The tax paid by superannuation funds on their earnings is often less than 10%, much lower than the headline rate of 15%, according to research by the University of Technology Sydney. And in an industry worth $2.7 trillion, this means a huge difference in the tax take for government. Callum Foote reports.
Latest Tax Stories
Throughout the COVID-19 crisis, various vested interests have been lobbying for the reforms they’d like governments to deliver under the guise of economic stimulus. The Minerals Council of Australia (MCA) is no exception. Last week, the MCA published a list of “immediate reform priorities to accelerate economic recovery”. ACCR’s Dan Gocher reports.
Why is Lendlease claiming JobKeeper? What is Queensland’s largest private sector employer, Blue Care, doing claiming JobKeeper when its revenues from government have actually been rising? Michael West investigates the latest mega-rort by the Big End of Town.
Mirvac, an $8 billion property juggernaut, is claiming the JobKeeker subsidy. Michael West reports on large corporations rorting taxpayers by pocketing their employees’ PAYG tax while avoiding their obligation to pay entitlements to workers they have sacked.
Canada has become the latest country to refuse pandemic bailout money for tax dodgers. Prime Minister Justin Trudeau joins leaders of Denmark, Poland and France in axing financial aid to corporations registered in offshore tax havens. Noel Turnbull reports.
The Australian Financial Review attacked Senator Rex Patrick this week after Patrick attacked Energy Australia chief Catherine Tanna, suggesting she step down from the board of the Reserve Bank for running a company whose tax haven structure helped it pay zero tax on $30 billion of income.
Which billionaires pay the most tax, and which pay the least?
It’s Top 40 Tax Dodgers time and Exxon has topped the charts again. This year, we are announcing all 40 in one go
What he didn’t say was that Uber was in the process of shifting assets from Bermuda to the Netherlands in order to create a US$6.1 billion tax deduction. This is the second in a series of Uber investigations
Some people may think that tax dodging is the domain of large US multinationals, particularly the tech giants, like Google, Apple, Facebook, Netflix and Amazon. A new report by the Sydney-based Centre for International Corporate Tax Accountability & Research...
Thanks to franking credits, the $52 billion in tax paid by Australia’s largest corporations is not actually received by the Tax Office
Bring out yer dead, bring out yer dead. Tis’ the season to bury the news. Michael West reports on OGNAP. If you don’t know what OGNAP is, or beneficial ownership registers, this story is a must-read.
We now have almost two years of evidence of the impact of the tax cuts signed into law by President Donald Trump in December 2017. The picture is grim. None of the touted benefits has eventuated. Alan Austin reports.
The giant foreign corporations who extract the most from Australian soils and seabeds have once again paid the least in tax, dollar for dollar. Michael West reports on the fifth year of transparency data from the Australian Tax Office.
This submission by Jeffrey Knapp to the current Parliamentary Inquiry into the Regulation of Auditing in Australia documents how the Big 4 audit firms – KPMG, PwC, Deloitte and EY – have undermined Australian auditing and financial reporting practice for multinational clients.
“Outlaw these indulgent and selfish practices that threaten the livelihood of fellow Australians,” declared Scott Morrison last week as the protests raged outside a Melbourne mining conference. Tax avoidance, Lendlease.
Lendlease walked away from its contract to rebuild the Sydney Football Stadium in July, leaving a giant hole in the ground and a state government scrambling to fill the construction void
“A dark pit of non-disclosure and secrecy”. A “serial lawbreaker” rewarded with lavish Australian government contracts. Forensic accountant Jeffrey Knapp takes the long-handle tech giant Oracle
Should the Government award contracts to tax cheating multinationals? The subject is likely to be covered when the Parliamentary Inquiry into the Big Four accounting firms kicks off late this year, the Big Four themselves being the ringmasters of global tax chicanery
The furtive financial wizards from Brookfield may soon take $3 billion of retirement village loans to Bermuda, and taxpayer-funded nursing homes too, should their takeover bid for Aveo succeed
Following questions to Netflix from michaelwest.com.au last week, the US streaming giant has sprung into action and filed its 2018 financial statements, albeit five months late
Dreams of Tax Theft Downunder is the story of Netflix Inc, a company from the United States which lusts after tax-free money from Downunder. Masquerading as a small-time debt collector,
Rupert Murdoch’s $7 billion soufflé, a billion-dollar retirement village ruse by Lendlease, Pfizer’s Bottom of the Canal scheme, William Hill’s $55 million black hole. Michael West tenders his Dirty Dozen Top Australian audit fails in evidence to the parliamentary inquiry into the Big Four auditors.
Hollywood stars descended on the Venice Film Festival at the weekend for the opening of The Laundromat. Featuring Meryl Streep and Antonio Banderas, the film tells the story of the Panama Papers, the biggest data leak in history.
Control of Australia’s largest aged care and retirement village company is poised to fall to the tax haven of Bermuda – to be owned by the same group of financial engineers who recently took the country’s largest private hospital business to the Cayman Islands.
Look who’s advising Treasurer Josh Frydenberg on tax. The Australian Government’s “High Level Advisory Panel” is stacked with five tax types from EY, three from Deloitte, five from KPMG and seven from PwC.