INTERNATIONAL BUSINESS ENTERPRISES – AUSTRALIA

Tax office targets lawyers’ privileges

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Original article by Michael Roddan
The Australian – Page: 7 : 22-Jul-19

The Australian Taxation Office is hoping a new industry code of conduct that is being developed with the Law Council of Australia and other professional bodies will lead to improved auditing of multinationals. The ATO is finding it difficult to conduct such audits because lawyers are making blanket claims that documents being sought are subject to legal privilege. ATO second commissioner Jeremy Hirschhorn says law firms have no interest in seeing privilege claims that turn out to be false, as this could put the concept of privilege at risk.

CORPORATES
AUSTRALIAN TAXATION OFFICE, LAW COUNCIL OF AUSTRALIA, COMMOTION SYSTEMS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

HSBC joins mortgage war with 3.6pc home loan

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Original article by Glenda Korporaal
The Australian – Page: 19 & 22 : 1-Sep-17

HSBC Australia CEO Martin Tricaud says the international bank intends to ramp up its local presence, with plans to expand its branch network from 31 outlets to 47 over the next two years. HSBC also aims to increase its Australian home loans business, with owner-occupiers who take out a mortgage before the end of 2017 to be offered an interest rate of 3.65 per cent. Tricaud says the Australian banking sector offers strong growth potential for HSBC, whose market share is about 1.5 per cent at present.

CORPORATES
HSBC AUSTRALIA HOLDINGS PTY LTD, HSBC BANK PLC, AUSSIE HOME LOANS LIMITED

Uber and Airbnb to face grilling over tax practices

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Original article by Fleur Anderson
The Australian Financial Review – Page: 7 : 18-Aug-15

The Senate committee on corporate tax avoidance has turned its attention to Uber and Airbnb, its chairman claiming tens of millions of dollars might be lost to the government if it failed to establish proper tax settings for sharing economy companies. Senator Sam Dastyari said he did not want Uber and similar companies setting a precedent in which they avoided Australian tax by sending profits offshore.

CORPORATES
UBER GLOBAL PTY LTD, AIRBNB AUSTRALIA PTY LTD, AUSTRALIA. SENATE ECONOMICS LEGISLATION COMMITEE, IBISWORLD PTY LTD, AUSTRALIAN TAXATION OFFICE, FEDERAL COURT OF AUSTRALIA, SANTOS LIMITED – ASX STO, CHEVRON CORPORATION, EXXONMOBIL CORPORATION, CALTEX AUSTRALIA LIMITED – ASX CTX, BP PLC, WOODSIDE PETROLEUM LIMITED – ASX WPL, ORIGIN ENERGY LIMITED – ASX ORG, VIVA ENERGY AUSTRALIA LIMITED, APPLE INCORPORATED, MICROSOFT CORPORATION, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, NOVARTIS AG, PFIZER INCORPORATED

Westfield rejig paves way to ‘exciting future’

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Original article by Robert Harley, Su-Lin Tan
The Australian Financial Review – Page: 37 : 15-May-15

Westfield Corporation’s remuneration report was approved by more than 91 per cent of votes cast at the annual meeting on 14 May 2015. However, a shareholder questioned whether the company requires two CEOs. Meanwhile, co-CEO Peter Lowy said the board will consider alternatives to the group’s current Australian sharemarket listing and make a recommendation within the next year.’

CORPORATES
WESTFIELD CORPORATION – ASX WFD, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

Reforms vital to woo foreign investors

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Original article by Fleur Anderson
The Australian Financial Review – Page: 9 : 18-Jun-14

The 17-18 June 2014 International CEO Forum in Canberra will feature talks between business leaders and Prime Minister Tony Abbott, Treasurer Joe Hockey, Finance Minister Mathias Cormann, Opposition Leader Bill Shorten and shadow treasurer Chris Bowen. The politicians will hear of the results of a new survey, in which 106 CEOs argue that industrial relations reform and deregulation are needed to prevent more multinational corporations withdrawing from Australia. The issue of these businesses shifting profits overseas to escape taxation is secondary, the CEO Forum members say

CORPORATES
CEO FORUM PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, COCA-COLA AMATIL LIMITED – ASX CCL, KPMG AUSTRALIA PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, CITIBANK PTY LTD, ACCENTURE AUSTRALIA LIMITED, GENERAL MOTORS CORPORATION, GM HOLDEN LIMITED, COLGATE-PALMOLIVE PTY LTD, CAMPBELL AUSTRALASIA PTY LTD, ARNOTT’S BISCUITS LIMITED, BP AUSTRALIA LIMITED, GE AUSTRALIA AND NEW ZEALAND, FACEBOOK AUSTRALIA PTY LTD, JOHNSON AND JOHNSON AUSTRALIA PTY LTD, GLAXOSMITHKLINE AUSTRALIA PTY LTD, ADOBE SYSTEMS PTY LTD, IBM AUSTRALIA LIMITED, MICROSOFT AUSTRALIA, LINKEDIN LIMITED, APPLE INCORPORATED, GOOGLE INCORPORATED, GROUP OF TWENTY (G-20), BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, TOYOTA MOTOR CORPORATION, TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED, ELECTROLUX PTY LTD, SIMPLOT AUSTRALIA (HOLDINGS) PTY LTD, CATERPILLAR INCORPORATED, ALCAN INCORPORATED