Can’t let this slide past

Writing in today’s Oz, John Durie (usually sensible) writes the following:

AustralianSuper, by way of example, paid $1.3 billion in tax last year.

No they didn’t.  They didn’t pay a cracker.  Investors in AustraliaSuper’s funds paid $1.3 billion in tax.

This is not TAFKAS engaging in persnickety pedantry.  This is very important.  Until we recognise who pays tax and who does not, the debate will continue to be distorted.

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6 Responses to Can’t let this slide past

  1. Chris

    I have seen some good articles by John Durie, but I feel he firmly believes the MSM world view.

  2. Jock

    drurie has tried to make out that the industry funds are innocent in the franking debate. we all know that bowen would have discussed the policy with industry fund trustees ie union reps. and guess what they would have advised him?

  3. Chris

    That said, he is a great guy and I happily cut him a lot of slack.

  4. Percy Popinjay

    AustralianSuper, by way of example, paid $1.3 billion in tax last year.

    Straight out of “Economics for Imbeciles”, the authoritative tome written by Goose Swansteen and Emma Alberscreechee (with a foreword by Squalid Ali).

  5. JR1952

    This is interesting and needs to be explained widely. However, it most probably won’t. So, how to go about this………………Hmmmmmmmmmmmm. Legally, the Trustees of Australian Super own the Assets/Investments of the Fund. The Members of the Fund on the other hand are the Beneficial Owners and they each have their own super fund account. Australian Super as an entity needs to prepare and Lodge a Tax Return every Financial Year and the Tax Return is Assessed and the tax paid accordingly. How that is allocated to each member of the super fund is another matter, but, it is not Australian Super that pays the tax. The Members pay the tax. So, there you have it…………………….This is where the Media and so called Financial Journalists in particular get things quite wrong all the time…………………………

    I’m so glad that I have my own SMSF !!!!!!!

  6. Dr Fred Lenin

    That’s in the same vein as ,”it’s government money” , governments don’t earn money , they take it from the taxpayers , so the correct statement is “its taxpayers money”.

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