Australia's biggest companies avoiding tax

08 December, 2017, 12:09 | Author: Regina Silva
  • Australia's biggest companies avoiding tax

The ATO said that, of those not paying tax, 219 entities reported taxable income but were able to deduct prior-year losses; 59 reported a taxable income but were also entitled to offsets, such as the research and development incentive; 127 entities reported an accounting profit but tax deductions were allowed at higher rates than for accounting; and 327 entities reported an accounting loss.

ONE-third of Australia's biggest companies have failed to pay any tax but there are signs tech companies are finally coughing up some of their profits to the local community.

"As these multi-billion investments were completed in 2017 and have started production, the amount of tax paid by ExxonMobil Australia is anticipated to increase significantly", said Travis Parnaby, a spokesman for the oil major.

For the year in question, Apple generated AU$7.57 billion on Australian soil, resulting in AU$118 million - 30 percent - of its AU$393 million taxable income being delivered to the ATO.

One of the nation's most prominent media companies, News Corp Australia, declared $2.9 billion in income but did not pay a cent in tax.

The news comes just four days before the Federal Government closes its tender for its master media account, which past year reportedly earned Dentsu over $175 million.

Chevron reported $2.1 billion in income for 2016 and paid no tax, while Shell Energy Holdings Australia - a unit of Royal Dutch Shell - reported $4.2 billion in income and $97 million in taxable income but paid no tax.

North Korea Implies War Is Inevitable After US-South Korean Military Exercise
The Chinese Ministry of Foreign Affairs on Wednesday expressed concerns over the continued deployment of USA strategic assets. According to him, the exercise was also attended by the South Korean air force F-15Ks and KF-16s.


Bill Barrett (NYSE:BBG) Loses "Outperform" Rating
While for the Next 5 years, the company could expect a growth of 31% per annum, whereas in the past Five years Bill Barrett Corp. The stock of Bill Barrett Corporation (NYSE: BBG ) earned "Hold" rating by Canaccord Genuity on Wednesday, March 30.


A little snow still possible
He says high temperatures will only be in the mid 40s, but it will feel like the 30s with the wind chill. Colder air will continue to spill into Georgia from the north Friday thanks to another cold front.


The DPT will hit multinationals with global revenue of more than AU$1 billion and Australian revenue of greater than AU$25 million with a 40 percent tax on all profits.

Included in those that paid no tax were defence contractor BAE Systems, pharmaceutical giant Pfizer and bookmaker Crownbet, which is owned by Australian James Packer.

Activist group Tax Justice Network Australia refuted the ATO's finding, saying tax avoidance was rife in Australia.

Google Australia paid $16 million in tax for the year, off the back of taxable income of $121.9 million and total income of $501.8 million.

Hewlett Packard South Pacific Pty Ltd earned AU$3.5 billion and Dimension Data Australia Pty Ltd pulled in an income of AU$1.2 billion during 2014-15, yet according to the ATO, neither organisation paid tax in Australia for that period.

Samsung Electronics, by comparison, reported total income of $2.5 billion and a taxable income of $12 million, paying $3.6 million in tax.

However, these figures have not been broken out by the ATO for the purposes of the transparency report.

Recommended:

  • Map of hot spots: See where California wildfires are growing

    Map of hot spots: See where California wildfires are growing

    Officials said the strong winds fanning the fires are forecast to last through Saturday, making for extremely risky conditions. The fire reached a wine storage shed on Wednesday after burning at least six other properties and threatening hundreds more.
    Former Patriots coach Ron Meyer dies at 76

    Former Patriots coach Ron Meyer dies at 76

    The Patriots reached the playoffs in Meyer's first year after compiling a 5-4 record in the strike-shortened 1982 season. He spent three seasons there, earning the Division II Coach of the Year award in 1974, before accepting the SMU job.
    Gunmen kidnap son of PDP chairman

    Gunmen kidnap son of PDP chairman

    Akans said the kidnappers have not contacted the family or PDP members. "Yes, it is true, the abductors of Hon Damishi T. However, the Kaduna State Police Command has said special forces had been dispatched to rescue Sango and four others.
  • Federal Bureau of Investigation  director defends agency against Donald Trump's attacks

    Federal Bureau of Investigation director defends agency against Donald Trump's attacks

    As CNN reported , Strzok changed Comey's key description of Clinton's actions from "grossly negligent" to "extremely careless". His bosses, Attorney General Jeff Sessions and Rosenstein, remained publicly silent, leaving Wray to defend the agency.

    Chipotle Mexican Grill, Inc. (CMG) Shares Bought by RiverPark Advisors LLC

    Rhumbline Advisers reduced its position in Chipotle Mexican Grill, Inc. 83 funds opened positions while 138 raised stakes. Ww Asset has invested 0.04% in Chipotle Mexican Grill, Inc. (NYSE:CMG) opened at $310.67 on Thursday.
    Police arrest man for strangling wife, disposing body

    Police arrest man for strangling wife, disposing body

    He entered the house through ventilator hole and in a fit of rage hit Shakuntala with a blunt object which killed her. With the circumstances hinting foul play, the police had little clue to go on apart from a fairy tattoo on her back.
  • What's Ahead for OSI Systems, Inc. (OSIS) After Today's Big Increase?

    What's Ahead for OSI Systems, Inc. (OSIS) After Today's Big Increase?

    Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. It has outperformed by 39.95% the S&P500.The move comes after 8 months positive chart setup for the $1.24B company.

    AbbVie Inc. (ABBV) Shares Bought by WESPAC Advisors LLC

    The EPS or earnings per share ratio shows the amount of company earnings that can be attributed to every share that is held. Legacy Private Trust increased Powershares Etf Trust (SPHQ) stake by 96,942 shares to 863,701 valued at $24.15M in 2017Q2.

    Ameriprise Financial Inc. Sells 380116 Shares of Western Digital Corporation (NASDAQ:WDC)

    Buckingham Capital Management Inc. bought a new position in shares of Western Digital during the 2nd quarter worth $1,754,000. Van Hulzen Asset Management Llc decreased Coca Cola (NYSE:KO) stake by 65,533 shares to 16,743 valued at $751,000 in 2017Q2.
  • Check Rohingya influx, Rajnath Singh tells border states

    Check Rohingya influx, Rajnath Singh tells border states

    This is the fourth meeting of the Chief Ministers of States, which share worldwide borders, called by the Home Minister. He said, the central government should set a deadline to completely seal the worldwide border with Bangladesh.
    Former USWNT star Hope Solo says she's running for US Soccer president

    Former USWNT star Hope Solo says she's running for US Soccer president

    Later, Nichols was pushed out by the USWNT players, who went on to sign a new collective bargaining agreement with U.S. Hope Solo (1) celebrates with her teammates after winning the 2015 Women's World Cup in a 5-2 victory over Japan.
    Virat - Anushka Leave For Their Wedding Vacation?

    Virat - Anushka Leave For Their Wedding Vacation?

    Sources told India Today Television that Virat and Anushka are definitely going to take their relationship to the next level. These photos of the Sharma family is only proving speculation of Virushka's wedding this weekend.


Popular

Palestinians say they won't meet with Pence
Pence is expected to visit Israel and the Palestinian territories sometime before Christmas. Aides for Abbas were not immediately available for comment.

College Football Playoff features familiar faces
What if it was Ohio State the Tigers were playing, and Clemson beat the Buckeyes and went on to win the whole thing. Nick Chubb and Sony Michel have combined for more than 2,100 yards on the ground and 13 touchdowns apiece.

BHP Billiton (BLT) Receives "Hold" Rating from Jefferies Group
Lafemina now expects that the mining company will earn $2.82 per share for the year, up from their previous estimate of $2.81. BHP Billiton presently has a consensus rating of Hold and an average price target of GBX 1,367.81 ($18.41).

Google adds celebrity selfie videos for searches
The search engine Google is rolling its new feature with the help of which PeeCee can tell you about her celebrity lifestyle. So basically, instead of the usual text format answers, Google will show the search results in selfie video format.

Catholic-Dignity Merger To Forge Nonprofit Health Giant
Catholic Health Initiatives' headquarters are based in Englewood, Colorado, and Dignity Health is based out of San Francisco. Individual facilities will continue to operate under their existing names, at least for the foreseeable future.

Chelsea defender Azpilicueta: If I can be dropped then no-one safe
He said: 'Ha, yeah! "I want to play every game, but the manager makes the best decisions for the team". Real Madrid, the current champions, also finished second'.

Britain and European Union reach historic deal on Brexit divorce terms
The Government continues to insist it will not change the substance of what it says was agreed with the British government on Brexit earlier this week.

Stabbing at Tokyo shrine leaves 3 people dead
Shigenaga sent a threatening letter to his sister in 2006, saying he would "send her to hell", the Sankei newspaper said. After the attack, the pair then moved to an area near the residential compound on the shrine's leafy grounds.

Geoffrey Rush sues newspaper over 'spurious' claims
Geoffrey Rush has launched a defamation lawsuit against the Daily Telegraph newspaper over allegations of inappropriate conduct. Mr Rush said his wife, daughter and son had also been hurt by the allegations.

Officer who killed Walter Scott gets 20-year sentence
The conviction of a former SC cop has finally disrupted the devastating pattern of the unrebuked killings of Black men by police. Through tears, Scott's family told Slager they felt sorrow for him and the loss his young children would feel in his absence.