Qantas CEO Alan Joyce, one of the most prominent supporters of the Turnbull government’s proposed big business tax cut, presides over a company that hasn’t paid corporate tax for close to 10 years.
Here is a list of companies avoiding tax in Australia –
|Name||Tax paid||Total income ($)||Sector|
|ADANI ABBOT POINT TERMINAL HOLDINGS PTY LTD||0||970,055,950||Commodities|
|ADECCO HOLDINGS PTY LTD||0||1,506,053,631||Miscellaneous|
|AMERICAN EXPRESS AUSTRALIA LIMITED||0||2,783,800,000||Investment/foreign banks|
|APN NEWS & MEDIA LTD||0||1,150,853,425||Media|
|APPLE PTY LTD||338,270,281||22,072,209,825||Technology|
|ATLASSIAN AUSTRALIA 1 PTY LTD||0#||967,196,944||Technology|
|BABCOCK & BROWN INTERNATIONAL PTY LTD||0||1,722,376,955||Investment/foreign banks|
|BAE SYSTEMS AUSTRALIA HOLDINGS LIMITED||0||4,080,795,842||Miscellaneous|
|BARCLAYS BANK PLC||0||1,435,935,548||Investment/foreign banks|
|BILLABONG INTERNATIONAL LTD||0||1,775,841,709||Miscellaneous|
|BLUESCOPE STEEL LTD||0||14,549,521,747||Commodities|
|BNP PARIBAS S.A||0||9,319,136,945||Investment/foreign banks|
|CHARTERED ACCOUNTANTS AUSTRALIA AND NEW ZEALAND||0#||239,541,563||Business advisory and accounting|
|CPA AUSTRALIA LTD||1,967||493,025,000||Business advisory and accounting|
|DIMENSION DATA AUSTRALIA PTY LTD||0||3,674,993,802||Technology|
|ENERGYAUSTRALIA HOLDINGS LIMITED||0||23,901,332,940||Energy|
|ETIHAD AIRWAYS PJSC||0||1,082,573,475||Airlines|
|EXXONMOBIL AUSTRALIA PTY LTD||0||24,810,160,190||Commodities|
|FAIRFAX MEDIA LIMITED||53,166,813||4,580,513,275||Media|
|FOXTEL CABLE TELEVISION PTY LIMITED||0||6,006,084,503||Media|
|FOXTEL MANAGEMENT PTY LTD||0||810,717,934||Media|
|GLENCORE GRAIN HOLDINGS AUSTRALIA PTY LIMITED||0#||4,132,120,862||Commodities|
|GLENCORE INVESTMENT PTY LIMITED||0||27,929,635,183||Commodities|
|GOLDMAN SACHS HOLDINGS ANZ PTY LIMITED||0||1,844,322,093||Investment/foreign banks|
|GOOGLE AUSTRALIA PTY LIMITED||37,423,599||1,298,266,767||Technology|
|GPT MANAGEMENT HOLDINGS LIMITED||0||498,869,075||Property and construction|
|GROCON GROUP HOLDINGS PTY LTD||0||1,275,925,113||Property and construction|
|HOCHTIEF AUSTRALIA HOLDINGS LIMITED||0||718,078,437||Property and construction|
|JPMORGAN CHASE BANK NATIONAL ASSOCIATION||0||2,160,011,920||Investment/foreign banks|
|LENDLEASE CORPORATION LIMITED||0||24,388,062,555||Property and construction|
|MACKAY SUGAR LTD||0||1,373,222,981||Commodities|
|MYOB GROUP LIMITED||0||783,678,307||Business advisory and accounting|
|NEC AUSTRALIA PTY LTD||0||1,221,261,407||Technology|
|NEWS AUSTRALIA HOLDINGS PTY LIMITED||0||8,532,558,083||Media|
|QANTAS AIRWAYS LIMITED||0||46,125,938,374||Airlines|
|QATAR AIRWAYS (Q.C.S.C)||0||1,159,924,321||Airlines|
|ROYAL BANK OF SCOTLAND PLC (AUSTRALIA BRANCH)||0||1,384,940,790||Investment/foreign banks|
|STOCKLAND CORPORATION LTD||0||4,568,483,833||Property and construction|
|THE BOSTON CONSULTING GROUP PTY LTD||0||398,014,708||Business advisory and accounting|
|TIGER AIRWAYS AUSTRALIA PTY LTD||0||1,349,159,787||Airlines|
|TRANSURBAN HOLDINGS LIMITED||0||5,807,731,296||Property and construction|
|VIRGIN AUSTRALIA HOLDINGS LIMITED||0||13,318,284,353||Airlines|
|VODAFONE HUTCHISON AUSTRALIA PTY LTD||0||11,831,941,032||Miscellaneous|
The period roughly coincides with Mr Joyce’s tenure at the helm of Australia’s flag carrier.
Despite generating income of $106.4 billion, the flying kangaroo has avoided paying tax on that bounty since 2009, thanks to Australia’s generous tax concessions, depreciation provisions and the ability to offset company losses against past and future profits.
New analysis by the ABC reveals Qantas is not alone – its tax behaviour is consistent with about 380 of Australia’s largest companies. ATO corporate tax transparency data – confirmed in email exchanges with company representatives – reveals about one in five of the country’s biggest companies have paid no tax for at least the past three years.
High-flyers land no tax
Not one of Australia’s biggest airlines has paid corporate tax since at least 2013, including Virgin and its subsidiary Tigerair, Etihad, Emirates and Qatar.
Each one of those companies has sold billions of dollars worth of tickets in Australia.
When asked for an explanation, both Qantas and Virgin pointed the ABC to their historical losses and the entirely legitimate use of Australia’s tax laws that allow them to offset those losses against future profits indefinitely.
Both companies were at pains to point out that, notwithstanding their zero corporate tax liabilities, they had continued to collect and pay departure taxes, fuel and alcohol excises, payroll tax, GST and FBT.
Presumably that’s what the Etihad spokesman was alluding to in his statement to the ABC.
“Etihad is fully compliant with all Australian tax requirements, and has paid all the taxes it is obligated to do so under Australian law.”
EnergyAustralia’s tax-free decade
At a time when Australian households have seen their electricity prices soar, the country’s leading energy retailer, EnergyAustralia hasn’t been paying corporate tax. EnergyAustralia paid no corporate tax for the decade to 2016.
For the three years to June 2016, EnergyAustralia’s 1.7 million electricity and gas customers across eastern Australia helped it record $24 billion worth of income on which no tax was paid.
An EnergyAustralia spokesperson said the company’s performance, “reflects how the power-generation sector is underpinned by assets that were built last century”.
“Since 2006, EnergyAustralia has written down the value of its assets by $1.9 billion.”
How much tax did the big banks pay?
Ten years after the global financial crisis – which they are largely responsible for creating – some of the world’s most prominent investment banks are collecting tidy sums of income in Australia and not paying corporate tax.
Among them is Malcolm Turnbull’s old employer, Goldman Sachs, which recently won a lucrative contract with the NSW government.
Described by Rolling Stone Magazine as, “the great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money”, Goldman will be paid $16.5 million as the state’s financial adviser on the sale of the $16.8 billion WestConnex motorway in NSW.
The investment bank generated revenue of $1.84 billion over three years but paid zero corporate tax.
Ditto for JPMorgan Chase which raked in $2.2 billion and hasn’t paid corporate tax since at least 2013.
In one of the most audacious explanations advanced to the ABC for the non-payment of corporate tax, a spokesman for America’s biggest bank said JPMorgan was still suffering the aftershocks of the financial crisis which meant its Australian operations continued to operate at a loss.
But late last year, it emerged JPMorgan Chase agreed to pay a record $13 billion fine to US federal and state authorities in 2013.
The purpose of this fine was to settle claims it had misled investors in the years leading up to 2008.
Could the bank be writing that fine off against its Australian income? The spokesman didn’t care to elaborate.
News Corp pays no tax on $71m profit
All the focus on the tax shenanigans of foreign technology and media companies has diverted our gaze from the taxpaying habits of some of their home grown rivals.
The most obvious one is Rupert Murdoch’s News Corp, which hasn’t paid corporate tax in Australia for at least four years.
The media colossus reported total income of $8.5 billion and even boasted a $71 million profit in 2014/15 but no corporate tax was paid.
The company’s corporate affairs boss, Liz Deegan, wrote to the ABC to clarify that: “News Corp Australia has deductible operating costs and certain tax incentives and allowable credits, like R&D and franking credits, that offset the revenue disclosed.”
Its partly owned pay-TV company, Foxtel, received a $30 million gift from the federal government in the last budget, ostensibly to provide better coverage of female sports.
In the three years prior, Foxtel had also not paid corporate tax. Fairfax, News Corp’s newspaper rival in Australia, paid $53.1 million in corporate tax over the same period.
Credit – https://thenewdaily.com.au/money/finance-news/2018/02/14/australias-largest-companies-corporate-tax-10-years
Sydney Criminal Defence Lawyers
We have experts in all areas of the Criminal Law, ensuring that each of our clients receives the most comprehensive legal advice.
Our Criminal Defense Lawyers will carefully consider your case, advise you on all your legal options and recommend the best way forward.
Our Expert Traffic Lawyers help our clients win their traffic matters in Courts throughout Sydney, every day of the week!