avoided $31b tax in Aust in a year - 16th August 2015
trading in Australia funnelled more than $30 billion
to Singapore in one year to avoid tax, an investigator
Ward was part of a coalition that sought Freedom of
Information documents over corporate Australia's tax
says the documents revealed $31 billion made in Australia
in one year was shuffled through Singapore by 10 major
the documents protected the names of the companies
information which could identify individual companies
has been blocked out," he told the Seven Network's
Sunday Night program.
has to be consequences for these companies, for what
they're doing. It's not illegal but it's completely
company was responsible for an $11 billion transfer
from Australia to Singapore in one year, Mr Ward said.
Senate inquiry into tax avoidance is expected to table
its first report in the parliament on Monday.
understood the report will make more than a dozen
recommendations, including that the Australian Tax
Office be forced to disclose all avoidance settlements
above a certain level, and that a name-and-shame register
Senator Sam Dastyari, who chaired the inquiry, said
the system was "completely broken" and privacy
provisions were allowing Australia's worst offenders
said corporates were essentially selling products
to themselves, through companies set up in Singapore,
to keep their profits down.
you have a handful of multinational companies able
to take Australian taxpayers for a ride, the system
has to change," Senator Dastyari said.