Tax: a dirty word for Election 2022, page-45

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oldbull26

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01/12/21

13:24

Post #: 57994384
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Originally posted by pomhat: ↑

about 30% of corporates in Australia lose money every year, so it's correct to expect that 30% or so do not pay any tax

you're getting distracted by the revenue amount disclosed each year - what the tables do not disclose are expenses and the net income position..

the ATO has publicly stated that the corporate tax gap sits at only a few billion dollars per year - I'll be out by a few % here and there (as I'm going of my memory).. but 94% of what the ATO believe is the correct amount of corporate tax to be collected, is received from voluntary instalments and lodgements.. another 3-4% comes from reviews and enforcement activities - which again, is to expected, there are grey areas within the law that get worked out.. the remaining couple of percent is still at large, and there are a small handful of recalcitrant corporates (far fewer than there were back in the 90s)..
large corporates, as a collective body, pay just about the right amount of tax - and are the best performing group of taxpayers in Australia, far ahead of individuals, SMEs etc where the tax gap is both more prevalent and widespread..

happy for you to cherry pick any of the other "nasty" companies on the list - there is an explanation behind each of them as to why their tax outcome for a particular year, is what it is.. I'm sorry but it's never as nefarious as the media would want the public to believe..

you cited News Ltd - the global group made an overall loss on over 9b of revenue in 2020.. so to expect the Australian subset to pay much, if any, tax on 2.5b is a stretch. when the business makes money, tax will be paid.. simple

want to pick some more?

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Do business in Australia and make a profit in Australia then pay ya bloody tax in Australia the same as every other small business or individual.

End of story.
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