All corporates operating in Australia are to pay tax, commensurate with their profits
We won’t allow any corporates operating in Australia to get away without paying a fair tax on Australian operations.
Apple, the world’s most profitable firm, has sidestepped taxation by syphoning $230 billion to the Channel Island of Jersey, off the coast of France. It’s only now since Donald Trump’s tax overhaul became law in December 2018 that the decades-old provisions allowing companies to put off paying taxes on foreign profits will no longer fly. We should have similar laws.
Rupert Murdoch’s media empire in the US has syphoned off $4.5 billion of cash and shares from his Australian media businesses in the past two years, virtually tax-free. According to calculations by University of NSW accounting academic, Jeffrey Knapp, over the past 10 years, Mr Murdoch’s companies here have paid income tax equivalent to a rate of 4.8 per cent on $6.8 billion in operating cash flows, or just 10 per cent of operating profits.