Foreign Correspondence

[fuagf]

[Australian] Wealthy business owners get tax shield as PM talks up 'have a go' society

Heath Aston Date October 16, 2015 .. bit ..

Former Australian of the Year Dick Smith said Mr Turnbull would be "ratting on ordinary Australians who pay their tax" if the government passed the exemption.

An Australian Tax Office official recently disclosed at a Senate hearing that one in five privately owned companies with revenues in excess of $100
million paid no tax last year and Mr Smith said the only reason that wealthy business owners were pushing for the exemption was to avoid paying tax.

http://www.smh.com.au/federal-politics/political-news/wealthy-business-owners-get-tax-shield-as-pm-talks-up-have-a-go-society-20151015-gka899.html

Malcolm is a huge improvement on Tony Abbott, with an estimated million voters shifting back to the conservative side, but this
exemption effort sucks big time .. lol, and the reason first used by the government is truly laughable .. lolol .. it's inside if interested ..

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NO GST Increase! No Medicare Levy Increase! We the citizens of Australia do NOT want the GST or Medicare Levy Increased!
Jeffrey Hodges Flaxton, QLD



I find it extraordinary that our so called political 'leaders' are considering taxing ordinary Australians even MORE when huge multinational
corporations are getting away with paying as little as 1% tax on their incomes, and wealthy landlords can reduce their tax through 'negative gearing'!

ENOUGH IS ENOUGH!

If taxes need to be raised then get that money from these huge corporations that are not paying their
fair share! Fix the tax loopholes so big companies pay the same as the rest of us, and end negative gearing.

Please join www.consumerrights.org.au .. http://www.consumerrights.org.au/ .. and support our petition.

Here are some facts about tax avoidance and negative gearing that everyone should know .....

At the recent Senate inquiry it was uncovered that big pharmaceutical companies like Pfizer and GlaxoSmithKline use profit-shifting techniques through transfer pricing and royalty payments to subsidiaries in other countries - and only paid tax of $85 million out of a revenue of $8.3 billion. This equates to about a 1 per cent tax rate! [Source : ABC news 1/7/15]

Further, many big corporations operating through tax havens pay an effective tax rate as little as 15 per cent, with for example companies shuffling profits through Singapore. Over $100 billion was shuffled through Singapore in 2013 with 1,470 companies involved. [Source: Australian Financial Review 7/4/15]

According to Ian Verrender [The Drum 4/5/15], large mininig companies like BHP companies can negotiate a tax rate in Singapore as low as 0.002 per cent, and sell iron ore cheaply via a virtual marketing company which then on-sells it to China at a huge mark up price.

In addition, a report by The Australia Institute estimates that negative gearing and the 50% capital gains tax discount is costing the Federal Government about $7.7 billion a year in lost revenue - and that most of this money is going to the top 20% of income earners! [Source : ABC news 28/4/15]

Finally, Parliamentary Budget Office (PBO) modelling shows the Government could save $3 billion over four years by abolishing negative gearing. [Source : ABC news 7/6/15]

So Prime Minister and Premiers - ------

HANDS OFF THE GST AND MEDICARE LEVY! GET YOUR EXTRA MONEY FROM
THESE WEALTHY TAX AVOIDERS, NOT ORDINARY WORKING AUSTRALIANS!

See www.consumerrights.org.au .. http://www.consumerrights.org.au/ .. for more information, and support our petition.

Thanks!

https://www.change.org/p/the-prime-minister-amp-all-state-premiers-no-gst-increase-no-medicare-levy-increase-we-the-citizens-of-australia-do-not-want-the-gst-or-medicare-levy-increased