The big four banks got massive help to grow their lending & profits from the Govt in 2020, 2021 & 2022. They get their licenses to print money from the public. They should share the windfall profits.
About time because not only do they charge whatever they feel like for worse goods and service these bf sectors have been subsidised by our tax dollars and bought our prepaid assets and infrastructure meaning the citizen has been thrice robbed and will now be expected to get pushed into hardship and recession for simple unregulated incompetence (Govt’s) and greed (Corporations). All for nothing worthwhile or real or for public good.
I never knew about Australia's Major Bank Levy of 0.06% of the liabilities of banks with more than A$100b of assets - being informed of it is the kind of thing that makes subscribing to The Kaka worthwhile.
How far will the reach go. What level of profit above a company's "average" will be considered a windfall, how will they define a windfall and what windfalls shoudl be kept by what companies? I bet they get this mix wrong. IRD has huge powers to find these outliers and the govt may end up taxing companies where the owners are anything but extremely rich just because they make some money one year. Maybe they were going to finally chip away at their debt, but no, here comes the govt with its hand out.
"Now, lawmakers in Australia are aiming to force some of the biggest corporations on the planet to report where they pay taxes themselves.
Proposed legislation would require multinational companies to disclose their earnings and tax bills on a country-by-country basis — even if they are headquartered in foreign jurisdictions. This information could be a game-changer for authorities looking to crack down on the tax loopholes that large companies exploit. The measure is being heralded as a model for the United States and European Union to follow.
“Australia has taken an important first step to arm investors, policymakers, and other users of financial statements with the information necessary to invest smartly and govern better,” said Ian Gary of the Financial Accountability and Corporate Transparency Coalition. “It’s tag – you’re it, for the United States, now.
About time because not only do they charge whatever they feel like for worse goods and service these bf sectors have been subsidised by our tax dollars and bought our prepaid assets and infrastructure meaning the citizen has been thrice robbed and will now be expected to get pushed into hardship and recession for simple unregulated incompetence (Govt’s) and greed (Corporations). All for nothing worthwhile or real or for public good.
I never knew about Australia's Major Bank Levy of 0.06% of the liabilities of banks with more than A$100b of assets - being informed of it is the kind of thing that makes subscribing to The Kaka worthwhile.
How far will the reach go. What level of profit above a company's "average" will be considered a windfall, how will they define a windfall and what windfalls shoudl be kept by what companies? I bet they get this mix wrong. IRD has huge powers to find these outliers and the govt may end up taxing companies where the owners are anything but extremely rich just because they make some money one year. Maybe they were going to finally chip away at their debt, but no, here comes the govt with its hand out.
https://www.icij.org/investigations/luxembourg-leaks/australia-aims-to-force-corporations-to-report-which-countries-they-pay-taxes-to/
"Now, lawmakers in Australia are aiming to force some of the biggest corporations on the planet to report where they pay taxes themselves.
Proposed legislation would require multinational companies to disclose their earnings and tax bills on a country-by-country basis — even if they are headquartered in foreign jurisdictions. This information could be a game-changer for authorities looking to crack down on the tax loopholes that large companies exploit. The measure is being heralded as a model for the United States and European Union to follow.
“Australia has taken an important first step to arm investors, policymakers, and other users of financial statements with the information necessary to invest smartly and govern better,” said Ian Gary of the Financial Accountability and Corporate Transparency Coalition. “It’s tag – you’re it, for the United States, now.
"