A recent analysis showed Apple paid just $193 million dollars on $27 billion dollars of revenue in Australia. That's just 0.7% of its turnover. Given the corporate tax rate is 30% something is a little bit amiss there. Meanwhile the government stands by like they are watching a magician perform this neat accounting trick. Mesmerised they look on as the billions continues to disappear.
It is not just Apple ripping money out of Australia to their favourite foreign tax havens. Pretty much every multi-national is doing the same thing. Rather than fight with the big bullies we have decided to beat up on the most in need.
I'm particularly disturbed by the cut in foreign aid. How do you explain to someone that they can't have a life saving injection because Apple wanted to pay less tax on an iPad? Are we really going to tell people "sorry a tsunami wiped your village away but because of our inaction on Google's sophisticated transfer pricing arrangements, you're on your own"?
I know it has bugger all chance of happening but I would also like to see the miners do some heavy lifting. They have massive Tonka trucks purpose built for the job, filled with fuel they don't pay tax on. While we all wish Gina would put more in the kitty and less in her pie hole, 85% of the industry is foreign owned. Taxing wealthy foreigners seems like a reasonable plan to me. It shouldn't even cause a voter backlash because foreigners don't vote.
If we want to save some more money perhaps we could scrap the overpriced penis extensions (you know, those $24 billion fighter jets). Or maybe we could stop paying religious organisations currently being investigated for their widespread sexual abuse of children, to have their representatives in our secular schools