Digging up rocks and selling them to China.
Digging up rocks and selling them to China.
You say $165bn like it's a bad thing, but it represents about 10% of Australia's GDP, or about half of the Australian Government's tax receipts. However, http://www.tradingeconomics.com/australia/government-debt-to-gdp paints a slightly different picture.
Nevertheless it's within historical bounds, and it doesn't mean a lot. Australia is right up there with Bulgaria in terms of national debt, so there's no need to freak out. Well, I'd freak out about the relentless pursuit of a budget surplus, which in the end will be a paper one only, if at all. But national debt is hardly the boogeyman people make it out to be,
And the 2007 surplus? So what? Economies are cyclical. Govt spending goes up when the shit hits the fan - it's counter cyclical.
But before that - the rest of Australia was propping up WA - and you forgot about the vast mines in Queensland - Oh, yeah... and the fact the WA has some of the laziest working hours in Australia. - JUST SAYING...
Socialist? Australia spends less on Welfare to GDP than America does? Socialist? You're an idiot.
UK? Whatever! Join the crew! Dual citizenship is the way to go if you've got the required immigration 'points'.
Enz in Brisbane
the suggestion, often touted by tax avoiding firms, that the government receives sales taxes from their trade is a poor defence given that the average person would have spent that money on another product that is subject to sales tax.
The irony is that the likes of apple, amazon, Starbucks and google, with their elaborate tax avoiding "scams", are too short sighted to see that by only caring about their shareholders, they potentially risk not having a market to sell to in the first place. It is those taxes that they avoid paying that enable their future customers to go to school, to get the job that will provide them sufficient income to be able to afford their wares in the first place. Do they care, nope, they can just free load off the indigenous firms that will, in time, have to subsidise them through even higher taxes. this will reduce the profits of the honest firms and allow the cheats to turn to their shareholders and say "look at us, we made billions in profit, we must be better than the rest".
So you're saying that eventually all people smart enough to use a computer will be dead, preventing any online sales to be made, bankrupting all these companies, all because they are using legal loopholes in tax code and not giving every cent they have to the government?
The ATO has vast and far reaching powers, it is possible that they could make a retroactive change. I don't think its very likely though.
I seriously doubt that you could take advantage of tax loopholes that reduce your overall tax bill to less than 2%. Unless of course you're on welfare?
If all companies paid a "Fair amount of tax" then the pool of money would be a lot larger, and therefore the tax burden as a percentage of income could be less on each company. Except those that currently pay an obscenely low amount of tax of course.
If all world governments cracked down on these loopholes, then the net tax revenue could increase dramatically. Some countries who are currently having cash flow issues, might find that they go from hot water to merely warm.
You want to pay more taxes than legally necessary, or what you believe is to be "fair", go right ahead if you feel the need to get all gung-ho about it. No one will stop you.
If you don't do everything, and anything you can do to minimize your tax liability in a legal, government-authorized way then the only person you can blame is ignorance, whom will then point the finger right back at you.
Now the details of this article is lacking, but in general terms Apple (or any other corporation) did nothing wrong or illegal. Blame the governments. They approve and make laws.
Absolutely, Apple and these other mega corporations are required to maximise profit for shareholders. Its their corporate duty to do so.
Minimizing tax is just one way.
See, if the tax code was reformed to increase taxes, putting considerably more pressure on those on welfare, I'd be fine with a few increases across the board. But nearly anyone can take advantage of any loophole in their category.
If all companies paid a "Fair amount of tax" then the pool of money would be a lot larger…
Except you don't get to define that, is all.