STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM
ANDREW LEIGH MP
SHADOW ASSISTANT MINISTER FOR TREASURY
SHADOW ASSISTANT MINISTER FOR CHARITIES
MEMBER FOR FENNER
A THIRD OF BIG CORPORATIONS PAY NO TAX
The Liberals have again failed to make Australia’s corporate system fairer, a fact revealed only by Labor’s tax transparency laws.
New figures from the Australian Tax Office show nearly one in three big firms paying no tax in the 2018-19 financial year.
This is despite promises from the Coalition to reduce tax avoidance.
Once again, the Morrison Government has been caught out making announcements, but failing to follow through.
It’s now clear why the Morrison Government fought so hard against Labor’s 2013 laws to let the public know more about the tax affairs of local and multinational corporations. The Coalition is allergic not only to scrutiny of their own behaviour, but also to tax transparency for corporate Australia.
They never intended to follow through on their pledge to crack down on corporate tax avoidance, as today’s figures make clear.
You can take the measure of the Morrison Government by who they look after and who they leave out. This year, casuals on the frontline of the pandemic were left behind while billionaires got a bonanza. While Robodebt chased welfare recipients for debts they didn’t even owe, the Coalition has let some multinationals continue dodging tax.
At a time when the economy is recovering from a deep recession, it is more important than ever that everyone pays their fair share of tax. With many small firms in genuine distress, the Morrison Government must adopt a zero-tolerance approach to companies that abuse accounting loopholes to minimise their tax.
Authorised by Paul Erickson, ALP, Canberra.