the Wealthy turn off their Country..... tax ripoffs

[dee-luded 2,959]

http://www.canberratimes.com.au/business/sandwiches-on-the-menu-as-corporate-chiefs-front-tax-inquiry-20150409-1mgvkh.html

$billions upon $billions going out our doors & parked O/S, rejecting Australia, & true Australians.

a sandwich for your returning this countries wealth back into the hands of Australians.... you know, let the capitol roll around where you got it from in the first place. Here.

http://www.canberratimes.com.au/business/sandwiches-on-the-menu-as-corporate-chiefs-front-tax-inquiry-20150409-1mgvkh.html

Apple chief Tony King was told by the committee Apple had shifted close to $10 billion to Apple Ireland. He denied there had been any profit shifting at all. Photo: Christopher Pearce

http://www.canberratimes.com.au/business/sandwiches-on-the-menu-as-corporate-chiefs-front-tax-inquiry-20150409-1mgvkh.html

Google Australia chief Maile Carnegie was asked how profits from Australian customers ended up in Bermuda. Carnegie said she didn't know. She hasn't been to Bermuda either.

"I know we have a simple tax structure here in Australia," she said in relation to Google Australia's actual statutory revenues in Australia hailing from Google Ireland, Google Inc and Google in Singapore (which get research and development tax breaks). It has just three customers. Although its advertising revenue from thousands of Australian customers is routed via resellers, through Singapore, and is not even subject to income tax here, let alone GST.

Unlike her peer Tony King, Maile Carnegie told the Senate she did know what a double Irish Dutch sandwich was and she made some effort to explain it.

As for the Bermuda leg of the capital journey: "I acknowledge there is a lot more complexity to the Google global tax structure but I don't have those details today."

http://www.canberratimes.com.au/business/sandwiches-on-the-menu-as-corporate-chiefs-front-tax-inquiry-20150409-1mgvkh.html

thats right, just hit the workers yet again

next will be free to air TV gone down the drain, so we pay per view. & independent journalists & TV presenters start to follow the tony jones model.

Lets ripoff the budget from the ABC & SBS, & the other community TV & Radio stations; as the right wing high fliers dictate the mandate to our politicians, & to us all, thru their media controlled doctrines.

[dee-luded 2,959]

Tax Office statistics reveal the 55 millionaires who paid no tax

April 30, 2015 - 1:29AM Peter Martin

The 55 millionaires managed to write down their taxable incomes to below the tax-free threshold. Photo: Virginia Star

Fifty-five of Australia's highest earners paid no income tax at all during 2012-13, not even the Medicare levy. All earning at least $1 million, they managed to write their taxable incomes down to below the $18,200 tax-free threshold, although for most the exercise was expensive.

Tax statistics released Wednesday reveal that 40 of them claimed an extraordinary $42.5 million for the "cost of managing tax affairs" meaning they each paid an average of $1 million to an adviser prepared to help to bring down their taxable income, which is itself a tax deduction.

Between them they reported earning $129.5 million, an average of $2.3 million. By the time their accountants had finished with them they reported losing a combined $12.8 million.

The implausibility of someone earning $2.3 million and paying half of it to a tax adviser suggests some may be understating​ their earnings.

A tax office spokeswoman said there were "legitimate reasons why a wealthy taxpayer might not pay tax in a particular financial year".

These included tax losses through poor business performance, tax losses in previous years which could be carried forward indefinitely and dividend imputation credits.

She said the majority of wealthy Australians paid the right amount of tax.

Most of the 55 were either ungenerous or modest when it came to giving, claiming nothing for gifts. However 10 of the 55 gave between them $10.4 million, also suggesting their incomes were higher than reported.

The gifts may not have all gone to charities. The Tax Office also allows deductions for gifts to political parties.

Fifteen were unsuccessful in business, losing $2.7 million between them. They carried over previous losses of $22.5 million. They were more successful when it came to investing, receiving $8.8 million between them in so-called 'franked' dividends, and only $839,000 in unfranked dividends. Franked dividends allow the recipients to cut their taxable incomes to take account of company tax already paid.

They were also surprisingly successful landlords. Whereas 1.3 million Australian landlords claimed between them losses of $12 billion, the 15 of the 55 millionaires who rented out properties made a combined $1.6 million dollars.

Around 9.5 million Australians paid tax in 2012-13, slightly down on the 9.7 million who paid tax in 2011-12. The number of tax returns on which no tax was paid climbed from 2.9 million to 3.3 million.

Two thirds of the tax was paid by Australians earning $80,000 or more. More than one quarter was paid by Australians earning $180,000 or more.

The biggest deductions were for work-related expenses (19.7 billion), negative gearing ($12 billion), personal superannuation contributions ($2.9 billion) and the cost of managing tax affairs.

The emergence of e-Tax made little difference to Australia's traditional reliance on tax agents in 2012-13. Around 9.4 million of the 12.4 million tax returns were filed by agents and only 2.8 million filled by individuals electronically, little more than in 2011-12. Half a million tax returns were filed by individuals on paper, down from almost a million the year before.

http://www.canberratimes.com.au/federal-politics/political-news/tax-office-statistics-reveal-the-55-millionaires-who-paid-no-tax-20150429-1mw2zp.html

[Jara 1,153]

Casually glancing at our two Melbourne dailies last week, interesting contrast.

The Age - several stories with the same fundamental message: the rich are getting richer at the taxpayers expense.

The Hair-oiled Scum, the paper that actually gets read by the sort of people most ripped off by the above theft - article by Peter Costello warning about the "politics of envy"

My take, for what its worth: People are welcome to accumulate vast amount of money, if they are petty minded enough to want to, but it sucks that they expect us PAYG taxpayers to subsidise them in doing so.

Edited May 3, 2015 by Jara

[dee-luded 2,959]

Casually glancing at our two Melbourne dailies last week, interesting contrast.

The Age - several stories with the same fundamental message: the rich are getting richer at the taxpayers expense.

The Hair-oiled Scum, the paper that actually gets read by the sort of people most ripped off by the above theft - article by Peter Costello warning about the "politics of envy"

My take, for what its worth: People are welcome to accumulate vast amount of money, if they are petty minded enough to want to, but it sucks that they expect us PAYG taxpayers to subsidise them in doing so.

it is they,,, who are the leaners. Yep, the leaners & shakers.. thats them.

[daisycutter 29,701]

while you are at it dee-luded

what do you think about our rich top professional sporting bodies like the afl and its separate clubs, being treated not only as not for profit organisations and not paying taxes, but also being the recipients of large government grants

[dee-luded 2,959]

while you are at it dee-luded

what do you think about our rich top professional sporting bodies like the afl and its separate clubs, being treated not only as not for profit organisations and not paying taxes, but also being the recipients of large government grants

i'm OK with ther not for profit asthey definately perform a community service, helping to keep people happy mostly & satisfied, after their drudgery from the week gone.

while we areat it, i's also like to see religions lose their tax exemptions, & not get handouts from governments. too many abuse the system as it were. donations madein church,or to religions should not be tax deductibles IMO.

oxfam, amnesty, etc, fred hollows foundation not for profits orgs should get tax exemptions. donations to local hospitals etc shouls be tax deductibles up to a limit.

far too many Org's like the Brethrens rip off our system & cheat their way thru IMO.