Monday 29 September 2014

$8billion a year unpaid tax - top earning Australian companies

Yes, whilst the Lieberals are screaming for me to do some heavy lifting for the country (sorry Tone I've had my own problems to deal with, like survival), the top earning companies in Australia are getting away with ripping off taxpayers to the tune of $8.4 billion a year:

The report finds: 
- An average effective tax rate of 23% – well below the corporate tax rate of 30% 

- 29% have an effective tax rate of 10% or less 

- 14% have an effective tax rate of 0% 

- The loss of an estimated $8.4 billion in annual revenue compared to the 30% tax rate 

- In 2013, 57% of ASX 200 companies disclosed subsidiaries in secrecy jurisdictions (tax havens) – but this could be much higher as reporting is not mandatory more  

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