The whole principle of the original franking credits mechanism was that the company is nothing but its shareholders so why should the shareholders pay tax twice. That is right and proper.
I’m sure there’s at least 3 low income folk who are with you all the way - and let me tell you they are furious.
Yes, there are at least 3.
| Company | Fully franked distribution |
|---|---|
| Income earned Company tax (30%) Net profit after tax | $100.00 $30.00 $70.00 |
| Dividend paid Franking credit Taxable income Tax on taxable income (47%*) Credit for company tax Tax payable | $70.00 $30.00 $100.00 $47.00 $30.00 $17.00 |
| Net distribution to shareholder Total tax paid by company and shareholder | $53.00 $47.00 |
Both parties were going to introduce the GST.
I’m assuming then that apple and google no longer domicile in Ireland then?
It was suggested by Keating initially.
<<<Apple’s 2022 results were for just nine months. “Normalising” that up to a full year, it is equivalent to $12.4 billion of sales, $521 million pre-tax income and $159 million tax. Apple Inc’s global gross margin was 43.3 per cent last year, so on an annualised basis its Australian gross profit was more than $5 billion, and the ATO got 3 per cent of that.>>>Apple still has a branch there where they manufacture phones and employee over 6,000 people. See their press release.
Apple’s Cork campus celebrates 40 years of community and looks to the future
Employees reflect on the sense of community and shared values fostered at Apple’s Cork, Ireland, campus, in honor of its 40th anniversary.www.apple.com
As for Google, well they were incorporated in Ireland but domiciled in Bermuda but has since shifted all of its IP back to the US and made the Ireland company a tax resident in Ireland, not Bermuda and it acts as a Holding Company.
All of these changes came about through global (OECD) BEPS measures to combat tax avoidance introduced by the LNP.
<<<Apple’s 2022 results were for just nine months. “Normalising” that up to a full year, it is equivalent to $12.4 billion of sales, $521 million pre-tax income and $159 million tax. Apple Inc’s global gross margin was 43.3 per cent last year, so on an annualised basis its Australian gross profit was more than $5 billion, and the ATO got 3 per cent of that.>>>
Why Google, Facebook and Apple aren’t worried about the new 15pc tax
It’s likely to be four years before the ATO sees any revenue, and the US may still put the whole OECD tax project on ice. Otherwise, what could go wrong?www.afr.com
OK boomer.
Kim Beasley made opposing the GST a key part of their campaign.
And both would have happened under a Labor government anyway
Future fund and increase in migration
That seems a touch unfair. Assuming the current iteration of the LNP finally collapses and a more Liberal and progressive (moderate) party re merges, can they lay claim to things Labor did because "we would have done it anyway"
True.
