No IMO its not OK. #
(Two wrongs dont make a right)
https://www.crikey.com.au/2020/12/11/news-corp-tax-dodging/In fact there is about one third of major corporations operating in Aus
who pay no Aussie Corporate tax ( The corporate equivalent to dole bulging.....using services & not paying)
The obvious answer is a flat corporate tax based on turnover.
That, IMO, would "keep the bastards honest"
Apart from the forward budget being in in the red to the tune of $300 billion over
the next 4 years (see may Budget forward estimates) we ( the Aussie taxpayer) have to fork out at
least $25 billion a year to cover the 3 tiers of Government interest on debt.
This could quite readily double over the next 4 years if the US tTreasury is right about imminent inflation.
IMO there are at least 250 major corporation (about 170 of them listed by the ATO 2019-20) that pay no tax
on a combined revenue of about $200 billion. a 12.5% corporate turnover tax would yield about $25 billion
which would at least pay interest on current Governments' debt.
As individual taxpayers, if we dont "shout" now , then we'll be lumbered with the extra tax later.
# Multinationals such as Ikea, Google, Apple etc are in an ideal position to "transfer" price
and the Government's challenge whether Lib or Labor is to prevent this; not cop it sweet!
