What will happen to gold mines if royalties are raised?
The Western Australian government is trying to improve its budget position but businesses claim increasing royalties will deter investment.
Senior ATO officials, including Commissioner of Taxation Chris Jordan, have given evidence to the inquiry. It has heard that completely transferable tax credits mean oil and gas companies won’t pay tax for many years.
The Senate Inquiry into Corporate Tax Avoidance has heard stunning evidence about the failure of the tax and royalties system to capture any of the billions being generated by new projects.
Malcolm Turnbull touring one of Australia’s large LNG fields.
AAP Image/News Corp Pool, Ray Strange
The way Australia taxes companies for gas projects now lags behind our closest neighbour, Papua New Guinea, which has reformed its tax system to ensure it gets money sooner.