As Australian as you can get
Foreign ownership in Australia doubles - and over half the foreign companies pay no tax at all in Australia.
The following is an extract from an article by Frank Walker which appeared in the Sun Herald, 17 September 2000.
"The level of foreign ownership of Australian companies has doubled in the past decade to 21% of gross domestic product (GDP) and foreign debt hovers at 40% of GDP. The money leaving Australia to foreign owners doubled in the decade to $12 billion last year."
"Tax expert and Electronic International Trade Service director Martin Feil said multinationals use a tax trick called transfer pricing to escape paying tax in Australia. An Australian Taxation Office review of 207 companies, which generated $30 billion in annual revenue, showed they paid less than $40 million in company tax."
"'Despite having operated in Australia for decades, over half of the foreign companies paid no tax at all,' Mr. Feil said."
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