Panama Papers

[Elbo]

Investigative Journalism just gave the world the biggest Christmas present we've seen.

I'm not really surprised, but it's amazing to have such a coordinated effort to uncover such widespread fraud and corruption.

http://panamapapers.sueddeutsche.de/articles/56febff0a1bb8d3c3495adf4/

What will happen next?

 

[johnny]

Too little, I suspect.

The Putins, Assads and Xi Jinpings of the world will keep the information from the people who they govern. Those with vast wealth will likely make the fight not worth it and the smaller fish will be those who burn. Not to say that the smaller fish don't deserve justice, just that justice will unlikely be even and comprehensive.

 

[pink poodle]

This is just a hoax. It is a wild conspiracy theory made up to distract the people from the truth about our reptilian over lords. Open you're eyes people!!!

 

[DMan]

Too little, I suspect.

The Putins, Assads and Xi Jinpings of the world will keep the information from the people who they govern. Those with vast wealth will likely make the fight not worth it and the smaller fish will be those who burn. Not to say that the smaller fish don't deserve justice, just that justice will unlikely be even and comprehensive.

I'm with johnny. The gov't here will be hoping it just dies a natural death soon too....

 

[stirk]

Rich people don't like paying tax.
http://m.smh.com.au/federal-politic...ionaires-who-paid-no-tax-20150429-1mw2zp.html

Poor people will get pissed off and the world keeps turning.

Panama papers highlights what's wrong with this world. Greedy chunts.

 

[scblack]

Guys, in reality this is not as big a story as the media is making out.

The story in this single instance is the volume and size of the leak, and consequently the personal details of those who utilise such planning.

Firms such as this Mossack Fonseca provide tax planning services. More reputable firms such as KPMG and others provide much the same services - but maybe in a less shady manner.

The tax planning services are perfectly LEGAL. Setting up structures such as Marketing hubs in Singapore(BHP), moving domicile to Ireland (Googles etc) are standard practice. As people and politicians know more, yes some anger is rising. But in a way it is treading a fine line, as if you tax some companies heavily they will just not do business here, and many jobs will be lost. Government tax planning is not just about extracting money from profitable companies - it is also a part of attracting business to deal here, which adds to our whole economy.

The potential illegality (immorality) of these practices comes down to WHO is using them, WHERE the money is coming from and whether they REPORT these funds and income correctly.

It is clear these journalists have never even heard of some of the concepts they now read in this leak. Such as "Nominee" services. This is quite standard practice and is in no way illegal, immoral or shady. A nominee is a person or company who acts as a Director or shareholder for other parties. Its is standard practice in financial services to simplify some holdings, such as if you run a group of investment companies. Appointing a Nominee can make that process easier to manage. It also means the individuals/trusts actions are not visible which is information some external persons could use as a sort of insider trading tool if they can see who is doing certain actions.

The ATO and worldwide tax authorities know VERY well what is happening in these "shady" structures. But the fact is, it is perfectly legal practice. It is using legal and financial systems to their advantage. Some people will be doing illegal actions via these very same structures - that is a GUARANTEE. Sometimes it is used to hide laundered or stolen or bribed funds, yep.

There is nothing new here.

 

[Moggio]

Society is realising that wealth inequality is getting out of hand. With our government showing now they aren't going to address it at all (though everyone will still vote for them) and seeing stories like the Panama papers just reasserts that we are pretty much all being reamed.

Either way songs like this are getting less and less comical... in a few decades maybe they will be a call to arms.

[video=youtube;OvzePsDYv7k]https://www.youtube.com/watch?v=OvzePsDYv7k[/video]

 

[schred]

Guys, in reality this is not as big a story as the media is making out.

The story in this single instance is the volume and size of the leak, and consequently the personal details of those who utilise such planning.

Firms such as this Mossack Fonseca provide tax planning services. More reputable firms such as KPMG and others provide much the same services - but maybe in a less shady manner.

The tax planning services are perfectly LEGAL. Setting up structures such as Marketing hubs in Singapore(BHP), moving domicile to Ireland (Googles etc) are standard practice. As people and politicians know more, yes some anger is rising. But in a way it is treading a fine line, as if you tax some companies heavily they will just not do business here, and many jobs will be lost. Government tax planning is not just about extracting money from profitable companies - it is also a part of attracting business to deal here, which adds to our whole economy.

The potential illegality (immorality) of these practices comes down to WHO is using them, WHERE the money is coming from and whether they REPORT these funds and income correctly.

It is clear these journalists have never even heard of some of the concepts they now read in this leak. Such as "Nominee" services. This is quite standard practice and is in no way illegal, immoral or shady. A nominee is a person or company who acts as a Director or shareholder for other parties. Its is standard practice in financial services to simplify some holdings, such as if you run a group of investment companies. Appointing a Nominee can make that process easier to manage. It also means the individuals/trusts actions are not visible which is information some external persons could use as a sort of insider trading tool if they can see who is doing certain actions.

The ATO and worldwide tax authorities know VERY well what is happening in these "shady" structures. But the fact is, it is perfectly legal practice. It is using legal and financial systems to their advantage. Some people will be doing illegal actions via these very same structures - that is a GUARANTEE. Sometimes it is used to hide laundered or stolen or bribed funds, yep.

There is nothing new here.

Ding ding ding

& yet Kelly O Liar on 730 is saying in black and white anything that reduces tax payable in Aus is ILLEGAL, rightio. In addition she was defending neg gearing only a months ago with selective factoids, which is a well trodden path to minimising tax paid. Wish she'd make up her mind.

 

[latheboy]

This is just a hoax. It is a wild conspiracy theory made up to distract the people from the truth about our reptilian over lords. Open you're eyes people!!!

I'm more worried about the Hollow Earth army's the Reptiles have built.
DON'T bury your Dead, they just use the bodies to make Zombies, there must be Billions of them down there.

 

[John U]

The tax planning services are perfectly LEGAL.

This is the problem. It is a legal way of avoiding paying your 'fair share' of tax by paying someone to find the loopholes for you. If these services and loopholes were available to everyone the system would collapse and there would be an all out shit fight.

By 'fair share' I mean the same rate of tax that the average Australian pays.

 

[johnny]

SCB

The potential illegality (immorality) of these practices comes down to WHO is using them, WHERE the money is coming from and whether they REPORT these funds and income correctly.



I agree that much of the media is frothing over pointless stuff. However i still think that the main focus is on what you've written above - misappropriation and tax avoidance. This is the part that we hope to see a greater focus and follow through on.

 

[Elbo]

I do find it interesting that there hasn't been any mention of western political figures in the leak (besides perhaps Iceland's PM). There seems to be a lot of focus on the immorality of Russian and Chinese officials (a la Cold War propaganda). Surely if Putin, Assad's, etc are conducting their business in such a way, then local and other western figures would be doing the same (perhaps through different companies, whose information wasn't leaked).

 

[johnny]

David Cameron's father is there. There will be others.

 

[pink poodle]

Guys, in reality this is not as big a story as the media is making out.

The story in this single instance is the volume and size of the leak, and consequently the personal details of those who utilise such planning.

Firms such as this Mossack Fonseca provide tax planning services. More reputable firms such as KPMG and others provide much the same services - but maybe in a less shady manner.

The tax planning services are perfectly LEGAL. Setting up structures such as Marketing hubs in Singapore(BHP), moving domicile to Ireland (Googles etc) are standard practice. As people and politicians know more, yes some anger is rising. But in a way it is treading a fine line, as if you tax some companies heavily they will just not do business here, and many jobs will be lost. Government tax planning is not just about extracting money from profitable companies - it is also a part of attracting business to deal here, which adds to our whole economy.

The potential illegality (immorality) of these practices comes down to WHO is using them, WHERE the money is coming from and whether they REPORT these funds and income correctly.

It is clear these journalists have never even heard of some of the concepts they now read in this leak. Such as "Nominee" services. This is quite standard practice and is in no way illegal, immoral or shady. A nominee is a person or company who acts as a Director or shareholder for other parties. Its is standard practice in financial services to simplify some holdings, such as if you run a group of investment companies. Appointing a Nominee can make that process easier to manage. It also means the individuals/trusts actions are not visible which is information some external persons could use as a sort of insider trading tool if they can see who is doing certain actions.

The ATO and worldwide tax authorities know VERY well what is happening in these "shady" structures. But the fact is, it is perfectly legal practice. It is using legal and financial systems to their advantage. Some people will be doing illegal actions via these very same structures - that is a GUARANTEE. Sometimes it is used to hide laundered or stolen or bribed funds, yep.

There is nothing new here.

Strachans, prepaid services fees, agricultural schemes, 10BA films, technology schemes, and on and on...the ways in which people will actively or accidentally attempt to avoid tax is limitless. Unfortunately our resources to combat them are.

I'm more worried about the Hollow Earth army's the Reptiles have built.
DON'T bury your Dead, they just use the bodies to make Zombies, there must be Billions of them down there.

Admiral byrd had the best of it! Damn shame the nephalim caught him and fed him to their pet megalodon!

This is the problem. It is a legal way of avoiding paying your 'fair share' of tax by paying someone to find the loopholes for you. If these services and loopholes were available to everyone the system would collapse and there would be an all out shit fight.

By 'fair share' I mean the same rate of tax that the average Australian pays.

We wouldn't want a fair system...the people allow corporations and their private interests to hold us to ransom. We don't need to look to hard at their dealings with other nations to see that when desperate enough, they will deal with anybody. Oh and justify it because they are delivering for their share holders...

 

[link1896]

Strachans, prepaid services fees, agricultural schemes, 10BA films, technology schemes, and on and on...the ways in which people will actively or accidentally attempt to avoid tax is limitless. Unfortunately our resources to combat them are.



Admiral byrd had the best of it! Damn shame the nephalim caught him and fed him to their pet megalodon!



We wouldn't want a fair system...the people allow corporations and their private interests to hold us to ransom. We don't need to look to hard at their dealings with other nations to see that when desperate enough, they will deal with anybody. Oh and justify it because they are delivering for their share holders...

You mean paying my taxation adviser a fuck load of cash for his services ( 10000x the average), which is tax deductible btw, that he invests on my behalf overseas is morally wrong?

The amounts paid to advisers in last week's non tax paying high net worth individuals and private company list the ATO revealed was an eye opener. Some paid 50% of their income to advisers. Hmmm I'd want a LOT of reach arounds and blow jobs for a cool couple of million.


The widening gap between haves and have nots in our country is a concern, but globally it's scary.


This all reminds me, my accountant hasn't invoiced me. Damn it.

 

[stirk]

You mean paying my taxation adviser a fuck load of cash for his services ( 10000x the average), which is tax deductible btw, that he invests on my behalf overseas is morally wrong?

The amounts paid to advisers in last week's non tax paying high net worth individuals and private company list the ATO revealed was an eye opener. Some paid 50% of their income to advisers. Hmmm I'd want a LOT of reach arounds and blow jobs for a cool couple of million.


The widening gap between haves and have nots in our country is a concern, but globally it's scary.


This all reminds me, my accountant hasn't invoiced me. Damn it.

http://m.smh.com.au/federal-politics...29-1mw2zp.html


The fact that this is legal is fucked up. There should be thresholds on the amount you can write off for managing your tax.

 

[pink poodle]

You mean paying my taxation adviser a fuck load of cash for his services ( 10000x the average), which is tax deductible btw, that he invests on my behalf overseas is morally wrong?

The amounts paid to advisers in last week's non tax paying high net worth individuals and private company list the ATO revealed was an eye opener. Some paid 50% of their income to advisers. Hmmm I'd want a LOT of reach arounds and blow jobs for a cool couple of million.


The widening gap between haves and have nots in our country is a concern, but globally it's scary.


This all reminds me, my accountant hasn't invoiced me. Damn it.

Prepaid services is a little different, and too complicated to explain without graphs and funky diagrams. The basic version is paying yourself for services and claiming the cost but never actually paying yourself...a little like (but not anything like) the ostrich farming fiasco.

http://m.smh.com.au/federal-politics...29-1mw2zp.html


The fact that this is legal is fucked up. There should be thresholds.

There needs to be a balance...investment is important...but hey, people that want to make squalling of dollars aren't going to stop wanting to make squiillions of dollars just because they have to pay tax. They may talk big and beat their chests...but if they wish to enjoy the bemefits of a stable market, secure community, and comparative political stability that should come with a cost.

 

[Ivan]

Accountants be like:

 

[pharmaboy]

So anyone here fudged their tax return a little? You know, claiming up to the threshold when you don't have receipts for it, claiming printer cartridges that are used at home? Claiming travel that really doesn't quite fit business?

Ie, trying your hardest to pay just a little less or get a little more back because it's arguable?

 

[pink poodle]

So anyone here fudged their tax return a little? You know, claiming up to the threshold when you don't have receipts for it, claiming printer cartridges that are used at home? Claiming travel that really doesn't quite fit business?

Ie, trying your hardest to pay just a little less or get a little more back because it's arguable?

A friend of mine claimed well under a threshold for something that he was entitled to, followed the guidelines and all that. In all likelihood he was entitled to well over the threshold...no receipts (was part of the guidelines that he didn't need any) so was rejected outright, penalty interest, and a fine! Appeal refused...