03 Apr '15, 1pm

Energy company's $11 billion transfer to Singapore rings tax avoidance alarm bells

Heightened worries: Tax Commissioner Chris Jordan. Photo: Bradley Kanaris An energy company operating in Australia transferred more than $11 billion to the low-tax jurisdiction of Singapore in a single year, heightening concerns that Australia is being duped by tax-minimising multinationals. The extraordinary scale of funds being moved out of the country by individual companies is revealed in an internal Australian Tax Office memo, obtained under Freedom of Information. It lists 10 companies that channelled a combined $31.4 billion from Australia to Singapore in the 2011-2012 financial year. An estimated $60 billion in so-called "related parties" transactions went from Australia to tax havens in the same year. Advertisement Tax Commissioner Chris Jordan and a number of his senior colleagues have recently flagged concerns about cross-border transfers and intra-company refin...

Full article: http://www.theage.com.au/federal-politics/political-news/...

Tweets

Energy company's $11 billion transfer to Singap...

smh.com.au 03 Apr '15, 1pm

Heightened worries: Tax Commissioner Chris Jordan. Photo: Bradley Kanaris An energy company operating in Australia transfe...

Energy company's $11 billion transfer to Singap...

theage.com.au 03 Apr '15, 3pm

Heightened worries: Tax Commissioner Chris Jordan. Photo: Bradley Kanaris An energy company operating in Australia transfe...

Energy company's $11 billion transfer to Singap...

smh.com.au 03 Apr '15, 6pm

Heightened worries: Tax Commissioner Chris Jordan. Photo: Bradley Kanaris An energy company operating in Australia transfe...

Name & Shame. New FOI documents show at least $...

canberratimes.com.au 03 Apr '15, 10pm

Heightened worries: Tax Commissioner Chris Jordan. Photo: Bradley Kanaris An energy company operating in Australia transfe...

Energy company's $11 billion transfer to Singapore rings tax avoidance alarm bells - via @smh

Energy company's $11 billion transfer to Singap...

m.smh.com.au 03 Apr '15, 4pm

An ATO spokeswoman said the issue was currently under investigation. "I can confirm that we currently have 15 audits of ma...

Energy

canberratimes.com.au 03 Apr '15, 7pm

Heightened worries: Tax Commissioner Chris Jordan. Photo: Bradley Kanaris An energy company operating in Australia transfe...

Singapore duds Australia, Google duds Singapore (pays $5m tax in Sing on $2.6b Aust revenues)

Singapore duds Australia, Google duds Singapore...

afr.com 14 Apr '15, 10pm

Microsoft also pays 10 per cent, while Apple in 2010 negotiated a 5 per cent tax rate for Apple South Asia, which charged ...

Alarm bells put on silent for Singapore football in the past week: @FASingapore

Alarm bells put on silent for Singapore footbal...

mothership.sg 31 Mar '15, 5am

With a nation occupied with grieving over Lee Kuan Yew’s passing over the past week, the FAS has been cut some slack for r...

#peakoil The case for an extraction tax: Govern...

peakoil.com 04 Apr '15, 12am

First, some background on U.S. natural gas sources and markets. Most of our country’s gas is consumed in the major populat...

Are You Ready For The Air Jordan 11 Low “Georgetown?”

Are You Ready For The Air Jordan 11 Low “George...

kicksonfire.com 08 Apr '15, 6pm

The Air Jordan 11 Low “Georgetown”will hit retailers fully decked out in a the Hoyas spirit. Comprised of Low Mist Grey on...

The sneaker resell market is worth an estimated...

complex.com 03 Apr '15, 1pm

It's no secret that resellers are making bank, but you'll be surprised at exactly just how much cash is being transacted t...