WENDELL HUSSEY | Cadet | Contact
If you are a giant profit-driven multinational business with a complex company structure, there’s some good news coming your way this week.
The Australian Taxation Office has revealed that for the umpteenth year in a row, huge companies that can afford to ‘minimise their tax’ will be able to get away with it – again.
That’s right, if you have company offices in tax havens like Singapore or the Cayman Islands, one of the big four accounting firms could save you billions of dollars this year.
Even if you’ve made tens of billions in profit, someone like KPMG or Ernst & Young can move things around due to the deliberately complicated financial and tax laws in the capitalist system and max sure you don’t have to pay anywhere near the right amount of tax!
The news comes as a welcome relief for the largest companies in the country, many of whom consolidated their wealth during the last 12 months and are in desperate need of some more financial help.
“It’s great to see the spirit of the Aussie battler alive and well,” explained a spokesperson from the ATO today.
“Just say that the money you made this year was actually made by the arm of your company registered in Singapore and then you can claim you operated at a loss, even though you paid all your executives huge bonuses for some reason!”
“Given our financial constraints, we can’t begin to pursue the vast majority of giant tax-dodging companies who are robbing billions of dollars from mums and dads.”
“So it’s open season for the big boys again while NewsCorp toss up a few stories about welfare cheats ripping off everyday Aussies.”
“How good’s that. How good’s a fair go for giant companies while everyday people struggle to stay afloat!”
