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CORPORATE TAX
blacksheep
post Posted: Dec 14 2018, 11:54 AM
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In Reply To: mullokintyre's post @ Dec 14 2018, 06:33 AM

Most headlines in most newspapers are misleading - designed to grab attention. Usually you have to read the opening sentence to see what they are banging on about. In the ABC article - written by business reporter Nassim Khadem, Jackson Gothe-Snape and senior business correspondent Peter Ryan (not Alberici: biggrin.gif - the opening para did say "corporate tax"

QUOTE
About one-third of large companies have failed to pay tax, even though they made a gross profit, but the Tax Office says most have good reasons, according to the latest corporate tax transparency report released today.


Blanks, one would assume, represent those companies that failed to pay any corporate tax - for the reasons mentioned in the article - "66 per cent paid tax although the remainder did not as they claimed tax losses and concessions that can go back several years" .

I note this morning in The Australian - Murdock Press - they cover the ATO Report with the headline - Who Pays the most tax? - A little known Queensland billionaire has surged up the list of Australian corporate taxpayers - Queensland billionaire Sam Chong topped by only Gina Rinehart for tax paid.biggrin.gif

Of course they don't mention their own contribution to Australian tax. According to the ATO doc, in the ABC report, News Australia Holdings produced taxable income of $116 million from revenues of $2.9 billion - no income tax is shown. Murdock's Foxtel Cable TV shows total revenue of $1.9 billion, a taxable income of $4 million and tax actually paid of $1.2 million.

Yep, take what you read with a grain of salt - not just in one particular arm of the media, but all.



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

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nipper
post Posted: Dec 14 2018, 08:46 AM
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In Reply To: mullokintyre's post @ Dec 14 2018, 06:33 AM

Agreed, Mick.

Trusts don't pay income tax ... but someone does.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
mullokintyre
post Posted: Dec 14 2018, 06:33 AM
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In Reply To: blacksheep's post @ Dec 13 2018, 09:06 PM

Like most of the ABC reporting, this is a misleading heading.

QUOTE
One-third of large Australian companies paid no tax, ATO data show


The table is only related to income tax. It does not include Payroll Tax, GST, FBT tax, Resource Rent tax, etc etc.

Must have been prepared by Alberici.

Secondly, when you look at the table, there are a lot of gaps where either or both of the taxable income and tax paid are missing.
there is no explanation why.

No wonder the average Joe (or Josephine) in the street have little idea about finance and economics.

Miclk



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blacksheep
post Posted: Dec 13 2018, 09:06 PM
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The latest ATO data

One-third of large Australian companies paid no tax, ATO data show
QUOTE
About one-third of large companies have failed to pay tax, even though they made a gross profit, but the Tax Office says most have good reasons, according to the latest corporate tax transparency report released today.

Of the 2,109 entities monitored by the ATO in data covering 2016-17, 66 per cent paid tax although the remainder did not as they claimed tax losses and concessions that can go back several years


see complete list - https://www.abc.net.au/news/2018-12-13/one-...ection=business



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 



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