What a lovely thing it would be if we ordinary Australians could make loans to ourselves overseas to skive out of paying tax here. We could simply extract the money from one pocket and stick it in the other pocket, the “no tax pocket”, and save 30 per cent. What a glorious thing it would be to “do a Vodafone” and say, “Sorry Mr Taxman but our taxable income has entirely been wiped out by our “swaps” and offshore debts and we won’t be paying tax this year”. But wait, would that not be shortchanging schools and hospitals? Is...Read More
Author: Michael West
There it was right on cue, at the cusp of the New Year weekend, a government press release about the cost of welfare bludgers trumpeted loudly across the press and the TV news bulletins. Murdoch tabloids: “Painful price of welfare costs revealed by Federal Treasury”. SBS: “Working Australians are forking out roughly $83 per week to fund the nation’s welfare bill”. Nine News: “The average Australian worker is handing over $83 per week to pay for the nation’s welfare bill”. Seven’s clip was eerily similar. No matter if they have worked hard all their lives, the intended narrative of...Read More
Surely not another Commonwealth Bank scam: surely not on top of Austrac, Libor rigging, Comminsure and Financial Services Boiler Room Inc. Surely, they are not gaming the regulators by switching customers out of investment property into “owner-occupied” homes. The Twitter feed published below shows an investor, Bobo, asking the bank if he can switch his three investment properties into owner-occupied homes with just one phone call. “Hi Bobo, you should be able to do this all on the one call,” tweets the friendly operator. Unless, however, Bobo has the transcendental skills to credibly claim that he can live in...Read More
Wall Street freebooters Goldman Sachs and JP Morgan have paid zero tax in Australia for the third year on the trot, as has Royal Bank of Scotland. All three make political donations. All three win government contracts. In keeping with its world renown as an ethics-free-enterprise, Goldman Sachs is skinning Australian taxpayers from both the head and the toe. Tax Office transparency data shows the bank made $1.37 billion in revenue and recorded zero tax payable over the past three years. But while it has been contributing nothing to the society in which it operates – where its executives...Read More
Hands down, Qantas ranks as the biggest tax avoider in Australia if you take the Tax Office transparency data and simply look at who recorded the most income over three years and paid the least tax.Read More
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New Michael West Podcast
Created by PodcastOne, this 3 part series looks into how Australia has gone from one of the cheapest countries in the world for energy to one of the most expensive, and reveals just what has happened with our gas and electricity supply and why we are on the verge of an energy crisis.