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S

Stiffy

Guest
"Rupert Murdoch's media empire in the US has siphoned off $4.5 billion of cash and shares from his Australian media businesses in the past two years, virtually tax free.
According to calculations by University of NSW accounting academic, Jeffrey Knapp, over the past 10 years, Mr Murdoch's companies here have paid income tax equivalent to a rate of 4.8 per cent on $6.8 billion in operating cash flows, or just 10 per cent of operating profits." .............

"Fairfax also sought the views of University of Sydney Professor Emeritus Bob Walker and forensic accountant John Shanahan, author of Shanahan & Shanahan's Guide to Accounting Standards. Both expressed concerns about aspects of the News Australia accounting practices.

News Corp ceased producing "general purpose" financial reports in 2006. Asked whether News should be producing general purpose accounts, Professor Walker said: "It's plainly anomalous that local subsidiaries of major multinational corporations can themselves decide they are not 'reporting entities' – and hence that they don't have to comply with all Australian accounting standards.
"The test is whether there are any users who might rely on published financial statements to make, or to evaluate, economic decisions. If directors say that some large proprietary companies are not 'reporting entities', they are ignoring the legitimate interests of employees, employees' representatives, creditors, and the Australian Tax Office.

The Corporations Act should address this shortcoming."

http://www.brisbanetimes.com.au/bus...siness-virtually-taxfree-20150405-1meu0l.html

 
yeah that would be right , same as apple have paid next to nothing

but hey we are living in a time where everyone needs to pay their fair share , according to abbott and hokkin
 
Its pretty fucked considering Rupert Murdoch was on Twitter bitching that Australians have too good a work conditions and are paid too much. Whether or not that is the case, if Tax Planning moves into outright Tax Evasion, that's illegal. When Accounting Standards are not adhered to, that's illegal.
 
well yeah we all know those bastards would much prefer us to work for a bowl of rice a day
 
Its probably a loan.

Eg if I lend you 100k, you're not going to pay tax on that 100k are ya?
 
Its probably a loan.

Eg if I lend you 100k, you're not going to pay tax on that 100k are ya?

Have you read the article Wingman?

News Corp Australia is a wholly owned subsidiary of News Corp. One or the other has to pay tax on all taxable income from Australian sources. 10% is not the company tax rate, 30% is.

Secondly, for News Corp Australia to claim it does not have to lodge Financial Reports would be HIGHLY unlikely as the Accounting Standard reads "Reporting entities are all entities (including economic entities) in respect of which it is reasonable to expect the existence of users dependent on general purpose financial reports for information which will be useful to them for making and evaluating decisions about the allocation of scarce resources." ie. Unions, the ATO are interested parties who need the Financial Reports as are a lot of other people.

Something is going on there too as the article suggests.
 
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