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Crackdown on multinational corporate tax evasion

Treasurer Joe Hockey has announced that he has requested the Tax Commissioner ramp up his efforts to prevent multinational corporations from generating profits in Australia before moving them offshore to avoid tax responsibilities.

Tax evasion tactics by multinational corporations have been an ongoing problem in Australia. There has recently been a renewed interest in the issue as revelations about the negligible Australian tax paid by high profile companies, such as Google and Apple, have come to the fore.

The plan to tackle this issue includes reinforcing Australia’s capitalisation rules, collaborating with other countries and strengthening communication between the government and the Tax Commissioner.

Multinational corporate tax evasion is not just damaging to the Australian budget. It also means that there is unfair competition for Australian businesses who are doing the right thing in meeting their tax obligations.

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Superannuation for Women

January 18, 2019

It’s no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC) have reported that men retire with about twice the amount as women. The discrepancy is reportedly even higher between Mums and Dads. Between lower wages and a higher likelihood of having an interrupted working life for women, women also tend to live longer and thus require more super to cover more years. Unfortunately, between personal finances, business financial capabilities, and governmental policies, actions to close this gap can be limited.

Where viable, private companies can consider: