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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Greenlight for ‘Paradise Papers’ to be used in ATO’s tax haven targeting

By Cameron Micallef

August 15 2019
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Greenlight for ‘Paradise Papers’ to be used in ATO’s tax haven targeting

By Cameron Micallef
August 15 2019

A High Court decision regarding the infamous “Paradise Papers” means the Australian Tax Office can continue its fight against large corporations hiding capital in tax havens.

Greenlight for ‘Paradise Papers’ to be used in ATO’s tax haven targeting

By Cameron Micallef

August 15 2019
Share

A High Court decision regarding the infamous “Paradise Papers” means the Australian Tax Office can continue its fight against large corporations hiding capital in tax havens.

In a statement from the ATO’s second commissioner Jereyy Hirschhorn, it was indicated that the organisation will continue to target large corporations who are not paying tax in Australia, namely Glencore, who was at the centre of the High Court battle to have documents detailing money movements labelled as subject to legal professional privilege.

The coal producer lost the bid to hide documents that were leaked as part of the Paradise Papers.

Commenting on the decision, Mr Hirschhorn said “the ATO will continue to use all information available to ensure large corporations and those trying to hide money overseas are paying the right amount of tax”.

“Our wide and growing range of information sources and increased collaboration with overseas agencies are vital tools in achieving this objective,” he continued.

Discussing how taxes not being paid where they are due in Australia hurt the national economy, the commissioner said the ATO “will continue to work for all Australians in ensuring that our revenue base is not eroded by taxpayers not paying the right amount of tax in Australia”.

He called the decision against Glencore a “win for the Australian community who rightly expect the ATO to use all information available to ensure large corporations and those who seek to hide money overseas are paying the right amount of tax”.

The Paradise Papers, some of which detailed Glencore dealings, was a set of 13.4 million confidential electronic documents relating to offshore investments that were leaked to a German reporter back in 2017.

According to the information leaked, Glencore has previously moved billions of dollars of global assets into offshore tax structures to avoid paying tax domestically.

When the information first leaked, the ATO announced it would respond “decisively” to the information alleged within the documents.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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