NSW INC to give Developers 50% Land Tax Discount for Build-to-Rent

IS this about …

-giving developers yet again another ‘leg up’

-creating a cash flow stream for developers

More importantly where are …

-the details on rent, are they being transparent, what increases are applied, can the renter move out when they wish?

-the details about obligations and liabilities?

What about the fine print?

Are we expected to believe this money making venture has a social conscience?

Is this a case making out something is being done about rental supply?

Is this the beginning of a move to create another class, of permanent renters?

Is it the case our governments and developers are getting into bed together to ensure Australia, once proud leaders in home ownership will no longer achieve this worthy egalitarian position?

READ MORE!

https://www.smh.com.au/politics/nsw/nsw-to-cut-land-tax-for-20-years-in-ambitious-build-to-rent-scheme-20200728-p55gbm.html

The Western Sydney Aerotropolis

Image may contain: one or more people and outdoor

THE WESTERN SYDNEY AEROTROPOLIS

the new city, surrounding the under-construction Nancy-Bird Walton Airport, will include commercial, agricultural, industrial and residential development and is targeting tech-centric aerospace and defence companies as well as advanced manufacturers and agribusinesses.

The site has been divided into ten precincts, with three key precincts—the Aerotropolis Core, Northern Gateway and South Creek—identified by the government as offering the greatest growth potential.

IN NUMBERS

• 11,200 hectares underpinned by a 20-year agreement
• Six initial precincts to be developed during the coming years
• Four additional precincts to be rezoned
• 12.2 million visitors expected annually
• 200,000 new jobs projected
• Predicted to become Australia’s third-largest economy by 2036

READ MORE!

What led to the decline in Home Ownership? Really …

Image may contain: possible text that says 'WeChat'
CAAN Photo: WeChat through which much communication is made

A WORRYING CABAL BETWEEN TWO SECTORS

  • The Property Sector
  • The University/International Student Sector

‘They will dress it up talking about National Income … GDP and Exports … but really it has nothing to do with that.

IT IS SELF INTEREST!

The Big Players wanting more of the PIE! 

And sustaining their market share, their BIG Profits and their influence in our Geopolitical Hemisphere.

There is nothing ‘egalitarian’ … nothing ‘high minded’ about it!

IT is strictly about money and strictly about THEM AND THEIR PIE!

MEANWHILE …

-there is a need to build 200,000 Social Housing Dwellings for Australians

-are the firestorm victims still living in tents and shipping containers?  A.  Yes!

-what of the whole Cohort of Australians Gens X Y and Z locked out of home ownership in their own country?

SO why isn’t the PROPERTY SECTOR addressing these needs?

WHY does The Cabal want ‘Foreign Buyers’ and ‘Foreign Students’ back? 

DESPITE the threat of a second wave of the CoronaVirus?

Image may contain: tree, plant, sky, outdoor and nature
CAAN Photo: Wahroonga however all over Sydney huge developments like this are housing foreign buyers particularly from China; some buying more than an apartment at a time even a level of a development. How many are already here having gained ‘Permanent Residency’?

AND NSW INC is now to fast-track shovel ready high-rise projects

-Victoria’s leading residential building mob is lobbying the government to open the border to encourage overseas buyers … is this about ‘Hot Money’ to burn on Melbourne property?

-Chinese corporate investors are already “bargain hunting”

WHY do experts deny there will be a ‘red tide of cash overwhelming Australian assets’ as this peak body calls on these ‘foreign buyers’?

Then the leading economist of realestate.com.au puts that offshore buyers would be seeking Australian development sites and industrial properties, and that international investment groups with assets worth $Billions are expected to lead …

IT appears the imminent threat of the ‘flying Pegasus’ buy-up invasion is beyond the comprehension of this Mob …

RELATED ARTICLES …

The impact of foreign money upon our Youth

https://caanhousinginequalitywithaussieslockedout.com/2020/05/04/what-has-the-pandemic-meant-for-gens-x-y-and-z-and-their-prospects/?fbclid=IwAR3vMaV76F8YwJxDSgiuNuK2pvb8AtNzXiJZ2r_72oyH199awnVNV1VYLKM

Need for 200,000 social housing dwellings

About the Cabal pushing for foreign buyers

https://caanhousinginequalitywithaussieslockedout.com/2020/05/02/who-are-most-concerned-about-the-pandemic-immigration-freeze-and-why/?fbclid=IwAR0Oup1X_OnRNPASID7X3LQFy75Mqbnfw4jLg0b07l_vs3DtASAOXukVpt8

lobby groups behind vast numbers of international students

From Macro Business ‘International Student Lobbies are treasonous’

Read more: https://www.macrobusiness.com.au/2020/05/international-student-lobbies-are-treasonous/?fbclid=IwAR2UVrDo8CUvWWiOokB8fSLB-lVQt8R6lxYidDwxWdS27B_BiiWhPxGA0Eo

READ MORE!

https://www.news.com.au/finance/real-estate/melbourne-vic/covid19-call-for-foreign-investors-to-be-encouraged-to-help-rebuild/news-story/fd4e7808b63045d5c514bafc39b50ffd

Image may contain: outdoor
CAAN Photo: ‘The Old Side of Hornsby’ shopping strip it appears is largely being taken over by ‘investors’ from China. Buying up big and small businesses … buying up suburbs … esp. along the Metro route

Key Points on 2 Chinese State-Owned Companies buying Murray-Darling Water

Have we lost the plot?

Has Australia not only sold off the land, the ports and now the water to foreign State-owned companies?

Does the FIRB protect Australia or facilitate the purchase of its assets?


How bad can it get?

THE two Chinese state-owned companies that have purchased Australian water entitlements are:

Unibale Pty Ltd listed as an Australian subsidiary of the state-owned COFCO Corporation, one of China’s major agriculture companies.

Unibale Pty Ltd owns more than 7,000 megalitres of water entitlements in the Gwydir River system

A COFCO subsidiary, Chinatex Australia has failed to pay a Federal Court order to compensate a local beef provider.

-they have acquired water entitlements and faced limited scrutiny by the FIRB

-the reduction of water in our major rivers has led to a rising price

-since 2014 trade in water allocations in the Murray-Darling Basin were relaxed

-though a commodity it does not have the same governance and due diligence like gold or minerals

-private foreign investors buying into our water market are exempt from restrictions to prevent a fire sale takeover of our Assets!

-unlike the alleged restrictions for land and real estate, water assets are not within the FIRB’s oversight

.except for direct purchase by foreign governments

-on their own water entitlements do not require FIRB approval  

HOW can it be said that the FIRB balances Australia remaining such an attractive destination for foreign buyers having allowed all but five transactions yet ensuring these overseas acquisitions are not contrary to Australia’s national interest?

AND despite the Government introducing Public Registers to record these foreign acquisitions of these Australian asset classes it has been reported in The Weekly Times that the Deputy Prime Minister has backed up the government’s stance on delays in releasing the register of foreign investment.

Search for: ‘Foreign Investment Register: Deputy PM Stands by

HOW can it be said that this is about ‘foreign investment’ … when it is about ownership of vital assets and especially control of Australia’s natural resources?’

READ MORE FROM 7.30 ‘Chinese State-Owned Companies buy up

Water in Murray-Darling

https://www.abc.net.au/news/2020-05-06/chinese-state-owned-companies-buy-up-water-in-murray-darling/12215548

A river runs besides green crops.

Photo: There are calls for more scrutiny of foreign investment in Australia’s water assets.(ABC News)

Aussie Supercar Engineers create a CV Protype Ventilator

On the other side of this crisis we need to look at ‘Australia Incorporated’ and go back to making things, as we can’t rely on importing things from around the world

THIS is what needs to happen!

It’s not business as usual.
Shouldn’t Australia become self sufficient in vital –

.infrastructure
.medicines
.medical equipment
.ppe

And, of course, shouldn’t we maintain sovereignty in

.food production
.water resources
.energy

BUT …
What country in the world has

-only 3 weeks bulk oil based fuel supplies in storage
-only a few ports not owned/operated by foreign interests
-only a few energy retailers not foreign owned
-only a few dairy processors not foreign owned
-a majority of private hospitals are foreign owned
-no controls on who can buy
irrigation water entitlements

The list goes on, the answer is…
… Of course it’s Australia!

Jessica Hinchliffe writes in ‘Triple Eight Race Engineers create ventilator to help ICUs during COVID-19 Crisis’


https://www.abc.net.au/news/2020-04-01/supercar-engineers-create-ventilators-to-help-covid-19-crisis/12109718

‘Supercar engineers are taking their skills from the racetrack to the ICU ward by creating a ventilator prototype to help during the coronavirus crisis.

Key points:

  • The team that helps engineer Jamie Whincup’s Supercar was set the challenge by Queensland’s Manufacturing Minister to create a ventilator prototype
  • Triple Eight Race Engineering will partner with a manufacturing company to take the prototype further
  • The engineers hope industries would see the necessity of manufacturing in Australia

‘Triple Eight Race Engineering, based in Banyo on Brisbane’s northside, quickly assembled the ventilator using their skills from Supercars Championship racing.

Team principal Roland Dane said the prototype was the result of his engineering team working with medical professionals and local intensive care unit experts.

Mr Dane said the group was approached by Queensland’s Minister for Manufacturing, Cameron Dick, to work around the clock to come up with a prototype.

“He challenged me to come up with an ‘Apollo 13 fix’, if you like, of what you could do in an emergency,” he said.

“We followed that up with a call to a leading ICU specialist in USA, Professor John Fraser, and put our heads down to put something together that could help if our backs are against the wall.

“Engineering is engineering, so when you’re involving a control system, an electrical motor, and circuit board it’s not dissimilar to the parts we use on a sophisticated Supercar.”

Mr Dane took the * opportunity and said:

“On the other side of this crisis we need to look at ‘Australia Incorporated’ and go back to making things, as we can’t rely on importing things from around the world.” *

READ MORE!

https://www.abc.net.au/news/2020-04-01/supercar-engineers-create-ventilators-to-help-covid-19-crisis/12109718
A ventilator on a table.
PHOTO: The ventilator was created in the team’s headquarters in Queensland. (Supplied: Triple Eight Race Engineering)

IS GREENLAND trying to Save Face following Australia’s Outrage about Chinese Developers Scooping Up Our Medical Supplies?

Greenland Australia's managing director Sherwood Luo outlined on WeChat the efforts the local company was doing to help Chinese citizens fight the coronavirus.
Greenland Australia’s managing director Sherwood Luo outlined on WeChat the efforts the local company was doing to help Chinese citizens fight the coronavirus.

AUSTRALIANS are all talking about the Sting carried out by both the Greenland Group and Country Garden (aka Risland), and no doubt other Chinese business groups … to scoop up Australia’s medical supplies to boost the Chinese stockpile at home … depleting Australian supplies to put our People at risk from the CoronaVirus!

Read more:

https://caanhousinginequalitywithaussieslockedout.com/2020/03/26/greenland-grabs-australian-medical-supplies/

WHEN we look back we wonder how it was that Chinese developers like Greenland were able to make such inroads into Australia? Scooping up large land sites in the midst of our Sydney suburbs … stomping all over rights!

Following the Coalition gaining power in NSW in 2011 they proceeded to change the planning laws robbing the Constituents of their community rights … then inviting them to ‘have their say’!

SYDNEY was rezoned for higher density beginning with high-rise PRECINCTS! 

THE SCOOP of our Medical Supplies is not the first time that Greenland has raised the ire of Australians … it has done so across Sydney suburbs with their intrusive high density housing projects as they vertically integrate … and rob established Australian residents of all their rights!

‘GREENLAND to launch $1.6B Sydney Park Erskineville Sydney’

THE concept plan for Park Sydney in Erskineville … a $1.6B project was their largest Australian project in conjunction with GH Australia for some 1400 apartments.

-approved in March 2017; to comprise of 9 buildings; ranging between 2 and 8 storeys

https://www.dailytelegraph.com.au/newslocal/inner-west/federal-crackdown-queried-as-rezoning-changes-drive-property-market/news-story/aec08db847b5aefc31fb20edd0f5de0a?fbclid=IwAR3cyn6AkEAe576T6FvCz52ZKV3ZscJ6J6F1COcUF6c46-RRuNElgis7FKA

GREENLAND GROUP in 2014 was listed as one of eight Chinese Property Developers emerging across Australia.

The state-owned Shanghai based group is positioned 87th among the top 500 China enterprises since 1992, and has construction projects in 65 cities in 24 provinces of China.

Their aim is reportedly to enter the Fortune 200 list by 2015.

GREENLAND Launches Stage Two NBH Lachlans Line

One wonders despite much Ryde community-wide objection to this Chinese state-backed Precinct that it won out! What or how much persuaded the politicians and bureaucrats?

https://theurbandeveloper.com/articles/greenland-launches-stage-two-nbh-lachlans-line

Image may contain: tree, sky, plant, cloud and outdoor
CAAN Photo: Lachlans Line looms large over the village of North Ryde

LANDCOM Releases ‘Super Lots’ in NORTH RYDE

GREENLAND – China’s largest Government State-backed Real Estate group in 2014 became the developer of “Lachlan’s Line” Master Planned Community on the corner of Epping Road, Delhi Road and the M2, NORTH RYDE.

Then LANDCOM announced the sale of another two large development sites at Lachlan’s Line to house 5000 residents in 2700 dwellings

Image may contain: sky, cloud and outdoor
CAAN Photo: View of Lachlan’s Line from across
Epping Road, North Ryde. An ugly development

INTERESTING with proximity to the the North West Metro Line that currently connects Tallawong in Sydney’s north-west with Chatswood to connect to the City and South West Lines. 

And housing hubs at all eight new stations between Tallawong and Epping currently being developed over the next 10 years to deliver 11,000 new homes …

VIEW RELATED ARTICLE on CHATSWOOD a city being built by the Chinese Communist Party …

https://caanhousinginequalitywithaussieslockedout.com/2019/09/01/a-geopolitical-strategist-on-the-mk-hong-kong-the-u-s-and-australia/?fbclid=IwAR10lD12mz0OZPkHTJtR2qjV-9XsPZPg5c8M86-348dp5zLJy9aZZWoOdXQ

AND this is what Greenland and other Chinese developers have done to North Ryde/Macquarie Park  …despite much community objection to their ‘Lachlan’s Line’, the Ryde Electorate does not have a bus interchange but Greenland has an onsite bus interchange, and their own bridge connecting the Precinct/gated estate to the North Ryde Metro Station

DESPITE thousands of objections, representations to politicians, meetings, submissions the rights of Australian constituents were discarded …

Image may contain: sky, skyscraper, plant, tree and outdoor
CAAN Photo: from the bottom end of the site viewed from the pedestrian bridge
Image may contain: sky, skyscraper, cloud, tree and outdoor
CAAN Photo Lachlan’s Line at the corner of Epping Road and Delhi Road


Image may contain: sky, cloud, tree, shoes and outdoor

CAAN Photo the Lachlan’s Line pedestrian bridge serves the precinct connecting it to the Metro station. February 2020.

This development resembles developments in China, and the Ryde Community was sidelined by this giant Chinese developer. This precinct is an affront to this neighbourhood, and it is not yet completed.

A young Australian apprentice, Christopher Cassaniti was killed on site a year ago

This youtube bears out community concerns about the quality of these housing projects!

VIEW the Media Release from the Greenland Group which appears to be an attempt to appease … following Australian community fury

EXTRACT:

‘Greenland Australia supported Greenland Group’s initiative by arranging for medical supplies to be dispatched to China. Again, it should be noted that this proactive response occurred in late January and early February, at a time when the worldwide spread of the virus, and all response efforts, were focussed on China.

However, Greenland Australia also recognises that Australian people are currently at risk with the more recent and ongoing domestic spread of COVID-19, so the company is focussed on helping people in this country through a similar effort to that undertaken for China.

Greenland Australia continues to take this pandemic very seriously, and in conjunction with Greenland Group, we will continue to do everything we can to assist.’

READ MORE! Media Statement Re: Chinese-backed Company’s Mission to source Australian Medical Supplies

https://www.greenlandaustralia.com.au/en/media-statement-re-chinese-backed-companys-mission-to-source-australian-medical-supplies/

LIKE CAAN ON FACEBOOK!

https://www.facebook.com/Community-Action-Alliance-for-NSW-744190798994541/?ref=aymt_homepage_panel

CAAN WEBSITE:

https://caanhousinginequalitywithaussieslockedout.wordpress.com/


Ban on $10,000 cash purchases set to become law despite concerns

WHY does the Morrison Coalition Government not root out and stop all property money laundering instead? Cough … cough …

WHEN only as recently as October 2018 the Morrison Coalition Government exempted the Real Estate Gatekeepers from the Second Tranche of the AML Laws … disgraceful!

-hence the resurge of buyers from China and Hong Kong …locking out our FHBs

(Real Estate Agents, Lawyers, Accountants and Conveyancers = Gatekeepers)

AND the other issue of hidden political cash donations … ?

NOW not only the Real Estate Gatekeepers have been flourishing in money laundering but it emerges Funeral Directors too … apart from Tradies, and some notorious ‘ethnic’ communities who launder in our Real Estate …

WHY pick on ‘Pensioners’? ... What are they doing with wads of $10,000 in cash anyway?

ON another level, is the Government moving ahead with negative rates, and making customers pay the banks to hold their money?

Ban on $10,000 cash purchases set to become law despite concerns

Rob Harris
By Rob Harris

February 28, 2020

View all comments

A controversial bill to ban cash payments over $10,000 and impose two-year jail sentences on those caught using cash above that limit is poised to pass Federal Parliament despite bitter divisions within both major parties.

The Morrison government is set to win support from Labor to legislate the controversial crackdown, which is likely to be opposed by the entire Senate crossbench from the Greens to One Nation.

A controversial ban on cash purchases over $10,000 is set to pass Parliament despite unrest among government MPs.
A controversial ban on cash purchases over $10,000 is set to pass Parliament despite unrest among government MPs.CREDIT:LOUISE KENNERLEY

*The proposal has been criticised by tradespeople, pensioners and some ethnic communities, with government MPs reporting a fierce backlash from within their own branches over the laws.

*Some Labor MPs have also expressed reservations over the laws, aimed at cracking down on crime syndicates that launder money through the black-market economy.

But the opposition will likely vote in favour of the laws when a Senate committee inquiry hands down a recommendation that the bill be supported on Friday.

Assistant Minister Michael Sukkar has moved to quell unrest among the Coalition party room over the bill in the face of a torrent of criticism from backbench MPs as well as party members who believe the crackdown on cash is a breach of the government’s stated belief in the free market.

RELATED ARTICLE

Businesses are pushing back on the government's plan to ban cash transactions of more than $10,000.
SMALL BUSINESS

*Funeral directors say cash ban could hit people ‘at their lowest point’

Mr Sukkar said the laws were a recommendation from the government’s Black Economy Taskforce as a way to stop criminal gangs using large cash purchases of cars, houses and jewellery to launder their gains from illegal activities.

“The key focus of the bill is reducing the ease with which organised crime gangs can operate throughout the country,” Mr Sukkar said.

Government sources told The Age and The Sydney Morning Herald they were prepared to call the bluff of Coalition senators and the “tin foil hat brigade” who might cross the floor on the issue.

A video recording of Mr Frydenberg being asked about the cash ban at a Liberal Party function in Brisbane last week shows the Treasurer pressed on what the government hoped to achieve from the move.

He said the government was acting on recommendations of its own black economy task force.

“This was really to go to the heart of the issue of ensuring there’s less of a black economy and more of an economy sticking to the right rules,” he said.

The Greens have told supporters it is also opposed to the ban, drawing on some of the internal criticisms made by rank-and-file members of the Liberal Party.

“The bill is a case of the cure being worse than the disease,” the Greens have told supporters in emails seen by The Age and The Sydney Morning Herald.

“The bill would criminalise the use of legal tender. In doing so, the bill challenges the freedoms that hard currency provides and lays a path towards further restrictions on the use of cash and even negative interest rates.”

RELATED ARTICLE

Assistant Treasurer Michael Sukkar, has privately criticised the plan to his Liberal colleagues out of frustration that he inherited the proposal from the last term of Parliament.
EXCLUSIVE
CASH ECONOMY

‘Antithetical to our Liberal principles’: MPs move to prevent $10,000 cash ban

While the Australian Tax Office wants to stamp out the “black economy” by curbing large cash payments, critics said the cost would be far greater than the benefits if Australians were banned from using more than $10,000 in cash.

Rank-and-file Liberal Party members have expressed privacy concerns over the new laws while those also against the change include the Housing Industry Association, NSW Farmers, the Australian Dental Association and big retail groups that say customers like to save cash to make big payments.

Rob Harris

Rob Harris is the National Affairs Editor for The Sydney Morning Herald and The Age, based at Parliament House in Canberra

SOURCE: https://www.smh.com.au/politics/federal/ban-on-10-000-cash-purchases-set-to-become-law-despite-concerns-20200227-p5453n.html?fbclid=IwAR0RyPDkIRcsfjZTbmvzb7hjhpYHflR9Q1wE2_5xPkNlrK6E-94dxn4xrjU#comments

LIKE CAAN ON FACEBOOK!

https://www.facebook.com/Community-Action-Alliance-for-NSW-744190798994541/?ref=aymt_homepage_panel

CAAN WEBSITE:

https://caanhousinginequalitywithaussieslockedout.wordpress.com/

Australia a safe haven for illicit funds, but Cayman Islands the world’s worst

No mention of the second tranche of Anti-Money Laundering Laws being shelved more than 13 years ago ... and then the Morrison Government exempting the Real Estate Gatekeepers (real estate agents, lawyers and accountants) from the second tranche in October 2018 …. Soft!

Why not tell it how it is?

What about real estate, the reports are there, why was it overlooked … seriously? At least its had top billing today, 20 February 2020.

Sam Mooy

One of the Mosman houses owned by the mysterious Bo Zhang.  Sam Mooy

Australia a safe haven for illicit funds, but Cayman Islands the world’s worst

By business reporter Nassim Khadem

Updated Thursday 20 February 2020

A Hills Hoist clothesline with hundred dollar bills on it

PHOTO: The Financial Secrecy Index (FSI) examines the legal and financial systems of each country. (ABC News: Alistair Kroie)

RELATED STORY: ‘Enormous scam’: Global plan to tax Amazon, Google, Facebook could fall short, say economists

RELATED STORY: France’s digital tax targeting US tech giants could spark a new disruption in world trade

RELATED STORY: Multinationals caught up in the tax crackdown are disputing their bills, the ATO says

RELATED STORY: Name and shame tax evaders, says journalist behind Panama Papers

Australia continues to host significant quantities of illicit funds from outside the country and is not doing enough to counter money laundering and tax avoidance, according to the 2020 Financial Secrecy Index.

Key points:

  • The Tax Justice Network’s index, released every two years, rates countries based on financial transparency
  • Cayman Islands ranked as the world’s biggest contributor to financial secrecy, followed by the US and Switzerland
  • Despite its relatively low ranking at number 48, Australia hosts significant quantities of illicit funds from outside the country

The Tax Justice Network’s index, (TJN)released every two years, rates countries based on financial transparency.

The Financial Secrecy Index (FSI) ranks each country based on how intensely the country’s legal and financial system allows wealthy individuals and criminals to hide and launder money extracted from around the world.

*The Cayman Islands ranked as the world’s biggest contributor to financial secrecy, as a result of the once-notorious tax haven increasing the volume of financial services it provides to non-residents.

The report also noted major risks emanating from Cayman’s hedge fund industry, which uses companies, trusts and limited partnerships that are “cloaked in secrecy”.

In second place was the United States, overtaking Switzerland (now ranked third).

Australia is ranked at 48th position in this year’s index, four places down from its 2018 position.

Despite its relatively low ranking, the report said, “Australia undoubtedly hosts significant quantities of illicit funds from outside the country”.

Australian banks under scrutiny for money laundering

Australia’s big banks have come under scrutiny for failing to detect money laundering and other crimes.

Westpac’s main pain is yet to come


The bank is facing a big financial and reputational risk over allegations it breached money laundering laws more than 23 million times … and things are only likely to get worse, writes Nassim Khadem.

In November, government financial intelligence agency AUSTRAC made allegations that Westpac facilitated transactions enabling child exploitation in the Philippines.

More than 23 million transactions are alleged to have breached anti-money laundering and counter-terrorism finance laws, and the bank is facing the prospect of fines that may total more than $1 billion.

Post the Panama Papers, in 2017 Treasury undertook consultation on setting up a beneficial ownership register that would out the people behind secret shell companies.

“There has been no public movement on the register, with the Government continuing to say it is under consideration,” the report said, urging swift action.

*TJN also called on the Federal Government to extend anti-money laundering provisions to real estate agents, dealers, lawyers, accountants and others.

*The government drafted laws in 2007 that would have done so, but those laws were never implemented.

Top 10 worst offenders

  1. Cayman Islands
  2. United States
  3. Switzerland
  4. Hong Kong
  5. Singapore
  6. Luxembourg
  7. Japan
  8. Netherlands
  9. British Virgin Islands
  10. United Arab Emirates

Australia was ranked 48th on the 2020 Financial Secrecy Index.
(Source: Tax Justice Network).

Calls for Government to do more to fight tax avoidance

*To better counter tax avoidance, the report called on the Federal Government to make public country-by-country reports provided to tax authorities.

These reports, which detail taxes a company pays in each jurisdiction it operates, have been kept secret since they were introduced some years ago as part of the OECD and G20’s base erosion and profit shifting (BEPS) project that aims to stamp out tax evasion.

None of the information is made publicly available, which is a major shortcoming given that civil society plays an important part in scrutinising corporate tax behaviour,” the report said.

*The report did note Australian authorities had some success in fighting tax avoidance, through various taskforces and stronger laws such as the Multinational Anti-Avoidance Law (MAAL) and Diverted Profits Tax (DPT).

The ATO has previously said MAAL has resulted in companies booking an additional $7 billion in sales in Australia every year, thus resulting in a higher tax take.

While companies such as Facebook and Google have already restructured their operations due to MAAL, and pay more tax here, the law only applies to sale contracts managed by sales teams in Australia.

VIDEO: Elysse speaks to Nassim Khadem about Google and Facebook’s taxes. (The Business)

*The ATO does not require tech giants to disclose the revenue they book overseas from local clients, meaning authorities have not been able to stop the legal practice of collectively billions of dollars in advertising revenue being channelled via low-tax countries like Singapore.

*Also, despite Google settling with the ATO and paying $481.5 million on top of its previous tax payments for the period from 2008 to 2018, Australian companies across the mining, oil and gas, e-commerce and pharmaceutical industries are disputing billions of dollars in tax bills raised under the tougher laws.

The Government has also had some success in clawing back revenue through its Serious Financial Crime Taskforce.

As of June 30, 2019, the work of the taskforce had seen five people convicted, $836 million in liabilities raised and $306 million recovered.

US and UK have major problems with secrecy

The report said OECD countries were responsible for 49 per cent of all financial secrecy in the world, with the United States and United Kingdom among them.

OECD push for a global minimum tax


Well over a hundred countries and territories agree to an OECD proposal to revise global tax rules by 2020.

Google logo outside building in US

Clark Gascoigne, the interim executive director of the US-based Financial Accountability and Corporate Transparency (FACT) Coalition, said financial secrecy remains a major problem.

“Financial secrecy enables crimes like human trafficking, tax evasion, and corruption both at home and abroad,” Mr Gascoigne said.

TJN’s report said the United Kingdom (ranked 12th on the index) increased its secrecy score more than any other country by extending its network of satellite jurisdictions to which the country outsources some of its secrecy activity.

*It is often referred to as the “UK spider’s web” — a network of overseas territories and crown dependencies where the UK has full powers to impose or veto lawmaking, and where powers to appoint key government officials rest with the British Crown.

“The UK’s spider’s web included some of the highest-ranking jurisdictions on the Financial Secrecy Index, including Cayman (ranked 1st), the British Virgin Islands, which ranked 9th and Guernsey, which ranked 11th,” the report said.

*A director and founder of the Tax Justice Network, John Christensen, said UK’s surge up the index raised “serious concerns about the UK’s post-Brexit strategy to turn the City of London into a ‘Singapore-on-Thames'”.

TJN‘s report did have some good news. It said financial secrecy around the world is decreasing as a result of some recent transparency reforms.

On average, countries on the index reduced their contribution to global financial secrecy by 7 per cent.

Liz Nelson, a director at the Tax Justice Network, said despite some positive reforms by countries, progress on country-by-country reporting remains slow.

This, she said, had left unchecked the “rampant tax abuse that disproportionally undercuts the people who start out with [fewer] opportunities in life to begin with”.

“The OECD currently has a once-in-a-century opportunity to reform an international tax system that has allowed financial secrecy to flourish,” Ms Nelson added.

TJN’s analysis is ‘misleading’

A number of groups have disputed the TJN’s analysis.

*According to the TJN itself, a higher rank on the index “does not necessarily mean a jurisdiction is more secretive”, but rather that the jurisdiction plays a bigger role globally in enabling secretive banking, anonymous shell company ownership, anonymous real estate ownership or other forms of financial secrecy“.

It said a highly secretive jurisdiction that provides little to no financial services to non-residents, such as Samoa (ranked 86th), will rank below a moderately secretive jurisdiction that is a major world player, such as Japan (ranked 7th).

But Cayman Finance, the association representing financial services firms in that country, said the report contained “misleading and inaccurate information”.

“The Cayman Islands would not be highly ranked on any secrecy index that is objective, transparent, and based on standards established by global standard setting bodies,” Cayman Finance said in a statement.

“The Cayman Islands, particularly its financial services industry, has been recognised for decades as a strong international partner in combatting corruption, money laundering, terrorism financing and tax evasion.”

The United Kingdom’s Treasury also disputed the findings, telling The Guardian that it did not recognise the basis of TJN’s assessment and that “we have been, and will continue to be, at the forefront of the greater drive for transparency”.

SOURCE: https://www.abc.net.au/news/2020-02-19/australia-still-a-safe-haven-for-illicit-funds/11977994

LIKE CAAN ON FACEBOOK!

https://www.facebook.com/Community-Action-Alliance-for-NSW-744190798994541/?ref=aymt_homepage_panel

SEARCH CAAN WEBSITE for more Reports!

https://caanhousinginequalitywithaussieslockedout.wordpress.com/

The view from Mosman’s Bay Street, where Bo Zhang, an associate of Huang Xiangmo, owns six properties. Sam Mooy

NSW property arm Landcom faces axe to fix John Brogden problem

NSW property arm Landcom faces axe to fix ‘John Brogden problem’

Landcom chief executive John Brogden. Picture: Dylan Robinson
Landcom chief executive John Brogden. Picture: Dylan Robinson

The NSW government is considering a plan to dissolve its troubled property development arm Landcom in order to address the politically sensitive task of removing its chief executive, John Brogden, a longstanding friend of the Premier.

The plan, to either dissolve the state-owned corporation or place it under the auspices of the NSW Planning Department, is being considered in part over concerns about a torrid culture at the agency, but also because of the “Brog­den problem”, as some officials have begun to term it.

Mr Brogden is a former leader of the NSW Liberal Party and a friend of NSW Premier Gladys Bere­jiklian. He was appointed to the $600,000-a-year job in May 2018 following a competitive recruitment process, having previously served as the agency’s acting chief executive for seven months. Questions were initially raised about his appointment because he was chosen above a preferred candidate put forward by the minister overseeing Landcom at the time, Anthony Roberts.

READ NEXT

The multi-billion-dollar organisation, which employs approximately 163 people, has experienced turmoil on a number of fronts, including sustained bullying alle­gations made against its chair, Suzanne Jones, and the loss of 33 staff over a two-year period. Another executive accused of bullying was paid a substantial amount of money to leave the organisation. Some of these issues predated Mr Brogden’s appointment.

Landcom’s role is to manage crown land for the NSW government and develop housing projects with a social and economic benefit to the state. Another priority is to address housing affordability and issues of supply throughout NSW.

The plan to dissolve the agency is being welcomed in some quarters as an opportunity to reform the agency’s culture under a new leadership and, separately, enable a soft exit for Mr Brogden.

Neither Landcom nor Mr Brogden responded to a request for comment.

“She can’t afford to have him go rogue,” a source said, referring to Ms Berejiklian’s relationship with Mr Brogden. A second source remarked: “What can they do? He’s a former Liberal leader.”

The Australian has been told that, separately, the NSW government is considering a plan to wind down the Sydney Olympic Park Authority over its alleged mismanagement of the Sydney Opal Tower crisis just before Christmas 2018.

The authority manages 430ha of parkland, seven sporting venues and a business district in the Sydney Olympic Park precinct, which attracts more than 14 million visitors each year and is home to about 230 businesses.

NSW Planning Minister Rob Stokes is understood to be supportive of the plan to dissolve both agencies, but said in a statement that no changes had been made by the government.

SOPA chairman John Fahey, a former NSW premier and party elder, is understood to be lobbying the government to save the organisation. The Premier did not respond to requests for comment.

Labor planning spokesman Adam Searle said Landcom should not be dissolved in order to solve an awkward political problem.

“If the government has a problem with the management of an agency, it should address the problem head on,” he said.

He described the corporation as a “vital development agency” that could stimulate the housing market during times of downturn.

YONI BASHAN

STATE POLITICAL REPORTERYoni Bashan is The Australian’s NSW political correspondent. He began his career at The Sunday Telegraph and has won multiple awards for crime writing and specialist investigations. In 2014 he was seconded on a… Read more

Share this article

SOURCE: https://www.theaustralian.com.au/nation/politics/nsw-property-arm-landcom-faces-axe-to-fix-john-brogden-problem/news-story/90f16878efec7399818ea11bed3d35dd?fbclid=IwAR3jwmoXX5NjFZyh6h7oRCQjpqkrxhLJKPk69yE5Lp84WtGusFEzxKya4i8

Ausgrid accused of understaffing by almost 10 per cent, amid storm repairs backlog

The Electrical Trades Union has accused Premier Gladys Berejiklian of either deliberately lying to the public or being grossly incompetent after she used a live television interview to falsely claim that electricity distributor Ausgrid had increased its workforce during the past five years.When challenged on Seven’s Sunrise program about the impact of staffing cuts at Ausgrid on the lengthy blackouts impacting tens of thousands of homes and businesses, Ms Berejiklian claimed that: “There’s actually more full time staff today than there was five years ago in that organisation”.According to Ausgrid’s own figures, the company had a full time equivalent workforce of 5,713 in the 2012/13 financial year, which was reduced to 5,390 by the 2014 financial year. In the past five years that number has been cut by a third, dropping to 3504 in June 2019.Ausgrid chief operating officer Trevor Armstrong also admitted the scale of staffing cuts, telling ABC radio that in the order of 5,000 jobs have been lost across the entire NSW electricity network.

https://www.miragenews.com/nsw-premier-accused-of-deception-or-incompetence-following-false-ausgrid-jobs-claim/

Ausgrid accused of understaffing by almost 10 per cent, amid storm repairs backlog

By Jessica Kidd

Updated 13 February 2020

PHOTO: Ausgrid is accused of understaffing, as the storm clean-up continues. (Twitter: Ausgrid)

RELATED STORY: NSW Now: Sydney flood clean-up continues, thousands still without power

RELATED STORY: Flood warning for Sydney as NSW braces for ‘border-to-border’ weekend downpour

Staffing levels at Ausgrid have fallen below minimum legal levels, which is hindering the electricity supplier’s efforts to restore power across NSW, the industry’s union says.

Key points:

  • Under the terms of its privatisation Ausgrid must have at least 3,570 full-time staff
  • Ausgrid says its levels are still above the legal requirement when contractors are counted
  • More than 20,000 homes and businesses remain without power following storms

A leaked internal document, obtained by the ABC, shows Ausgrid’s total number of staff as of December 2019 was 3,238 — 10 per cent below the minimum legal requirement.

Under the terms of its partial privatisation by the NSW Government in 2015, Ausgrid is legally required to maintain at least 3,570 full-time equivalent staff.

Electrical Trades Union Secretary Justin Page said it was clear staffing levels were inadequate and were affecting Ausgrid’s ability to restore power supplies after last week’s storms.

“Ausgrid does not have the resources to adequately restore power when these natural weather events occur,” he said.

“These distribution workers have been working for months now trying to restore power through fires, floods, storms, under-resourced and working long hard hours and frustrated that they can’t provide the service that they used to provide to the community to restore power quickly.”

Ausgrid’s chief operating officer Trevor Armstrong said staff numbers were above the legal requirement and the leaked document did not account for long-term contractors employed for more than 12 months.

“Ausgrid’s staffing levels are above the legislated level of 3,570,” he said.amysweetondean@AmyinSydney

@Ausgrid When will someone be back to finish this job in Beacon Hill. The tree was removed Monday, and the lines were replaced. We were promised power back Monday night. But it wasn’t. And no one has returned to complete the job. Leaving wires taped to a pole. Please advise.

View image on Twitter
View image on Twitter
View image on Twitter
View image on Twitter

1Twitter Ads info and privacySee amysweetondean’s other Tweets

He said Ausgrid’s latest staff levels, as reported to the Independent Pricing and Regulatory Tribunal in February were actually 3,950.

Mr Armstrong also disputed suggestions Ausgrid was inadequately staffed to respond to the storm.

“No good business would resource up to the level required to meet this sort of natural disaster,” he said.

“That’s why we have sharing arrangements in place throughout the country for electrical resources in this time of need, which we’ve put in place.”

Ausgrid said almost 19,000 homes and businesses were still without power in Sydney and the Central Coast.

It has enlisted additional crews from Energy Queensland and around 150 staff from the State Emergency Service, Rural Fire Service and Fire and Rescue NSW to help restore services.

NSW Premier Gladys Berejiklian said it was appropriate for Ausgrid to call in extra resources.

“This was a once-in-30-year event,” she said.

“As soon as the Government was made aware that Ausgrid was struggling we’ve made sure those extra people have gone in and we’re making sure that power is restored as soon as possible.”

Ausgrid said it hoped to have power restored to all of its customers by Sunday.

About 50 Endeavour Energy customers in the Hawkesbury area are still without power but the company said it hoped to have their services restored by this evening.

Labor’s shadow minister for climate change and energy Adam Searle said Ms Berejiklian made a commitment in law that Ausgrid would maintain minimum staffing levels to ensure proper service to the community.

“This is nothing short of a scandal. These documents have shown that Ausgrid has cut more staff than they were allowed to.

“No wonder Ausgrid has struggled to reconnect communities across the network to communities in need.”

NSW Minister for Energy and Environment, Matt Kean said the storm was one of the biggest to hit the network in 20 years with more than 180 poles and 1,000 cables down.

“I want to apologise to those that are still without power and let them know that we’re doing everything possible to get them on,” he said.

“As soon as Ausgrid asked us for additional resources I responded immediately.”

Topics: electricity-energy-and-utilitiesbusiness-economics-and-financedisasters-and-accidentsstorm-disastergovernment-and-politicsstates-and-territoriessydney-2000

SOURCE: https://www.abc.net.au/news/2020-02-13/ausgrid-accused-of-understaffing-amid-storm-cleanup/11962908