AFR (no paywall)
AFR (original)
ATO statement
SingTel confirmed as engaging in transfer pricing during Optus acquisition
At standard corporate tax rates, SingTel will be coughing back up around $300m plus unknown penalties and interest to the ATO
Expect price rises shortly at Optus and amaysim/Coles/Catch
Government just as likely to use that money to advertise for more migrants to come here, costing us billions extra in rent, sooner than they would lower our taxes. System is rigged.
So are you arguing the ATO should have let Singtel keep the money?
Should use the money to start to build new government owned houses and apartments and rent them out at capped prices to anyone who has not owned property before. Relieve some pressure from the rental market while freeing up disposable income which will help the economy.
@AustriaBargain: Get a job or 2 and buy your own house. A lot of the migrants come here to do the crap jobs that the locals are too good for as they'd rather sit on welfare. This country would grind to a halt if it weren't for migrants.
@JIMB0: Yeah that will teach basic commonsense. Saving management.. if someone had a job then can't survive for 6 months without, that is their own fault of not saving. Yep. Including medical bills or family issues etc.
@CyberMurning: That's the reality in a lot of countries. We are too kind here and people get lazy and take advantage of it.
@AustriaBargain: I've always felt like my tax dollars going to welfare was similar to paying protection money to the mob.
$300M is a drop in the bucket for Optus
Wow. Racist much?
What does migration have to do with race? My parents are migrants, does that offer you a clue as to my race or something..
Now I understand your username, you couldn’t spell Australia……
Immigrants to Australia probably provide more economic benefit to Australia than you do, I am making a big assumption here but since you seem to have immigration as the problem rather than every other thing that’s been going on around you, something doesn’t add up, intelligence maybe?
If we aren't willing to increase housing supply to at least a little more than match our own demand place migration demand, then yeah the cost of living crisis experienced by many people can be chiefly blamed on migration. If you are paying tens of thousands of dollars more in rent a year because we have a million new migrants and just a handful of new homes, then yeah your hip pocket will be helped a lot by curbing migration. Housing investors who own more than a few homes will be better off with the migration, but honestly they will be just fine no matter what happens.
the country got hundreds of millions more income to […] or lower our taxes
Is this a likely occurrence?
The money will go to consolidated revenue. So it may result in paying off debt, paying for other items or reducing the need for future taxes.
I guess the way to look at it is yesterday it was in Singtel’s bank account, now it is in ours, but the government hasn’t added any new expenses, so for now at least, it is lowering the need for future taxes.
the country got hundreds of millions more
Will / would get the money. Not there yet. Maybe never.
ATO is dealing with professionals that know tax law better than ATO itself
YES
NO it won't.
It will be pissed up against the wall.
I’m quoting the Optus slogan
Oops.
They honestly should have been fined $1B due to the data breach alone
20 years to catch them, make a case and fine them and still it’s not paid
Jesus no wonder corporates do what they do
I don't really understand the price rise comment.
Do you think Optus leaves their prices lower than they could charge because they like us, or something?
I'm really pleased the country got hundreds of millions more income to spend on useful things or lower our taxes.