Latest Finance & Tax Stories

Trump’s America: poor targeted, red carpet for wealthiest tax avoiders

Trump’s America: poor targeted, red carpet for wealthiest tax avoiders

While Trump’s tax affairs have been widely reported, statistics show that US authorities are going after the poorest families. Just seven of the 23,400 households earning on average $30 million were audited (0.03%). Yet more than a third of households earning an average $12,600 were audited – nine times the rate for the richest. David Cay Johnston reports.

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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