In 1946 (for the UK) and 1953 (for the USA) our Federal Government entered into the DOUBLE TAX CONVENTIONS. Amendments have followed over the years.
These exempted all UK & USA based companies from paying ANY Income Tax in Australia if they operated through wholly owned subsidiaries.
At the time Australia needed the capital these companies brought into our country to help rebuild our economy after the war.
We thank them for this.
Australia has subsequently entered into Double Tax Conventions with many other countries
But is it fair to exempt them from Income Tax for ever??
NO – 50 years is enough!!
The wage and salary earners and small business people have carried the tax burden in this country for too long.
The Great Australians will abolish these Conventions( (which can be done on 12 months notice) and insist the Foreign Companies pay all Australian Taxes.
They will have to pay our "Spending TAX " just like all Australians and foreign companies and individuals carrying on business or owing property here.
