Welcoming investment is critical to our standard of living. “Why on earth have a tax on employment? The “warring Reinharts”as Adam Shands writes could face a potential tax bill of nearly $1 billion on the family trust if the Australian Tax office deemed that the vesting of the date was imposed to avoid paying tax. Backed by his Labor colleagues, Senator Cameron wishes to raise the issue with Treasury and the Australian Tax Office (Crowe, 2012, The Australian), Senator Cameron continued his equality campaign on The world Today on ABC News Radio on Wednesday the 14th of March where he claims the the trusts are costing Australia. Fellow West Australian billionaire Andrew Forrest's listed company Fortescue Metals Group paid $738 million income tax in 2014, earlier Tax Office data shows, but when it comes to his private company Tattarang Pty Ltd he took a different approach. Two thirds of these new tax assessments, some $351 million, has been raised from those same companies that said they had no tax due in 2014. The billionaire mining magnate said the Australian government must mirror the Trump administration in rolling out a “practical” solution – to cut government taxes and tape. President Trump bit the bullet and cut both taxes and tape,” Ms Rinehart said. Gina Rinehart has called on the Morrison government to look towards the US to help Australia recover from the economic fall out of the coronavirus pandemic. By transferring assets to Tattarang in the form of a capital distribution, Mr Forrest appears to have ensured the payment was not taxable, though the accounts record a $4.7 million deferred tax liability. It's not all loss. In addition, audits and reviews have raised a further $531 million in tax from the total group since 2013. Billionaire Gina Rinehart believes her business interests in Australia have suffered as a result of her speaking out against red tape and tax burdens. Qantas has 721 big business mates who paid no income tax in the 2016-17 income year. Ten News Story on the Rinehart family trust. ( Log Out / Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. “Rinehart woes spark calls for family trust review”, “Australia’s richest woman Gina Rinehart accused of offering her eldest daughter money to drop legal action”, http://www.abc.net.au/worldtoday/content/2012/s3452928.htm, American network Bloomberg’s take on the Gina Rinehart controversy, Different communicator, different communication. Ms Rinehart also said that the mining industry would “help to lead us out of this COVID economic woe” although she also stated that the industry’s costs are “very high” in Australia. The dividends would have been franked, and thus tax-free. They probably meant Liberal Party fundraisers. 14 March 12, http://www.abc.net.au/worldtoday/content/2012/s3452928.htm. The children were due to inherent the family trust worth $2.4 billion on September 6th, 2011. The distribution to Tattarang appears to have been in the form of shares, with Tattarang reporting it had available for sale investments at a fair value of $242.5 million at June 30 2014. To summarise what we know: in 2014, 321 large private companies reported $145.5 billion of revenue, taxable income of $8.2 billion and tax payable of $2.05 billion.
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