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Yeah no such thing. Or is Part IVA in the ITAA just make believe?
No idea why you row against the tide of facts. Next you'll be in denial of the many billions disappearing in 'black holes' in tax havens around the world and the cost that implies.
Self interest of some sort usually the key to denial of something too obvious.
One third not paying tax, not media hype but ATO figures. Media being for the most part pro business and a such hardly sympathetic to finding fault with what they essentially are or owned by.
Same applied to banking fiasco ,especially Murdoch press. Best to look further afield for results.
Not all businesses are profitable, its a fact of life. Also remember company accouting profit and taxable income are almost never the same.
The left and right are equally guilty of bending facts to support political opinions In this country. Generally i dont trust the media as a whole.
Not all businesses are profitable, its a fact of life. Also remember company accouting profit and taxable income are almost never the same.
The left and right are equally guilty of bending facts to support political opinions In this country. Generally i dont trust the media as a whole.
Nothing to do with all business not being profitable. No idea why you appear in denial that tax evasion is on an industrial level. Entire corporates pay little or no tax. Not confined to Australia, of course, but imposes a heavy price on economies with trillions out of circulation.
Nothing to do with left or right wing press, both likely to abuse a system, no one really serious about eradicating.
The ATO thinks the amount of company tax being collected is very close to what it should be - only about $200mil short, the smallest gap in history. It's an increasingly small problem, and the Multi National anti-avoidance laws will continue to close the gap further.
Agree with Danielsa on the media in this debate, lots of flowery and misleading wording along lines of "30% of companies failed to pay tax. No, they didn't fail to pay tax, they didn't owe it. Carrying forward of losses accounts for a lot of this, and long may it be so. Would be a travesty to mess with that.
The ATO thinks the amount of company tax being collected is very close to what it should be - only about $200mil short, the smallest gap in history. It's an increasingly small problem, and the Multi National anti-avoidance laws will continue to close the gap further.
Agree with Danielsa on the media in this debate, lots of flowery and misleading wording along lines of "30% of companies failed to pay tax. No, they didn't fail to pay tax, they didn't owe it. Carrying forward of losses accounts for a lot of this, and long may it be so. Would be a travesty to mess with that.
Exactly. Anyone with any idea of the tax system knows it's not easy to rort.
Nothing to do with all business not being profitable. No idea why you appear in denial that tax evasion is on an industrial level. Entire corporates pay little or no tax. Not confined to Australia, of course, but imposes a heavy price on economies with trillions out of circulation.
Nothing to do with left or right wing press, both likely to abuse a system, no one really serious about eradicating.
Tax evasion is rampant in Australia, however for the most part its things like tradies taking cash payments from households, even a person who devotes most of their time and earns most of their money as a drug dealer is legally obliged to declare the income on a tax return (good luck with that).
That kind of stuff is far harder to track than doing things like hot wiring millions of dollars to a bank account in Bermuda.
Tax evasion is rampant in Australia, however for the most part its things like tradies taking cash payments from households, even a person who devotes most of their time and earns most of their money as a drug dealer is legally obliged to declare the income on a tax return (good luck with that).
That kind of stuff is far harder to track than doing things like hot wiring millions of dollars to a bank account in Bermuda.
I expect if and when, and it is most probably when, the new government comes in they will target retirees. Obviously the changes to share imputation credits will be part of this. We have been partly retired for ten years and both fully retired for about four years. The only income tax I recall paying in that time was a result of selling an IP. Otherwise, we pay no tax. Super is tax free, shares receive imputation credits, investment properties have nice depreciation schedules, the system provide a seniors rebate as well as a low income rebate. So no tax payable, completely legally, therefore no Medicare levy payable either. It makes me feel almost guilty when I compare myself to our hardworking kids and I feel sort of obliged to help them with some free childcare.
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