred of AUSTRALIAN business. Details the deductions you disagree with instead of making wild and unspecified complaints.

As always, you have not made even an attempt at a constructive comment but just poo all over what others post. Have you got any solutions for these problems? No, you haven't.

I don't care though, you won't be with us much longer.

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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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Dnarever

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Re: Crack Down On Top End Of Town First
Reply #86 - Dec 20^th, 2015 at 8:55pm

mariacostel wrote on Dec 20^th, 2015 at 5:26pm:

stunspore wrote on Dec 20^th, 2015 at 2:21pm:

I would say just let the die hard libs have their last words - they are delusional if they believe the bottom half of the population should be paying more taxes compared to the top half and will just keep pumping out drivel.

If they want Australia to be like America, just move to America then.

And you are truly delusional if you think the bottom half pays more tax than the top. That is so provably idiotic that I at first assumed it was a joke.

http://www.ozpolitic.com/album/forum-attachments/Idiot_Boss.jpg

Maria posted :

They typically gather around their king or Queen.

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« Last Edit: Dec 21^st, 2015 at 6:08am by Dnarever »

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Bobby.

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Re: Crack Down On Top End Of Town First
Reply #87 - Dec 20^th, 2015 at 10:47pm

mariacostel wrote on Dec 20^th, 2015 at 6:03pm:

Bobby. wrote on Dec 20^th, 2015 at 5:31pm:

Jovial Monk wrote on Dec 20^th, 2015 at 7:47am:

ATO auditing involves rather more than looking at the tax return.

The Libs slashed the workforce of the ATO especially the corporate branch. A lot of the tax experts who did audit company tax returns are now working for the big accounting firms advising companies how to reduce tax using loopholes. This is what you call a spectacular own goal!

Yet this did not come about by chance. It is standard neocon ideology.

spectacular own goal!

Which means the poorest & most vulnerable pay too much tax.

Typical Libbo policy.

You really are quite stupid.

The logical fallacy of -

Argumentum ad hominem

used when a poster can't argue the points & so resorts to a cheap shot.

forgiven

namaste

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Dnarever

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Re: Crack Down On Top End Of Town First
Reply #88 - Dec 21^st, 2015 at 6:06am

mariacostel wrote on Dec 20^th, 2015 at 5:18pm:

Dnarever wrote on Dec 20^th, 2015 at 8:14am:

Bam wrote on Dec 19^th, 2015 at 9:23pm:

John Smith wrote on Dec 19^th, 2015 at 8:11pm:

I don't blame business for doing what they are allowed to do. I blame the government for allowing it in the first place.

This is probably the most insightful remark on this topic so far.

Yes I thought it was on target as well.

The problem isn't that companies legally pay little or no tax but that our current taxation laws enable and encourages it.

They could probably make it an 18% tax and collect more if they removed all deductions.

How does a business operate without deductions? While somewhat obvious that you dont have the foggiest clue on how business operates, would you like to see how long Coles stays operating if it cannot claim the cost of staff and product as deductions? I would say 5 minutes max.

how long Coles stays operating if it cannot claim the cost of staff

Never thought about it before but they do claim this, I can not help to wonder why the taxpayer subsidises almost all employee wages ? No wonder the system is a mess.

Probably the reason that the government is so pro active in keeping wages low, they end up paying for most of it.

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