The Senate review of government franking credit proposals has put the issue back in the spotlight.
The franking credit dispute helps the Coalition build an argument that Labor has reneged on commitments not to touch contentious tax policies. Labor has accused it of a hysterical scare campaign.
Trump refused to make his tax returns public during his two presidential bids. His and wife’s Melania’s tax minimisation moves have drawn attention.
The House committee’s move – over the objections of Republicans members – comes a day after Trump was referred for criminal prosecution by another House panel.
The payment is aimed at settling claims that the disgraced financier used the territory for his decades-long sex-trafficking operation under the guise of running a financial advisory firm.
For such a fiercely debated topic,there are many Australians don’t understand how franking credits work at all.
Ten companies paid more than $33 billion in corporate income tax in 2020-2021,but more than 30 per cent of the top-earning companies paid none.
Three young Australians are behind an obscure business that reported more income with the tax office than Bunnings’ owner Wesfarmers last year.
Commodity prices feed huge amounts of tax into the budget,but little is earned from the taxation of petroleum and gas.
Top economists say the government made the right calls,but a harder look at the books will be needed ahead of the May budget.
The government also plans to raise $3.7 billion by targeting tax-dodging by individuals and businesses.