If you’re unhappy about the large number of high-profile companies that found a way not to make a profit and thus paid no tax in 2013-14, relax — a few of them are finding a way to give a little bit back to the country where they’re earning so much revenue and yet, seemingly, so little profit. They weren’t able to make a profit or pay tax, but they’re doing their bit for civic life by finding some spare change to give to political parties — particularly the Liberal Party.
Take global energy giant Chevron, for example, which earned over $3 billion in Australia in 2013-14 but, doubtless to the dismay of its executives, somehow failed to make a profit and thus paid no tax. Nevertheless, according to Australian Electoral Commission data (we’ve confined our search just to 2013-14), Chevron gave over $70,000 to the ALP and over $120,000 to the Coalition, mainly the Western Australian Liberal Party.
Building products giant Brickworks didn’t make quite as much money — it made just $860 million, but earned the same profit and paid the same amount of tax, zero. However, it was even more generous in political donations — it gave over $260,000 in donations to the Liberal Party federally and in NSW. Local investment firm Washington H. Soul Pattinson — which has extensive co-ownership with Brickworks — enjoyed over a quarter of a billion dollars in revenue but also made no profit. Nonetheless, it too gave generously to the Liberals, donating $250,000.
Health and beauty giant Australian Pharmaceutical Industries failed to make a buck off $3.3 billion in revenue, but it found $100,000 to give to the Liberal fundraising body the Free Enterprise Foundation.
Or there’s private healthcare provider Healthscope: $2.1 billion in revenue and no profit, but $39,000 in donations to the Liberal Party. Junior telco Macquarie Telecom made just under $200 million but no profit, but gave generously to Labor ($38,500), the LNP ($49,500) and the WA Greens ($25,000). Mincor Resources made no profit off $110 million in revenue but gave $15,000 to the WA Liberals.
US coal giant Peabody is currently in deep strife because of the depressed coal price but its Australian arm made over $3 billion in revenue in 2013-14 and donated $75,000 to the Coalition. Gold miner Silver Lake Resources had over $316 million in revenue and made no profit, but gave $20,000 to the Liberals. Then there’s Whitehaven Coal, which didn’t turn a profit on over a billion dollars, but gave $20,000 to the Liberals.
One might fault these companies for their inability to make money, but there’s no doubting their strong commitment to ensuring healthy political parties.
(With deference to the late Gomer Pyle USMC) “Surprise, surprise, surprise!”
Of course, those profits (for the mining companies at least) includes that other bit of Australian taxpayer largesse; diesel fuel rebates. If the Messiah and his merry crew wish to balance the tax books, cancelling the DFR would be a good place to start before they screw us all with a higher GST (hear that Bill?)
Instead of constantly whingeing, Bernard, for a change why not spell out what legislative changes YOU believe could achieve whatever it is that you want; or is that a bridge far too far for you?
A Legal system it may be, but those that construct, and those that allow, are corrupt. We PAYG peons but swallow the bile and wait . . . .
“If you’re unhappy about the large number of high-profile companies that found a way not to make a profit and thus paid no tax in 2013-14”
IF????
Furious! 🙁
We know the facts, ’nuff said, we’re brain dead to allow this.
As if further proof we needed that our pollies are the worst that money can corrupt.
None of these corporations is breaking the Law.
That is the point, voters!