5 ways to stop corporate tax avoidance the Liberal Party don't want to hear
If the Liberal Party were serious about revenue, they'd stop the free-ride for their big business mates in five easy steps --
1. Make multinationals open up the books
Because you can't tax what you can't see.
2. Actually resource the Tax Office properly, so they can do their jobs
It seems a little convenient that the Liberal Party has cut 4400 jobs in the Australian Tax Office past 19 months, 500 jobs from the audit team alone...
3. No more 'taxation by negotiation'
Do you get to negotiate with the tax office how much tax you pay? No? Well, neither should multinational companies.
Did you know the ATO commonly settle with multinationals (for way less), rather than making big business pay the full amount of tax they owe? In one case, a big four bank reduced their $100 million tax bill to a $30 million settlement.
4. Protect whistleblowers
If someone's going to blow the whistle, they should be legally protected with corporate whistleblower protection laws. End of story.
5. Strengthen the role of our corporate watchdog: ASIC
ASIC is so under-resourced that it relies heavily on big business self-reporting and self-regulating. We need to strengthen our corporate watchdog.
