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EYE-BALL’s Guru on – Government not happy about its tax collect – Claims Tax Minimisation deserves ‘Naming and Shaming’ –

April 3, 2013
Latest GURU Posts:

– 31st Mar – The Cyprus Bail-out

– 31st Mar – Australia’s Debt – and the idiots Managing the Treasury –

– 20th Feb – Australia’s Parliamentary Remunerations – Part II – Entitlements and Allowances –

– 13th Feb – Australia’s Public Sector Remunerations Part I – Parliamentarians “Base-Salary” and “Additional” entitlements –

– 31st Jan – The Devil is in the Detail, there is none – Gillard chooses shock, awe & Spin over Policy –

– 23rd Jan – The Turmoil is Already here – We just have to accept what is coming –

– 22nd Jan – The Turmoil is beginning – Japan’s Economic Stimulus to tip the scales –

– 20th Jan – Wayne Swan Tips his hat at New Yorker’s

– 10th Jan – The ANZ Whitehaven Hoax –

– 5th Jan 2013 – Financial ‘Ghosts’ from the Past – Hawke and Keating v Gillard and Swan –

– 29th Dec – The Great Big Financial Swindle – Part II – The ‘Budget Surplus’ Backflip – Swan tells his own Porkies …

– 22nd Dec – The Great Big Financial Swindle – Part 1 – The ‘Budget Surplus’ Backflip – Swan serves up Senator Wong

– 14th Dec – The Walls are crumbling – Government admits High A$ policy is hurting –

– 4th Dec – Retailers and bureaucrats don’t understand – high A$ value responsible for off-shore purchases –

To see more GURU posts: – click here …

– Government not happy about its tax collect –
– Claims Tax Minimisation deserves ‘Naming and Shaming’ –
| Author: EYE-BALL Guru | 3rd Apr 2013 |
The Treasurer Wayne Swan, and his Assistant Treasurer David Bradbury are on a crusade to ‘name and shame’ large multi-national companies who they believe to not be paying their fair share of the Tax burden.  This policy is proof positive that we have ‘Nutters and Loonies’ operating as politicians.You have to be a special type of ‘dumb’ to gain admission to this ‘Nutters and Loonies’ asylum, and Swan and Bradbury prove everyday they belong.

The reasons behind the Treasury’s want to ‘name and shame’ the large companies and expose the tax they pay  is explained further in the following article:

Multinational tax dodgers to be ‘named and shamed’

| Author: ADAM CREIGHTON | Date: Apr 3rd, 2013 | Link to On-Line Story. |

THE federal government is making good on a promise to pursue multinationals such as Google and Apple over tax minimisation schemes in a “name and shame” exercise.

Under new rules that will be detailed in a Treasury discussion paper today, the tax payments of companies with incomes greater than $100 million would be published.

As part of its efforts to crack down on tax avoidance and corporate loopholes, Assistant Treasurer David Bradbury said the proposals were aimed at ensuring big companies paid their “fair share” of tax.

“The reality of our modern global economy is that multinational enterprises can be heavily involved in the economic life of a country without having a taxable presence in that jurisdiction,” he said.

“This should not be a guessing game and the government intends to improve transparency around how much tax large enterprises are paying.” Mr Bradbury has been a vocal critic of tech giants such as Google and Apple.
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The government’s May budget last year projected companies would pay about $75 billion of tax this year.

The discussion paper also canvasses publishing total tax collections for each commonwealth tax, and greater sharing of information between government agencies.

“If we do not move to close these loopholes, Australian families and small businesses will be forced to shoulder more of the tax burden in the future,” Mr Bradbury said.

The government is a supporter of G20 efforts to stymie what is known as “base erosion” and profit shifting, and Wayne Swan has criticised the “small number of profitable multinational companies exploiting differences in taxation regimes to effectively not pay tax”.

It is obvious that Swan and Bradbury don’t truly understand that tax minimisation is legal in this Nation – they just want to complain about their inability to design a new tax policy that would pass through the House and work to raise further tax revenue.

Kerry Packer said it best at the Nov 1991 House of Representatives Select Committee inquiry into Print Media – see [selected response] YouTube clip below:

Slide the Play indicator to the ‘7min 30 sec’ mark to hear Packers views on Tax:

click here to view the whole 1:56min of Packer’s testimony.

[The long version of the Packer appearance is a must watch video clip in its entirety – it is honest interaction between politicians and one of Australia premier businessmen. It shows how politicians fumble and stumble when face to face with someone like Packer who knows his subject. The politicians involved in this inquiry all appear intimidated by Packer – and the only female on the panel Susan Ryan, makes an absolute fool of herself when she abuses her parliamentary process and is chastised for doing so.]

This video proves beyond any doubt that Politicians don’t understand the implications of their legislations once passed into law.  It proves they don’t understand business functions period … it provides ever reason to insist that our Politicians needs and must have a business background of some standing before they enter politics.   One can say that the inexperience modern-day politicians have in the private sector is a reason for most of the policy failures inflicted upon us.

Swan’s and Bradbury’s frustrations at their own budget catastrophe’s is evidenced in their desperation to publicly ‘name and shame’ companies into making generous tax concessions to fund this Governments overspend.

This is socialist policy – the money managers have shown their willingness to spend taxpayers funds on policies they legislate to a specific policy agenda.  It is only now after some 5 years of Government that the continued funding of those policies can’t be met.  Having placed the Nation in a position of some $300 billion in new debt, the Government want to blame companies and have them come forward and make ex-gratia type tax donations.

If the Government can’t legally raise the funds under their current tax laws, why should they be allowed to advertise a ‘name and shame’ file trying to blame others for their own shortcomings?  This is a dangerous precedent …  –

Trying to rally public opinion against multi-nationals for their own federal budget failures sets precedents that opens discussions about the integrity of any off-shore investment in this Nation.

Swan has bragged about the ‘pipeline of investment’ promised – he is a fool’s fool when he does.  Naming and shaming these overseas based multi-nationals will not hasten the ‘pipeline investment’ – it will turn it away.   How stupid can it be to chastise the very investment used to beat a population over the importance of teh sair off-shore investment?

There are many ways the Government could address the tax minimisation schemes indirectly –

  • increase with-holding tax levels,
  • change the tax laws on franking credits to offshore shareholders,
  • structure the company tax rates for FIRB approved investments to reflect overseas investment levels.

You either want off-shore investment or do don’t.  If you you restrict such investment you run the risks of that same capital being used to compete against you.

Any idiot can understand that equation – yet it seems that Swan and Bradbury have extreme difficulty in understanding what it is they are doing when they talk about a ‘name and shame’ policy that targets these multi-national investment funds.

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Have your say where it counts: – contact your Local Federal Representative via the links below and let them know how you feel about this, or any other topic that you feel strongly about – or you can just post a comment below and let off some steam.

The EYE-BALL Guru …

  1. April 3, 2013 at 12:50 pm

    A government which robs Peter to pay Paul can always depend on the support of Paul.
    – George Bernard Shaw

  2. April 3, 2013 at 1:00 pm

    The government is like a baby’s alimentary canal, with a happy appetite at one end and no responsibility at the other.
    – Ronald Reagan

  3. Hard Yakka
    April 3, 2013 at 1:11 pm

    Obesity is a global western epidemic and it starts with Government obeisity. Great big gluttonness feeding through spending, and a shute delivery system for the crap to land all over Australians.

  4. April 3, 2013 at 1:32 pm

    Assistant Treasurer Bradbury further explained the ‘name and shame’ policy today:

    Improving the transparency of Australia’s Business Tax System

    Large corporate entities would be required to disclose tax payable as part of proposals floated in a discussion paper released today, said Assistant Treasurer David Bradbury.

    read more here

  5. Paul
    April 4, 2013 at 1:32 pm

    I never forgot the exchange between that goose Langmore and Packer on tax. Still great to see it again. The vagaries of memory robbed me of Packer’s precise words, but certainly not the meaning. Gold. The younger guy on the panel is clearly loving it.

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