2nd Oct 2014, 12:15 PM – Senate Motions - Taxation - Corporate tax evasion

The majority of senators voted for Green Senator for Tasmania Christine Milne's motion to act on corporate tax evasion.

Wording of the motion

That the Senate—

(a) notes:

(i) the recent release of the Who Pays for our Common Wealth? report by Tax Justice Network and United Voice, and

(ii) That the report found that of Australia's largest 200 companies, 29 per cent have an effective tax rate of 10 per cent or less, and 14 per cent have an effective tax rate of 0 per cent;

(b) recognises that instead of targeting the poor, the sick and the young with its cruel budget, the Government could raise billions in revenue if companies paid the full 30 per cent tax rate; and

(c) urges the Government:

(i) to act on corporate tax evasion in Australia immediately, rather than unnecessarily waiting for the G20 in November 2014, and

(ii) introduce legislation that requires Australian corporations to disclose all foreign subsidiaries in their financial statements.