ONE THIRD OF LARGE COMPANIES PAY NO TAX UNDER MORRISON

STEPHEN JONES MP.
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2 months ago
ONE THIRD OF LARGE COMPANIES PAY NO TAX UNDER MORRISON
STEPHEN JONES MP
Despite spending $24 million on an advertising campaign promoting tax integrity, Scott Morrison continues to let multinational companies get away with paying little or no taxes.
 
Data issued by the Australian Taxation Office today shows that 710 out of the 2214 companies examined failed to pay any tax in the 2017-18 tax year.
 
The companies that paid no tax include 102 firms reporting more than $1 billion in total income.
 
While the average single Australian worker pays 25 per cent of their income in tax, large companies earning over a billion dollars averaged tax payments of only 2 per cent of total income.
 
The only reason we know that one-third of large companies failed to pay any tax is because of Labor’s tax transparency laws, which passed the Parliament in 2013 against the Coalition’s objections.
 
This is after they voted against Labor’s 2012 tax laws, which were directly responsible for BHP being forced to pay a $529 million tax bill last year.
 
Morrison is failing small businesses and Australian workers who are struggling to compete, while international companies get away with paying nothing.
 
Scott Morrison should spend less time writing ad campaigns for the tax office, and more time getting big companies to pay their fair share in tax.
Finance