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Ler: Mar 23, 2005; I believe...

Had this been posted?

quote:

Kidnap fears if large private companies publish tax details, says Coalition
The assistant treasurer, Josh Frydenberg, says there would be �real safety concerns� if $100m companies published tax information
http://www.theguardian.com/australi...MP=share_btn_tw

Private companies such as those controlled by the billionaire mining magnate Gina Rinehart will be exempt from new laws requiring the publication of their tax information because of fears this could jeopardise their safety and possibly lead to kidnappings.

The assistant treasurer, Josh Frydenberg, told the Coalition party room on Tuesday the publication of the financial statements of large private companies raised �real safety concerns�. He said the 700 private companies captured by the new law covering more than 1,600 companies with a turnover of more than $100m should be exempt.

The prime minister, Tony Abbott, agreed the Coalition would implement this exemption. The changes will require a legislative amendment.

Frydenberg was responding to questions from senator Cory Bernardi and the New South Wales MP Craig Laundy, who argued private companies should be exempt on commercial and personal security grounds. They argued the information could harm a company�s commercial operations and potentially leave private business people and their families at risk of kidnapping.

After the meeting, Frydenberg said: �The government is considering its response to concerns about the publication of information about the tax affairs of privately owned Australian companies. Legitimate concerns have been raised about the misuse of information related to privately held companies that is made public as part of tax transparency measures.�

Mark Zirnsak, of the Tax Justice Network Australia, said the kidnapping argument was �nonsense�.

�This is government giving in to the big end of town,� he said. �There is no reason why there should not be greater transparency around the tax paid by multinational companies, so there can be community confidence that these companies are paying their share of tax.

�Arguments that greater transparency will lead to greater risks of kidnapping are nonsense. Australia is not some fictionalised version of Colombia.�

The tax transparency laws, passed by the former Labor government, required that the Australian Tax Office begin publishing tax details of about 1,600 public and private companies with an annual turnover of $100m or more from July. Under the laws, total income, taxable income and income tax payable must be reported.

The ATO says, �The first objective of [the laws] is to discourage large corporate tax entities from engaging in aggressive tax avoidance practices. The second objective of these amendments is to provide more information to inform public debate about tax policy, particularly in relation to the corporate tax system.�

The shadow assistant treasurer, Andrew Leigh, said the rollback showed the treasurer, Joe Hockey, was �full of big talk about cracking down on tax avoidance � but consistently lets companies off the hook�.

�Rolling back these transparency laws means shielding big multinationals from public scrutiny,� he said. �Without transparent tax reporting, it will be easier for some big firms to continue to avoid paying their fair share of tax.�

Greens leader Christine Milne said the �the kidnapping argument is laughable. This is just yet another example of the Abbott government doing everything it can to protect the people it governs for: the rich.�

Business groups had argued against the publication on the grounds that it could be misleading but the tax office has now agreed that companies can review the information before it is made public.

I really don't know whether to laugh or get angry at the Libs.

# ? Mar 17, 2015 08:26

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# ? May 23, 2024 15:41

Doctor Spaceman: Jul 6, 2010; "Everyone's entitled to their point of view, but that's seriously a weird one."

It's not a new argument, they were saying it last year as well. Hopefully it doesn't get through parliament.

# ? Mar 17, 2015 08:28

Gough Suppressant: Nov 14, 2008

surely then you'd just kidnap the executives of any company whose details weren't published.

# ? Mar 17, 2015 08:34

duck monster: Dec 15, 2004

Gough Suppressant posted:

A properly managed super fund is diversified, this coupled with the length of time it's supposed to be operating on makes it far less likely that you will wind up hosed compared to if you have one house.

I guess you can argue that when we get to the stage where not owning a home is more common than owning one, that this in fact increases diversity in your assets, but we're a fair way from that still.

It also doesn't do anything to address the problem Hockey claims it does: housing affordability. Injecting more money into the market will just raise prices, simple as that.

Actual levers which could be used to increase housing affordability: get state governments to dramatically increase land taxes for undeveloped land; get state governments to institute caps on allotments over a certain size in particular areas, start to grandfather out negative gearing etc

The thing is they don't *want* to address it. The rich loving love that their strangelhold on land has been a huge money funnel for as long as it has. Everytime the prices go up up, the west prints excited stories about how investors are winning bigtime, when the real story is , Gen Y and Z are going to be the first generation where most of them DONT own homes.

This way, by tapping super, it opens up another generation for the gently caress-you-got-mine Baby Boomers to royally arse-gently caress for their own wealth and prestige.

tl;dr kill your parents.

duck monster fucked around with this message at 08:39 on Mar 17, 2015

# ? Mar 17, 2015 08:37

Eediot Jedi: Dec 25, 2007; This is where I begin to speculate what being a
man of my word costs me

HEY DUCKMONSTER

Tommofork posted:

When/where has he proposed raiding Super for unemployment?

# ? Mar 17, 2015 08:39

Mr Chips: Jun 27, 2007; Whose arse do I have to blow smoke up to get rid of this baby?

Ler posted:

Had this been posted?

I really don't know whether to laugh or get angry at the Libs.

I dunno, if you're worth 100 million you can pay for some bodyguards or something.

# ? Mar 17, 2015 08:42

Les Affaires: Nov 15, 2004

duck monster posted:

The thing is they don't *want* to address it. The rich loving love that their strangelhold on land has been a huge money funnel for as long as it has. Everytime the prices go up up, the west prints excited stories about how investors are winning bigtime, when the real story is , Gen Y and Z are going to be the first generation where most of them DONT own homes.

This way, by tapping super, it opens up another generation for the gently caress-you-got-mine Baby Boomers to royally arse-gently caress for their own wealth and prestige.

tl;dr kill your parents.

I addressed this in a bunch of earlier posts about housing. The more people who rent, the less people there are to buy homes, and eventually those people will die. If they all die at a faster rate like, say, when baby boomers start dropping off the perch, we will get downward pressure on prices.

That, or slumlords.

# ? Mar 17, 2015 08:42

duck monster: Dec 15, 2004

I'm sure I remember it being in the paper some time back, but I can't find anything about it on google?

Maybe I misread something?

# ? Mar 17, 2015 08:43

Dante18907: Aug 31, 2009; Devilbro giveth and Devilbro taketh away

Mithranderp posted:

this

and also check that you are being paid the proper amount of Super!

Which union and how do I go about doing that? And how would I check the amount of super I SHOULD be being paid?

# ? Mar 17, 2015 08:45

The Before Times: Mar 8, 2014; Once upon a time, I would have thrown you halfway to the moon for a crack like that.

Dante18907 posted:

Which union and how do I go about doing that? And how would I check the amount of super I SHOULD be being paid?

I'm not sure about which union (I'd PM user BCR about that if possible...BCR is the person to ask when it comes to unions) but at an absolute minimum you should be getting 9.5% of your award rate paid into your super...so if my award rate is 20/h I'd expect to be getting ~$2/h into my super for a "total" of $22/h. Many companies pay more than that, so I'd check your contract once you get a copy of it.

e: clarity.

The Before Times fucked around with this message at 08:58 on Mar 17, 2015

# ? Mar 17, 2015 08:49

I would blow Dane Cook: Dec 26, 2008

Someone caption this TIA.

# ? Mar 17, 2015 09:04

Drugs: Jul 16, 2010; I don't like people who take drugs. Customs agents, for example - Albert Einstein

The boomers will gift their houses to their awful children and create junior slumlords

# ? Mar 17, 2015 09:05

GoldStandardConure: Jun 11, 2010; I have to kill fast
and mayflies too slow; Pillbug

Hello Guinness my old friend...

# ? Mar 17, 2015 09:06

Les Affaires: Nov 15, 2004

Drugs posted:

The boomers will gift their houses to their awful children and create junior slumlords

Until there's a dispute. More often than not, if there are two or more children in the will, the property will have to go to one of them, or be sold off and the returns split up amongst them.

If they're savvy enough, they will put it aside into an investment trust but on balance these things either end badly, or if they end well it's because they've come to some arrangement for selling them off.

Now imagine this happens more frequently because a lot of them are dying en masse (like say from poisonous lycra outbreak)...

# ? Mar 17, 2015 09:09

asio: Nov 29, 2008; "Also Sprach Arnold Jacobs: A Developmental Guide for Brass Wind Musicians" refers to the mullet as an important tool for professional cornet playing and box smashing black and blood

Les Affaires posted:

Until there's a dispute. More often than not, if there are two or more children in the will, the property will have to go to one of them, or be sold off and the returns split up amongst them.

If they're savvy enough, they will put it aside into an investment trust but on balance these things either end badly, or if they end well it's because they've come to some arrangement for selling them off.

Now imagine this happens more frequently because a lot of them are dying en masse (like say from poisonous lycra outbreak)...

Driver reviver last stops for grey nomads

# ? Mar 17, 2015 09:11

I would blow Dane Cook: Dec 26, 2008

Higher Education and Research Reform Bill 2014 voted down at 2nd reading | AYES 30 NOES 34 #highered

# ? Mar 17, 2015 09:13

DAAS Kapitalist: Nov 9, 2005; Jackass: The Mad Monk

Don't try this at home.

duck monster posted:

I'm sure I remember it being in the paper some time back, but I can't find anything about it on google?

http://www.afr.com/news/policy/budget/superannuation-could-be-used-for-firsttime-home-buyers-deposits-20150306-13x53i

quote:

Mr Hockey opened the door to making superannuation more "flexible" � such as by tapping super savings during periods of unemployment, retraining or even property purchases.

# ? Mar 17, 2015 09:19

The Before Times: Mar 8, 2014; Once upon a time, I would have thrown you halfway to the moon for a crack like that.

DAAS Kapitalist posted:

http://www.afr.com/news/policy/budget/superannuation-could-be-used-for-firsttime-home-buyers-deposits-20150306-13x53i

goooood that is so dumb. I know little about this poo poo and even I know it's astonishingly stupid.

# ? Mar 17, 2015 09:21

Thinking: Jan 22, 2009

Jumpingmanjim posted:

Someone caption this TIA.

The one day of the year it's good to be black

# ? Mar 17, 2015 09:23

cowboy beepboop: Feb 24, 2001

Jumpingmanjim posted:

Higher Education and Research Reform Bill 2014 voted down at 2nd reading | AYES 30 NOES 34 #highered

Wonderful

# ? Mar 17, 2015 09:30

Skellybones: May 31, 2011; Fun Shoe

Eat poo poo

# ? Mar 17, 2015 09:32

I would blow Dane Cook: Dec 26, 2008

Shadeoses posted:

Eat poo poo

and die

# ? Mar 17, 2015 09:33

Birb Katter: Sep 18, 2010; BOATS STOPPED
CARBON TAX AXED
TURNBULL AS PM
LIBERALS WILL BE RE-ELECTED IN A LANDSLIDE

cpaf posted:

The one day of the year it's good to be black

# ? Mar 17, 2015 09:35

Mattjpwns: Dec 14, 2006; In joyful strains then let us sing
ADVANCE AUSTRALIA FUCKED

Jumpingmanjim posted:

Higher Education and Research Reform Bill 2014 voted down at 2nd reading | AYES 30 NOES 34 #highered

# ? Mar 17, 2015 09:37

Graic Gabtar: Dec 19, 2014; squat my posts

Jumpingmanjim posted:

Higher Education and Research Reform Bill 2014 voted down at 2nd reading | AYES 30 NOES 34 #highered

As it should be.

# ? Mar 17, 2015 09:38

Anidav: Feb 25, 2010; ahhh fuck its the rats again

I love that no one is buying Pyne's bullshit. It'll probably destroy any chance he has at being Liberal Leader forever.

# ? Mar 17, 2015 10:46

Lid: Feb 18, 2005; And the mercy seat is awaiting,
And I think my head is burning,
And in a way I'm yearning,
To be done with all this measuring of proof.
An eye for an eye
And a tooth for a tooth,
And anyway I told the truth,
And I'm not afraid to die.

" Prime Minister Tony Abbott told his MPs and senators on Tuesday that he still expected to return the budget to balance "in about five years". "

Surplus after the next two elections huzzuh!

# ? Mar 17, 2015 10:49

Lid: Feb 18, 2005; And the mercy seat is awaiting,
And I think my head is burning,
And in a way I'm yearning,
To be done with all this measuring of proof.
An eye for an eye
And a tooth for a tooth,
And anyway I told the truth,
And I'm not afraid to die.

Lid posted:

" Prime Minister Tony Abbott told his MPs and senators on Tuesday that he still expected to return the budget to balance "in about five years". "

Surplus after the next two elections huzzuh!

http://m.smh.com.au/federal-politic...317-1m1grv.html

Also its impossible.

# ? Mar 17, 2015 10:50

Gough Suppressant: Nov 14, 2008

I want to know what rare brain parasite peter Martin had when writing that article defending hockey's brainfart considering the articles following and preceding

# ? Mar 17, 2015 10:58

ewe2: Jul 1, 2009

Gough Suppressant posted:

I want to know what rare brain parasite peter Martin had when writing that article defending hockey's brainfart considering the articles following and preceding

I pointed out to him on twitter that he seemed to be trying to avoid the subject of negative gearing in that article and he took pains to tweet back that he was obsessed by it. Didn't explain the article at all lol.

# ? Mar 17, 2015 11:06

Cartoon: Jun 20, 2008; poop

Gough Suppressant posted:

I want to know what rare brain parasite peter Martin had when writing that article defending hockey's brainfart considering the articles following and preceding

I suspect a very large cheque from an anonymous donor.

# ? Mar 17, 2015 11:07

CrazyTolradi: Oct 2, 2011; It feels so good to be so bad.....at posting.

Lid posted:

" Prime Minister Tony Abbott told his MPs and senators on Tuesday that he still expected to return the budget to balance "in about five years". "

Surplus after the next two elections huzzuh!

Gotta keep moving those goalposts!

# ? Mar 17, 2015 11:09

fiery_valkyrie: Mar 26, 2003; I'm proud of you, Bender. Sure, you lost. You lost bad. But the important thing is I beat up someone who hurt my feelings in high school.

Ler posted:

Had this been posted?

I really don't know whether to laugh or get angry at the Libs.

As someone who works for a company that makes well in excess of $100m per year, and is part of a US company making $10+ billion per year, I find the idea that people will be kidnapped due to announcing their company tax bills is hilarious. Especially if the company is publicly listed since way more data about the company and how much money they have is made available to investors anyway. Who cares how much tax they pay if I know what their cash balance is.

# ? Mar 17, 2015 11:16

iajanus: Aug 17, 2004; NUMBER 1 QUEENSLAND SUPPORTER
MAROONS 2023 STATE OF ORIGIN CHAMPIONS FOR LIFE

ewe2 posted:

I pointed out to him on twitter that he seemed to be trying to avoid the subject of negative gearing in that article and he took pains to tweet back that he was obsessed by it. Didn't explain the article at all lol.

Yeah he was about the same talking to me. Nice that he tweets so much in response to criticism, even if he didn't really address anything.

# ? Mar 17, 2015 11:20

ewe2: Jul 1, 2009

fiery_valkyrie posted:

As someone who works for a company that makes well in excess of $100m per year, and is part of a US company making $10+ billion per year, I find the idea that people will be kidnapped due to announcing their company tax bills is hilarious. Especially if the company is publicly listed since way more data about the company and how much money they have is made available to investors anyway. Who cares how much tax they pay if I know what their cash balance is.

It's all about the executives demanding special privilege in return for political donations. We're already in an us-and-them scenario, and just being not-rich-executives is suspicious. Why, if we were good honest people, we'd be rich executives too!

# ? Mar 17, 2015 11:25

freebooter: Jul 7, 2009

Anidav posted:

I love that no one is buying Pyne's bullshit. It'll probably destroy any chance he has at being Liberal Leader forever.

If Tony has taught us anything it's that no amount of gaffes or fuckups will prevent anybody from becoming Liberal leader or indeed the Prime Minister.

# ? Mar 17, 2015 11:27

Ler: Mar 23, 2005; I believe...

Gough Suppressant posted:

I want to know what rare brain parasite peter Martin had when writing that article defending hockey's brainfart considering the articles following and preceding

It's not the first time he's written some plainly dumb thing about economics or finance in Australia. Peter Martin is very hit and miss, it got to the point where I wasn't reading the Fairfax economic stuff for a long because of him.

# ? Mar 17, 2015 11:31

birdstrike: Oct 30, 2008; i;m gay

Not that I agree with it at all but fear of blackmail more so than kidnapping is an actual thought that some people have and is not just a thing made up by LNP scuzzballs. To the point where someone was happy to pay 47.5% tax on their trust to avoid having anything in their name, but foregoing all the tax planning/minimisation stuff you expect people to use trusts for.

# ? Mar 17, 2015 11:43

MiniSune: Sep 16, 2003; Smart like Dodo!

I hope my local business arm doesn't make less than the threshold lest I become a hot rape kidnap target.

Because it happens a lot here.

# ? Mar 17, 2015 11:45

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# ? May 23, 2024 15:41

Murodese: Mar 6, 2007; Think you've got what it takes?
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# ? Mar 17, 2015 12:19

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