IMO we need corporations to pay more tax; not less.
At present individuals pay 75% of the tax (PAYE + GST) which for a resource rich country where the resources are already foreign owned is ridiculous .
We need passive foreign investment (borrowing the money) nor a sell out of our resources crown jewels .
Multinationals are already edging Australian tax via debt loading & transfer pricing and we simply need a better corporate tax regime to ensure that they dont sludge on the Aussie taxpayer. Cop this lot:
IMO all foreign owned/majority foreign owned corporations should be compelled to pay 10% of their Aus revenue corporate tax. As such there wouldn't be a need for hoards of international tax/legal (tax minimisers) experts currently working for the Big 4 Multinational Accountancy corporations just adding expense/complications to our corporate taxation regime.
IMO our Treasury should set tax collection aggregate targets such as -60% PAYE + GST (personal tax) -25% Big business -15% small business
And then set the benchmark tax scales accordingly.
The taxpayer provides the Multinationals with a secure sovereign regime, a clear rule of law, excellent 1st World infrastructure and highly educated/no corrupt workforce and it is unrealistic of them to expect a similar tax rater to that of a 3rd world country, IMO.
