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CORRECTION - small business tax rate has been dropped to 25% (corporate rate is 30% for big business)

Tax rates for individuals in Australia are obscene, especially when access to government services is largely non-existent in most of the country.

To break it down further, multinational corporations are taking advantage of tax law loopholes to avoid paying any tax at all in this country… For example: Apple make $1B in revenue in Australia, and after expenses and salary payments their profit is $250M. Apple Australia Pty Ltd then claim that they license the global Apple trademark from Apple Ireland for $250M, which then becomes tax deductible resulting in a $0 profit and therefore $0 tax. That $250M profit is then transferred to Apple Ireland where the corporate tax is 12.5% rather than the 30% rate charged in Australia. We need to close the loopholes rather than targeting the tax avoiding multinationals… they’re just playing by the rules they are given. “Don’t hate the player, hate the game” - or so to speak.

Some of the biggest ? Surely you mean nearly all the biggest. 15 years ago I had a rant on the ABC 774 about this. Nothing changes. What really gets me though is the bastards get on the media and have the gall to lecture us, the people actually paying tax, about public/economic policy.

You two are perfect, make the voice loud, some know the go but most don't. Keep it up legends!!!!! 🙌🇦🇺

And where does all that tax go? Military equipment to a country in Europe 12,000 miles away, bullshit nuclear subs, politicians perks, corporate welfare, idle bludgers….the list goes on and on……

Punters, MWM, Juice media, Aust. Institute: why cant you all form a political party so we can have some decency, fairness and policies that will actually be of benefit to Australians?

Need a sovereign wealth fund like Norway who actually tax the gas cartels

Of course you should pay more tax than multi-billion dollar corporations. Did you donate more than them to politicians? No well of course you should pay more.

If they got rid of the loopholes that allow big business and rich individuals to minimise tax, then they could lower taxes across the board and the government would still have more money. It annoys me that i pay more tax than these businesses/people.

I don't make jokes. I just watch the government and report the facts. Will Rogers Keep up the good work guys.

Id pay 30% tax on our profit, as a wage earner, How Goods is That

Either way corporat corruption is in play 🙄

Don’t forget Goods and Services Tax (gst) Fuel excise Beer tax Tobacco tax Stamp duty Capital gains tax Property tax (otherwise known as rates)

$18,201-$45,000 19% tax $45,001-$120,000 32.5% The Australian Government is a P.A.Y.E. junkie. Over 40% of Government income derives from wage earners.

Why ain't they being taxed ? Time to make them pay. I'd be getting back pay too

It's not just Income tax! It's everything! Pay your income tax, then buy something bam 10% gst. Buy food bam inflation 15%, buy something that makes an increase in value even after you've paid income tax bam! Capital gains tax! Half your money is gone to tax!

Gotta fix this

Love punters. More of this on the real channel please. Paywalls are sooo Murdoch

Australian companies do the same thing if they own overseas businesses, they end up paying that tax in Australia instead of overseas.

They won't change the tax laws because...guess who gets to work on the board of directors after they leave office?

Fabulous content 🎉

All companies are subject to a federal tax rate of 30% on their taxable income, except for ‘small or medium business’ companies, which are subject to a reduced tax rate of 25%. The reduced tax rate applies only to those companies that, together with certain 'connected' entities, fall below the aggregated turnover threshold of AUD $50 million.

All businesses and charities should pay tax on their incomes, just like us ordinary folks are made to, and then they can claim back reasonable and fair expenses that helped them earn an income, like we do at tax time. That, to me, is fair, but I'll bet it never happens! No more of this profits BS.

Does anyone have the link to the complete interview?

More people need to pay their own tax rather than their work taking it out automatically. If people seen that money coming out of their pay, there would be a revol... wait a minute, sorry this is australia, nothing would happen, people would change the channel.

I think that the only way to get a change in the tax laws is if enough of us find ways to lower our tax bills

logic would say if you are not making a profit there is no point in being in Australia as capital costs money in itself. Yet these companies are here year after year and govt does nothing about the obvious made up lack of profit.

Why is it fair that homeless taxpayers are subsidising taxpayers who get housing investment tax breaks and own multiple homes ? Same sort of thing.

Unreal!!

Where's the rest of the podcast?

As a subby the ATO might calculate your rate at 13%.

Bravo.

you guys would have a lot more credibility if you knew the numbers. someone on 100k pays 22% in tax. your point still stands but get the numbers right!

Ease up on your criticism of multinationals corporations! We owe them a debt of gratitude for just, well, being here apparently?

Legend

Terrible T shirt, but I know who you got it from! The point you are making needs to be made again and again until Aussies wake up! We're like a cow, being milked by overseas companies, straight into their low/no tax jurisdictions, on the flimsy premise of 'licensing' or 'technology transfer' fees - that are pure fantasy, made up to allow them to pay no local tax but enjoy yachts and pina coladas all round in Grand Cayman!

And if you run your own small business and god forbid... pull a salary. YOU PAY TAX TWICE!

Legitimate question with illegitimate answers.

Where to start on this absurd video! Individuals DO NOT PAY 37% tax on all income, first point. They pay zero tax on the first $18,200. Then they pay 19% from 18,200 to $45,000 (ie $5,092 or 11.3% on the whole $45,000). From $45,000 to $120,000 they pay 32.5%. so on the $55,000 from $45,000 to $100,000 they pay $17,875 plus the $5,092 below $45,000 for a total of $22,967 on their $100,000 income, which is 22.967% of their total taxable income. TAXABLE income? What’s that? They will have deductions for things like work clothes and tools and other things they use to earn their living, similar to a company having costs such that companies also pay tax on their profits. ie income less costs. So the first premise is wrong. Individuals on $100,000 don’t pay 37% or even 30% of their income in tax, they pay less than 23% on just their TAXABLE income, ie their profit too. Second point is if companies are not making profits it is usually because they are investing further into the business, ie ploughing their profits back into the business to grow it and employ more people who pay taxes. Second reason they’re likely not paying tax is because they are trading at a loss and therefore not making a profit on which to pay tax. If this is the case they will soon go out of business if it continues, in which case all their employees will lose their jobs sooner or later and there will be no tax paid at all by either the company or its former employees. Third point is who do you think pays the incomes to the punters earning the 100,000 a year? Overwhelmingly it is companies employing them, so if you are going to tax the companies out of existence, their employees will lose their jobs and all that tax revenue will be lost to the government. Be very careful what you wish for.

Where's the rest of the podcast?