It should be noted that it does not mean that companies are exempt from reporting to the ATO or that it makes any difference to listed companies since they typically report to the ASX. It is also not possible for more companies to gain an exemption, it was a one-off. The list will diminish over time as old companies close. Furthermore, the exemption is specific to filing - they are still required to write reports, conduct audits and store records. This means that during a criminal investigation, their records can be accessed.
I would consider it a privacy loophole.
A few companies in the attached list of 1498 exempt companies: STAR TRACK EXPRESS PTY LIMITED SEAFOLLY PTY. LIMITED PAYLESS SHOES PTY LTD DARRELL LEA CHOCOLATE SHOPS PTY LTD MCCAIN FOODS (AUST) PTY LTD 7-ELEVEN STORES PTY LTD DYMOCKS HOLDINGS PTY LTD WINDSOR SMITH PTY. LIMITED WITCHERY FASHIONS PTY. LTD. RAMSAY HEALTH CARE LIMITED companies.txt
When you put a face to the billionaires this presenter is talking about it does not seem as sinister as his gestures and tone may suggest. It would be stretching it to assume that all these entities are active (i.e. not passive holding companies) or even donate to political parties. In any case, the poor and middle class outnumber the billionaires so whoever wins the election can thank the non-billionaires.
