Tax Dodge

Wombat 280 · Guru

Tax Dodge

Dhutime · Senior Member

We all suspected it but I'm still lost for words cannot understand it this Goverment has to do something about this .
Can't blame the Company's though they can get away with it "legally " ? suppose we would too if we could .

Desert Dweller · Guru

And Joe called us retirees a bunch of LEANERS! Isn't it about time these criminals started doing some '' HEAVY LIFTING''?

Wombat 280 · Guru

How it happens is the company lists a company in some third world country which the parent company somewhere else has parked surplus money then the Australian connection borrows money off this $2.00 company at some outlandish rate like 1000% then uses the profit made here to pay the interest back, (which we allow to be written off as a company loss) and once again borrows more at a new higher interest rate to cover the next tax years earnings and on and on it goes .

I believe the way to fix it is to go to a flat rate ( 22%) on every dollar coming into the company by way of sales made here then what is left as base profit can be sent to wherever they like but the OZ tax debt has to be paid first. Same goes for all PAYE tax instalments and then we could do away with tax returns and an inflated ATO. The tax system is in such a mess with volumes of amendments coming out every week, no wonder there are loop holes you could drive a bus through. What hurts the average coal face worker is the fact that the govt insists that these companies are operating within the taxation rules, WELL big brother change the rules to benefit all Australians. If this keeps up I can see a new world financial crisis just around the corner and Australia won't be lucky enough escape the next one .

Hey Jim · Guru

Wombat 280 wrote:
No wonder the govt likes to stick it up the grey nomads when trying to balance the budget 600 yes 600 major companies paid no tax 2013-14
No tax despite turn overs in the $billions, no wonder O/S companies are lining up to set up shop here . What are the pollies doing about it absolutely NOTHING
Next time you switch on your Apple phone or tablet just remember you paid GST while Apple paid nothing not even import duties

-- Edited by Wombat 280 on Thursday 17th of December 2015 06:12:20 PM

-- Edited by Wombat 280 on Thursday 17th of December 2015 06:26:18 PM

Not me,

Allways the little man carrying the rest. Not for much longer though. God help our country when we retire in six months.

Another trade lost for good.

Jim

Baz421 · Guru

There is a simple way to resolve this.

Currently many companies, ie selling iron ore at cost to Singapore company then writes off operating costs, depreciation etc in Australia ie they make a loss on Oz operations and then the Singapore company (which they own) sells it to China for a profit and as company is registered in low/no tax jurisdiction pay little or no tax.

HOW TO RESOLVE.

A TURNOVER TAX ON GROSS TURNOVER stuff the write downs etc.

Tax could be 0.2% of turnover (or similar).

THIS IS SO SIMPLE TO RESOLVE, BUT OUR LEADERS CAN'T...... THEY JUST TALK, TALK,TALK, on our behalf????? I think NOT

Peter_n_Margaret · Guru

Maybe it is time that religious organisations were taxed too.
I can't think of a good reason why they should be exempt and some make many millions.
I understand that the Vatican owns 40% of Rome, but pays no tax.

Cheers,
Peter

unsatisfied and over-it · Member

I mention to a few fellow workers that I was planning to visit WA to learn about marron crayfish while traveling as a gray nomad. One of the listener said I could write that off as a tax deduction as I was gaining education.. Any comments welcome would this be possible

hako · Guru

unsatisfied and over-it wrote:
I mention to a few fellow workers that I was planning to visit WA to learn about marron crayfish while traveling as a gray nomad. One of the listener said I could write that off as a tax deduction as I was gaining education.. Any comments welcome would this be possible

Personally I'd reckon if you claimed expenses it would be a "tax dodge" and I'd like to think un-Australian. I have no qualms about paying my fair share of tax.

I'd also guess that what your listener suggested is wrong. Using his logic you could say you were educating yourself in the operation of self service petrol pumps around Australia and claim it off your tax.

Good Luck.

unsatisfied and over-it · Member

Great reply great perspective point taken thanks

The Phantom · Guru

unsatisfied and over-it wrote:
I mention to a few fellow workers that I was planning to visit WA to learn about marron crayfish while traveling as a gray nomad. One of the listener said I could write that off as a tax deduction as I was gaining education.. Any comments welcome would this be possible

You had better get a move on. The marron season is only open between 8 Jan and 5 Feb.

If you are caught fishing outside that period, have undersize marron, too many (bag limit is 8) or have the wrong type of gear you will be contributing, heftily, to the States coffers by way of very large fines.

The Phantom

03_Troopy · Guru

unsatisfied and over-it wrote:
I mention to a few fellow workers that I was planning to visit WA to learn about marron crayfish while traveling as a gray nomad. One of the listener said I could write that off as a tax deduction as I was gaining education.. Any comments welcome would this be possible

You could, providing the education was to allow you to gain employment as a professional marron fisher. In which case, it would be a deduction against money you earned in the pursuit of this employment.

In short... tell em they're dreamin....

unsatisfied and over-it · Member

I work with a whole variety of backyard professionals. But just maybe sometime they know what there talking about. As for learning about the marron, I mean understanding the current industry..I guess from dam to market and the details in between... Nothing like hand on..

aussietraveller · Guru

Having spent a number of years paying fifty cents. In the Dollar I an absolutely disgusted with these companies who use loopholes to legally avoid tax, I think I heard on the tv news that two of them were very large banks not sure which bank but I believe it clearly shows that we have a pathetic tax system which is clearly designed to screw over those on wages.

darkyave · Member

What makes it worse, how a liberal government minister jumped on the TV to defend these mongrels. What do you think will happen when the Government starts dishing the money to tourism. The big developers are lining up with the dollar signs in their eyes. So enjoy your travels because not to long in future there will no travelling on a budget. Support the small caravan owners who deserve it as much as you can so they may resist the big developers. The greed is coming especially on the coast.