Latest Finance & Tax Stories

The Usual Suspects: oil and gas majors star in Australian tax heist

The Usual Suspects: oil and gas majors star in Australian tax heist

Angus Taylor’s rescue package for the oil industry is a testament to governments getting gamed by large corporations. The latest Tax Office transparency data shows oil and gas juggernauts are Australia’s biggest tax cheats, again, yet now they are crying for public subsidies – and getting them – to prop up their oil refineries. Michael West reports on the good and the bad in multinational tax dodging land.

Confession time for Lendlease as Tax Office bears down on humungous tax rort

Confession time for Lendlease as Tax Office bears down on humungous tax rort

Nine Entertainment chief Hugh Marks dumped for having sex, Christine Holgate chopped at Australia Post over $20,000 in bonuses. Meanwhile, the top brass at Lendlease, having presided over a $500 million tax scam, nonchalantly say they are “continuing to engage with the ATO and await the finalisation of its draft determination”. Michael West reports.

Government debt deepening rapidly – well before COVID-19

Government debt deepening rapidly – well before COVID-19

The Coalition won the 2013 federal election beating their chest about Labor’s “debt and deficit”. Thanks to COVID-19, we’re unlikely to see a surplus in our lifetime or our children’s. But, let’s not forget that the current debt blow-out occurred well before the coronavirus impacted the economy. Alan Austin checks how Australia shapes up against other OECD countries.

Emergency piggy-bank: superannuation’s Achilles heel exposed by virus

Emergency piggy-bank: superannuation’s Achilles heel exposed by virus

If this was the first time Australia’s cosseted superannuation sector found itself in a crisis-induced crunch, you could forgive the industry its current consternation. This is however starting to look like a replay of the Global Financial Crisis, little more than a decade ago. Worryingly, unless there is genuine reform, the next crisis will likely produce the same outcome. Harry Chemay reports.

Virgin Australia: buy the business, don’t bail out the shareholders

Virgin Australia: buy the business, don’t bail out the shareholders

Virgin Australia is pleading for a bail-out twice what its shares a worth. Its wealthy foreign shareholders can afford to pay. They’ve scampered. What is the answer? The answer lies in an Act of British Parliament, that is Section 51 of Australia’s Constitution. Michael West reports on a neat solution to a very untidy problem, the looming wave of defaults by large corporations.

Super Void: what super funds are telling regulators is not what they are telling customers

Super Void: what super funds are telling regulators is not what they are telling customers

Compare the pair. Thulasisi Sivapalan is Australia’s most prolific super fund investor. The PhD researcher from UTS tried to join 41 super funds just to get their financial statements. It was a tough journey; navigating mystified admin people, unhelpful regulators at APRA, even an abattoir. On a mission to find out how much tax super funds pay, Thulasisi discovered hundreds of millions of dollars in discrepancies between what Australia’s super funds were telling their investors and what they were reporting to APRA. Callum Foote reports on a peculiar road-trip.

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