Australia has been a happy hunting ground for criminals running high-tech scams
The government tabled legislation to Parliament on Thursday morning claiming it was “providing the strongest defences against scammers in the world”.
At risk is $50 million worth in fines for noncompliance to the new Scam Prevention Framework, which has been a pet project for Minister for Financial Services Stephen Jones.
“Banks, social media platforms and telecommunications companies face hefty fines if they do not take reasonable steps to prevent, detect, disrupt, respond and report scams and attempted scams in their businesses,” the government announcement, attributed to Minister for Financial Services Stephen Jones and Minister for Communications Michelle Rowland, said.
Australians to be better protected from 'scam pandemic'
Stephen Jones Press office
The NACC delivered to Australians was “watered down and watered down” by Anthony Albanese and Mark Dreyfus. Says highly regarded top former judge Dr Margaret White: “It is very distressing” “If I weren’t so old, I think I would weep, but it’s not good for the make-up”.
Robodebt NACC hearings must be public: Top judge
AFP warns alleged tax leaks PwC partners face up to 10 years in jail
The art of tax administration in Australia
Manon Bhargava dropped out of Princeton University in the 1970s to find enlightenment in India. He lived as a monk and grew close to the family of a prominent guru.
WSJ: He Was A Monk, Then A Billionaire, And Now An Alleged Tax Cheat
Field: Tax Enforcement by the Private Sector—Deputizing Tax Insurers
Apple Law School: Innovation, Leadership, And Technology Lessons From Steve Jobs
Cui: False Idols In The Early History Of International Taxation
Collectibles Tax And The Art Of The Buying, Renting, And Selling Virtual Land NFTs
"I don't know anybody that doesn't minimise their tax," Mr Packer growled as he stirred his delicate parliamentary china cup of tea with a teaspoon. "I'm not evading tax in any way shape or form. Of course I'm minimising my tax. If anybody in this country doesn't minimise their tax they want their head read. As a government I can tell you you're not spending it that well that we should be paying extra."
Corporate tax inquiry: Kerry Packer's infamous committee appearance serves as a cautionary tale
Accounting! It's really an art
Things like roads, schools, hospitals, the police and skate parks.
And then there's dumb things our taxes fund, like AUKUS, and bloated, unaccountable bureaucracies that are supposedly there to help us.
So if a big corporation makes a bucketload of money, say off resources they mine, or from selling and making stuff, you would think the ATO would have the powers and ability to ask for a fair share so that we can have nice roads and skate parks.
The 2024 ATO tax transparency report, published last week, gives the public an idea of who is not paying for things that society needs in order to function.
What good news!
Those who paid nothing include Qantas Airways and Virgin Australia, along with Netflix Australia, Canva, TPG Telecom, Sony Australia, News Australia Holdings (Murdoch), Domino's Pizza Enterprises, and Mineral Resources.
The reason why corporations may be legitimately paying no tax could be from making an accounting loss and claiming tax offsets, according to the 2021-22 corporate tax transparency report.
Specifically, some firms may be eligible for tax incentives like research and development credits, which can significantly reduce their income tax liability.
The good news was that overall, tax collection increased by 22 per cent from the previous year.
What is the Australian Labor government doing about companies that pay no tax?
Along with the ATO's Tax Avoidance Taskforce, Labor introduced a ‘Multinational Tax Avoidance Plan' in 2022.
Is the plan working? Well sort of. The ABC reported as recently as October 2024, ‘There is significant pushback from businesses and consultants like PwC, who are advocating for delays in implementing country-by-country reporting requirements'.
Given what the public now know regarding the conduct of PwC and other consultants, it's astounding they are still involved with governments and have influence.
Perhaps that is the problem? Too many snouts and not enough good faith in governance.