Its true that all companies take risk and should be rewarded accordingly. The respective States own the minerals in the ground on our behalf and it is their responsibility to get as much money as possible (as it is BHP's and RIOs duty to get as much as possible for their owners).
The question here is what is a fair go? No profits mean no production means no tax ; that's the down side
Profits mean production means tax. The question is should super profits mean super tax.?
It seems that our personal tax can vary based on earning increments is OK but not OK for companies.
In fact this Government thinks that 30% is too high for companies and is reducing this to 28.5%
I'll give you a summary of personal tax:
up to $18K ...........no tax
$18K to $37K.........19% for amt over $18K
$37K to $80K.........$3572 + 32.5% for amts over $37K
$80K to $180K.......$17,537 + 37% for amts over $80K
$180K+..................$54,547 + 45% for amts over 45%
Now compare this dogs dinner with the flat $30% company tax going to $28.5% and tell me what's fair.
No wonder the rich have their own Pry companies and subcontract their labour via the company and
enjoy the tax rate of a battler earning minimum wages.
Is it too much then to ask companies such as BHP & RIO to pay an extra 10% tax on super profits rather
than cruelling PAYE workers with much higher tax rates. But it seems that most of us prefer to financially
limp around having proverbially shot our selves in the tax foot just to prove that we are good guys
and investment friendly at a time when resource investment has dried up. \struth!!!
Moorookamick
