A third of large companies are not paying tax in Australia. How do they do it?

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The ATO’s corporate tax transparency report purportedly increases corporate accountability and reduces tax avoidance. But there is little information about how 1,200 companies paid no tax

Tax laws in Australia need to be changed in order to tax profits where they are genuinely being generated, Kerrie Sadiq writes.Tax laws in Australia need to be changed in order to tax profits where they are genuinely being generated, Kerrie Sadiq writes.

Where a company has accounting losses or a tax loss because it has incurred more expenses than income, tax will be zero. These are legitimate reasons for paying no tax. For multinationals, deductions will include dealings with overseas parts of the global entity, such as subsidiaries or the parent entity. These transactions create legitimate tax deductions., money was borrowed in the United States at about 1.2% and on lent to a related Australian entity at 9%.

Tax comes under domestic law, which means transactions between parts of a global entity are recognised for tax purposes. Further complicating the issue of transfer pricing is the question of whether there is any real activity in the countries where different parts of a multinational are located.

 

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