Miners, charity and corporate tax

[think positive]

gees if Gina read this thread she would never have offered the money in the first place! no good deed ....

gees talking billions of dollars, what happens if the say **** it and give it in?? unappreciative buggers some people! who would take up the slack?

[What'sinaname]

^ yeah, Australia spent $17 billion on vaccines. How much tax was paid on that? Maybe we use that tax to build a new public hospital.

[What'sinaname]

@ Stui....I told ya....wasting your breath

[stui magpie]

That is not an ideological opinion at all:

Yes it is.

any clear thinking on this subject knows that the mining, fossil fuel companies etc have had the Government in their pocket through their lobby groups such as the Minerals council etc Indeed Gina’s mate the beetrooter up North let alone Canavan actively do their bidding.

That's also an ideological opinion. There's so many lobbyists in Canberra, if you tripped and fell over on the street you'd likely fall on 3 of them. Lobbying isn't a crime although it's not something I personally like.

Give me a factual reason why mining should pay more company tax than other companies.

[roar]

^^ It's a finite resource that is being taken from our land and can't be replaced so there is some logic behind extra tax for mining concerns.

[stui magpie]

Fair point, but they already pay royalties on how much they dig up.

Whether we like it or not, mining is essential and we're going to need more of it, further deplete that finite resource ironically to support the transition to renewable energy.

[pietillidie]

What'sinaname, if you remove an over-dependence on a distortionary industry like mining, this does not mean some eternal void appears in its place, as you seem to imagine.

The high-rent economic activity suppresses alternatives because it's non-competitive. Pull it into line and you can replace its excess with something superior.

Sure, the addict coming off the drug feels a bit agitated when it happens, because they've built their lives around it and have become brainwashed into thinking it's the be all and end all. Yet, in this case, it's moreso the opposite; i.e., it's high-rent activities like mining that are economically sub-optimal.

For instance, countries like South Korea have barely got a mineral to their name; yet, South Koreans somehow seem to readily find other economic activities in which to engage and tax. It's really not a mystery how this works.

Minerals are like dopamine. You need them, but once your economy begins to depend on them the whole thing fast becomes a costly addiction.

Much like global warming, this seems to be well understood everywhere on earth except in Australia and perhaps Burkina Faso.

[What'sinaname]

South Korea is a 10th highest emitter of CO2 globally. They have substituted one naughty industry (mining) for another (heavy manufacturing).

What's the big deal with mining? It makes use of otherwise useless land. The speculation needed to find resources is funded through capital markets, so the there is no fiscal risk to the Government. And if that speculation is successful, both States and Federal Government get their share through royalties and income tax while the cost of commercialise a mine are again funded through capital markets.

Also, mining employs people. Do you want a Twitter equivalent where half the workforce is sacked because most tech companies don't make money.

[think positive]

How much tax does South Korea get from their cruel barbaric disgusting dog meat farms? If your going to do comparisons choose a civilised country

Mining is a necessary to a point, evil, I’d take an uneducated guess that at least in Australia it’s regulated. At least we are not destroying irreplaceable forests to do it. I’d also guess when the mine is done you can’t just leave a big hole in the ground looking ugly.

You can’t end mining so just do it the best you can.

And if everything is done by the book, including repairing the damage, or making up for it elsewhere, I don’t see why mining should be taxed at a different rate to any other business. I’m betting locally they already pay extra tariffs.

For instance, Hobsons bay rates have long been subsidised by the petroleum industry, when we had a couple of rental units in Wyndham, I was shocked how much the rates were!

[pietillidie]

Both of you, either beside the point of what I'm trying to explain or wrong. Let me start from the top, then.

Do you know what a high-rent economic activity is? Do you know why low-rent activities such as goods and services are preferable? It's standard economics and well-measured, not random opinion.

[What'sinaname]

Rents are critical for development. Rents create wealth or investors or retained earnings for the enterprise which in turn can be used for innovation.

We aren't dealing with theoretical monopolistic behaviour here, or a country where bribery and corruption causes high rents to be maintained by only the wealthy.

Anyway, the point is that people like WPT make outrageous, or more likely, naive comments about mining companies paying little or no tax. The facts say otherwise.

[watt price tully]

^ you really have no idea do you. No company pays tax on their profits. In fact, no one does. Tax is determined based on taxable income. The company tax rate is 30% of taxable income.

But, just to prove your ignorance again. Roy Hill, reported $4.4b in profit. And from that they paid $1.9b in tax, so they paid tax at a rate of 43 cents of every dollar profit they earned.

This is like shooting fish in a barrel. Your application for a role in dumb and dumber has been accepted.

Your post proves my point. The earnings and profit by Gina and others have risen exponentially.

Gina still does not pay enough tax as she made sure and made sure that mining companies wouldn’t about 11 years ago.

https://theconversation.com/amp/spookin ... tment-1500

Of course she doesn’t pay tax on profits: Tony Abbott & the Libs made sure they did Gina’s bidding.

[watt price tully]

That is not an ideological opinion at all:

Yes it is.

any clear thinking on this subject knows that the mining, fossil fuel companies etc have had the Government in their pocket through their lobby groups such as the Minerals council etc Indeed Gina’s mate the beetrooter up North let alone Canavan actively do their bidding.

That's also an ideological opinion. There's so many lobbyists in Canberra, if you tripped and fell over on the street you'd likely fall on 3 of them. Lobbying isn't a crime although it's not something I personally like.

Give me a factual reason why mining should pay more company tax than other companies.

They should pay super profits tax. The mining lobbyists are well over represented as are the fossil fuel lobbyists in Canberra. That’s well known; who else can afford them to that extent?

The issue when you use the word “ideological” is simply a label; it is equally ideological to say yeah the status quo is how it should be. We are then all ideological.

[watt price tully]

Fair point, but they already pay royalties on how much they dig up.

Whether we like it or not, mining is essential and we're going to need more of it, further deplete that finite resource ironically to support the transition to renewable energy.

No one is against mining companies. We are against mining companies not paying their fare share of a limited resource, we are against mining companies abuse of power and the hidden government funding let alone the money needed to clean up their activities during and after mining. PTID made a similar point earlier which I agreed with.

[What'sinaname]

^ you really have no idea do you. No company pays tax on their profits. In fact, no one does. Tax is determined based on taxable income. The company tax rate is 30% of taxable income.

But, just to prove your ignorance again. Roy Hill, reported $4.4b in profit. And from that they paid $1.9b in tax, so they paid tax at a rate of 43 cents of every dollar profit they earned.

This is like shooting fish in a barrel. Your application for a role in dumb and dumber has been accepted.

Your post proves my point. The earnings and profit by Gina and others have risen exponentially.

Gina still does not pay enough tax as she made sure and made sure that mining companies wouldn’t about 11 years ago.

https://theconversation.com/amp/spookin ... tment-1500

Of course she doesn’t pay tax on profits: Tony Abbott & the Libs made sure they did Gina’s bidding.

You are in the Dumb and Dumber committee. It all makes sense now.