Turnbull's "me too" budget, page-6

The me too bit,is the expectation that the modeling will deliver as predicted,such as the multinational tax avoidance.
Why wasn't the modelling released with the budget?

" The government said it expects the taskforce to raise more than $3.7 billion in tax liabilities by July 2020. "

http://www.smartcompany.com.au/busi...tax-avoidance-google-tax-to-be-modeled-on-uk/

Firstly,surely this figure is a lowball number,secondly,what are the chances of this target been met?

The Abject Failure Of Osborne's Google Tax On Diverted Profits: Time To Abolish Corporate Tax

That is, the diverted profits tax hasn’t even touched the basic issue. And this will be true for Apple, Facebook, Microsoft and all the rest. Simply because the standard international tax laws are being adhered to. It’s possible to get a bit of marginal revenue by examining those transfer prices, yes. But that underlying point, that profits taxes are paid where the company is resident not where the sales revenue comes from, hasn’t changed in the slightest.


The Google tax row shows that corporation tax has “had its day” and should be replaced with a tax on sales, Lord Lawson, the former Conservative Chancellor of the Exchequer, has said.
The peer, who has acted as an informal adviser to the current Chancellor George Osborne, said the fact that multinational companies can move profits around the globe meant that corporation tax was out of date.

So, now that the fiction is no longer convenient then we should abolish this system of taxation. Just tax shareholders on their incomes from their investments and have no form of corporation tax at all. Taxes on natural resource rents are entirely different: governments should be taxing oil, copper, minerals, until the pips squeak. But corporate profits? Just grab the government’s share when the profits are paid out as dividends or capital gains and be done with those whole mess of the corporate taxation system.

Which actually isn’t all that far away from the Mirrlees idea. He suggests only corporate profits taxes on above average profits: those that might result from access to an economic rent. Say, a patent or two. Average levels of profits (say, a 3 or 4% return on capital) would not be taxed at all. Lawson is suggesting, at least I think he is, still taxing that in something like the business VAT from Ted Cruz. I’m suggesting not bothering to even tax those rents. Partly because we’d all save an absolute fortune in wasted effort if we just didn’t have any system of corporate taxation at all and partly because we can still grab some of the money in taxation of dividends and capital gains.
At bottom here there’s also an important almost philosophical point. Companies are simply groups of people getting together to do something. The idea that we’re taxing “the company” is simply wrong: we’re obviously taxing that group of people that make up the company. The US tax system makes this point with its divide between C and S corporations. One pays the corporate income tax, the other just pays individual income tax as the profits are allocated to the owners. We should change the whole tax system over to that second: charge income tax to shareholders when they get money from their investments.
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One side effect of this is that tens of thousands, possibly even hundreds of thousands globally, of accountants, lawyers and other corporate tax experts will have to go and find some other way of making a living. And wouldn’t that be a shame, eh?
It is precisely because Osborne’s “Google Tax” on diverted profits has not worked, cannot work, that we should simply blow up the entire international corporate taxation system and just tax individuals on their incomes.

http://www.forbes.com/sites/timwors...time-to-abolish-corporate-tax/2/#12d73f9d3795

I could be persuaded on the idea of abolishing corporate tax,and just taxing the shareholders,any thing to do away with accountants.

Raider

PS,note the mining tax reference.

" Which actually isn’t all that far away from the Mirrlees idea. He suggests only corporate profits taxes on above average profits: those that might result from access to an economic rent. Say, a patent or two. Average levels of profits (say, a 3 or 4% return on capital) would not be taxed at all."