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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Call for investor favourites to face tax crackdown

By Cameron Micallef · August 01 2019

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Call for investor favourites to face tax crackdown

By Cameron Micallef
August 01 2019

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Call for investor favourites to face tax crackdown

By Cameron Micallef · August 01 2019

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The Australian government is facing increasing pressure to crack down on tax havens, after reports have surfaced that more than $1 billion in mining profits was allegedly shifted out of Africa in just one year.

Information in a report from Oxfam, the United Church and the Tax Justice Network Australia – Buried treasure – has revealed that mining giants are “secretly moving money” by not publishing enough tax information for anyone to understand their tax payments and practices around the world.

According to Oxfam Australia’s chief executive, Dr Helen Szoke, Australian mining is just one aspect of an “enormous” global problem.

“Our research showed that in Ghana, Perseus Mining has not paid a cent in corporate tax to the Ghanaian government since it began operating the Edikan gold mine in the small, impoverished town of Ayanfuri in 2011 – despite an annual turnover of $250 million in most years of operation,” said Dr Szoke.

The report said that $1.1 billion in profits may have been shifted out of Africa by Australian mining companies using tax havens, which saw them avoid paying $289 million to some of the world’s poorest countries.

“To put this in context, the estimated nearly $300 million lost in 2015 through the unethical tax practices of Australian mining companies is almost seven times the total cost of national malaria control programs in nine of the poorest countries across sub-Saharan Africa,” Dr Szoke highlighted.

The spokesman for the Tax Justice Network Australia, Mark Zirnsak, has called on the government to crack down on these tax havens.

“Australian mining companies rarely reveal enough tax data for the public to easily understand their full global tax practices, and the handful that do primarily do so in response to laws changing in countries other than Australia,” he said.

With the estimated tax avoidance by the Australian mining sector in Africa just one part of what Mr Zirnsak called a global problem, he said “this is simply not good enough”.

“It is time for Australian companies to lead the way on transparency and the government to act to bring an end to this scourge.”

The report did praise countries, including Canada, the United Kingdom and the European Union, for initiating tougher laws and requirements for companies, citing their demand for greater transparency around what is being taxed by companies and where.

The organisations behind the report considered Australia as “laggard” when it comes to global mandatory tax transparency.

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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.