October 12, 2018 Pat Mannix

It’s Time For Global Sincome Tax

Pat Mannix

Pat Mannix

Partner
Pat Mannix champions small business people. Owning and running his own financial services firm for over 20 years, Pat is an expert in small business tax, property investors and high net worth families via trust structures and SMSF's.

How refreshing it was to read Tom McIlroy’s article this week in the Financial Review. As I’ve said previously, the Aussie Government is tackling the Multinational Corporate Tax Raiders with gusto and they have hauled billions of tax back from these thieves. It’s a pity about the many years before that they have been doing this.

According to Tom: “The Tax Office said on Tuesday its special tax avoidance taskforce had collected $5.6 billion in extra tax revenue in just two years, a substantial and lasting return on $679.9 million in extra budget funding for increased scrutiny and expanded compliance approaches.”

Why can’t this approach and effort be extended to the Citizens of the World rather than just Australia, so that all OECD countries can benefit from this rigour on Large Company tax rip-off.

Only an OECD approved tax, such as the Sincome Tax, will lock down this money across the world in a genuine tax move on globalisation.

The ATO is also examining whether tax promoter penalties could be applied to big four accounting firms (Deloitte, EY, KPMG and PwC) as it trawls through emails that detail how aggressive schemes were marketed. Hallelujah! The collusion and oligopolies are being looked at.

I’m not sure whether you’ve heard this term, but I’ll say it again: Tax the Bastards. And the losers in all this scrutiny. The top 0.5% of the population. We’re hardly crying for them here in small business land.

Pat Mannix

Pat Mannix

Partner
Pat Mannix champions small business people. Owning and running his own financial services firm for over 20 years, Pat is an expert in small business tax, property investors and high net worth families via trust structures and SMSF's.

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