Adele Ferguson wrote in the SMH (Feb 17) that at least 40% of the biggest companies in Australia pay no tax.
That must mean they aren’t profitable, since profits gets taxed, don’t they?
But the tax man is going after them, which makes you wonder how long this has been the case. It can’t be for lack of staff, as it can reasonably be assumed the ATO is no more (and no less) bloated than other departments.
Has corporate tax shrunk as a proportion of total tax? Or are retiring baby boomers living off the rest of the country, as implied about the UK in a recent book review in the Economist?
There are no signs that the corporate sector is underrepresented in government deliberations, if you consider how often their peak bodies appear on TV compared with, say, ACOSS or the Brotherhood of St Lawrence.
A thread to be followed, for sure, in these days of government deficits.
This may be my last blog for a bit, as I am off to Rajasthan to see the sights of Northern India. I wonder how much tax the average Indian pays?