{"id":6066,"date":"2015-04-20T13:50:11","date_gmt":"2015-04-20T13:50:11","guid":{"rendered":"http:\/\/ezramagazine.com\/?p=6066"},"modified":"2015-04-20T13:50:11","modified_gmt":"2015-04-20T13:50:11","slug":"closing-tax-loopholes-in-australia","status":"publish","type":"post","link":"https:\/\/ezramagazine.com\/?p=6066","title":{"rendered":"Closing tax loopholes in Australia"},"content":{"rendered":"<p><span style=\"color: #000000;\">A report commissioned by GetUp has found that Australia could generate up to $2.5 billion in revenue by limiting tax loopholes through using an Australian version of the &#8216;Buffet Rule.&#8217;<\/span><\/p>\n<p><span style=\"color: #000000;\">According to the Australia Taxation Office, 75 Australians who earned significantly over $1 million in a year paid virtually no tax, and each spent huge sums on tax avoidance schemes.<\/span><\/p>\n<p><span style=\"color: #000000;\">The Buffett Rule sets a minimum average rate of tax (approximately 35 per cent) for very high income earners\u00a0which would limit exploitation of tax loopholes and deductions.<\/span><\/p>\n<p><span style=\"color: #000000;\">GetUp Budget Campaign Director Mark Connelly says the Australian Government should not be solely focused on cracking down on large companies and their exploitative methods of the Australian tax system.\u00a0<\/span><\/p>\n<p><span style=\"color: #000000;\">&#8220;Labor and Liberal alike are talking about cracking down on tax loopholes exploited by the most profitable companies,&#8221; he said.<\/span><\/p>\n<p><span style=\"color: #000000;\">&#8220;They need to do the same for the wealthiest one per cent, who aren&#8217;t paying their fair share.&#8221;<\/span><\/p>\n<p>The policy would see the wealthiest one per cent (those making $300,000 or more per year) pay a minimum 35 per cent tax on their income, about what middle-income earners pay.<\/p>\n<p>It would only apply to those who used tax avoidance measures to lower their tax rate below that threshold.<\/p>\n<p>&#8220;Fixing the budget&#8217;s revenue problem is a brighter way to get Australia&#8217;s budget challenges under control than harsh austerity cuts to pensions, health and education.&#8221;<\/p>\n<p>You can join the campaign with GetUp via their website\u00a0<a href=\"https:\/\/www.getup.org.au\/campaigns\/the-buffett-rule\/buffett-rule\/clampdown-on-tax-dodging-by-the-1\">www.getup.org.au<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A report commissioned by GetUp has found that Australia could generate up to $2.5 billion in revenue by limiting tax loopholes through using an Australian version of the &#8216;Buffet Rule.&#8217; According to the Australia Taxation Office, 75 Australians who earned significantly over $1 million in a year paid virtually no tax, and each spent huge sums on tax avoidance schemes. The Buffett Rule sets a minimum average rate of tax (approximately 35 per cent) for very high income earners\u00a0which would [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[165,228],"class_list":["post-6066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-australian-taxation-office","tag-buffet-rule"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Closing tax loopholes in Australia<\/title>\n<meta name=\"description\" content=\"A report commissioned by GetUp has found that Australia could generate up to $2.5 billion in revenue by limiting tax loopholes through using the Buffet Rule\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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