Poll

Who will win?

Liberal National coalition
16 (76.2%)
Labor
5 (23.8%)

Total Members Voted: 21

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Offline amgsl55

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I wonder if shorten will use this to throw some mud

Quote
Prime Minister Malcolm Turnbull is named in the Panama Papers as a former director of a British Virgin Islands company set up and administered by law firm Mossack Fonseca to exploit a Siberian gold prospect.

Mr Turnbull and former NSW Premier Neville Wran on October 29 1993 joined the board of Star Mining NL, the Australian listed company which hoped to develop a $20 billion Siberian gold mine called Sukhoi Log.

Five weeks later, on December 3 1993, Turnbull and Wran were appointed directors of Star Mining's subsidiary in the British Virgin Islands, Star Technology Services Limited, that held the group's stake in the Sukhoi Log prospect, a joint venture called LenaGold.

A spokesman for Mr Turnbull said last night that the Prime Minister was not aware the company had been administered by Mossack Fonseca as the registered agent in Road Town, Tortola. There is no suggestion he had acted improperly.

The details are included in documents obtained by the International Consortium of Investigative Journalists known as the Panama Paper but are not part of the publicly searchable database.

Mossack Fonseca incorporated the British Virgin Islands company in November 1991, under the name Green Applied Systems, for mining entrepreneur Ian MacNee.

The name was changed to Star Technology Services in 1992, after Mr MacNee together with a Russian-Australian, Ludmilla Melnikoff, negotiated with Russian politicians for a 34.88 per cent share in LenaGold.

Mr MacNee sold Star Technology to Star Mining in late 1993 in return for cash and shares. As Star Technology now held the Australian listed company's major asset it was not unusual for Mr Wran and Mr Turnbull to be appointed to the board.

Mr Turnbull's spokesman said Mr Turnbull was not aware that the company had been administered by Mossack Fonseca. Responding to allegation that Star Technologies had made donations to Russian politicians the spokesman said Mr Turnbull was not aware of any such donations either before or after he was a director.

The use of the British Virgin Islands company provided limited visibility for Australian shareholders of the investment in Siberia: Star Technology was listed as a subsidiary in Star Mining's 1994 annual report with the note that it was a "controlled entity not required to be audited under British Virgin Islands requirements".

The Panama Papers—files originally obtained by German newspaper Süddeutsche Zeitung and accessed in a collaboration with the International Consortium of Investigative Journalists—show that Mossack Fonseca principal Raymon Fonseca had taken an interest in the company.

A fax sent by Mossack Fonseca Panama to its BVI office on November 5 1993 noted, in reference to a "Stamped License Fee Receipt" linked to Star Technology : "I refer to your fax 9425 of 2nd November 1993 in reply to Mr Fonseca, regarding John Wong's worries about the advice of payment received by him for [Star Technology]. Mr Fonseca asked me to express to you his thanks for the very through fax you sent."

In a second note in mid-1995, a Mossack Fonseca employee stated that half of Star Technology's shares were bearer shares, which were to be converted to registered shares.

While bearer shares are unusual for a wholly owned subsidiary, it's not suggested there was anything improper in Mr Turnbull's role.

He and Mr Wran resigned from Star Mining on September 1 1995 citing work commitments in Australia. They stepped down from Star Technology on September 25.

Turnbull & Partners and broker County NatWest raised $72 million for Star Mining  in share placements October 1993.

Court decisions in Russia ultimately stripped Star Mining of its LeanGold stake.  The company wrote off $127 million on the failed venture in 1998.



Read more: http://www.afr.com/news/politics/malcolm-turnbull-named-in-panama-papers-20160511-gosvit?et_cid=28362416&et_rid=1453636629&Channel=Email&EmailTypeCode=&LinkName=http%3a%2f%2fwww.afr.com%2fnews%2fpolitics%2fmalcolm-turnbull-named-in-panama-papers-20160511-gosvit&Email_name=BTB-05-12&Day_Sent=12052016#ixzz48NzgyL5c
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Offline shack

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Ok so I was bored and did a VERY SIMPLE spreadsheet.

11.1% of the working population are responsible for almost 50% of the tax paid!!!!

FARK - and the leftist arseholes know where to come to get $'s and push class warfare as these people generally wont vote for them.




Offline Neru


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Ok so I was bored and did a VERY SIMPLE spreadsheet.

11.1% of the working population are responsible for almost 50% of the tax paid!!!!

FARK - and the leftist arseholes know where to come to get $'s and push class warfare as these people generally wont vote for them.

You must have been pretty bored

The rest figure will be actually be a lower considering at least 5% will be unemployed receiving benefit which I believe is tax free



Offline 360c

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If you want your blood to boil read Andrew Bolt's column in todays Herald Sun. An astounding 44% of the population now live completely off Government salaries (public servants) pensions and handouts. I don't know what the % of the population is that actually works and pays tax; but it ain't the remaining 54% that's for sure! Gina Reinhart paid $466 million in tax last year. How long does that run that bloated left wing disgrace that is the ABC?
A few years maybe? Nope........... 5 mths.

As Scud would say this Country is going down the toilet.



Offline anotherforumuser

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If you want your blood to boil read Andrew Bolt's column in todays Herald Sun. An astounding 44% of the population now live completely off Government salaries (public servants) pensions and handouts. I don't know what the % of the population is that actually works and pays tax; but it ain't the remaining 54% that's for sure! Gina Reinhart paid $466 million in tax last year. How long does that run that bloated left wing disgrace that is the ABC?
A few years maybe? Nope........... 5 mths.

As Scud would say this Country is going down the toilet.

We have to expect that when they keep importing welfare recipients as a choice.

Thats why the Government is happy for petrol not to drop to the 50cents a litre that it's supposed to be. They cant let it drop to the real parity price because they would lose too much money in fuel tax. They keep upping booze and cigarette taxes to try and help pay for this welfare mess.

I'd love to know what ex politician pensions and expenses are costing us each year? That must be a massive rort as well. When you have people like Hockey on decent salaries and receiving a pension as well thats a slap in the face to all tax payers.



Offline lukep6470


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I have to vote lefty as LNP are luddites and keep cutting spending on IT.  Thus putting me out of a job.



Offline mondi

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I'd love to know what ex politician pensions and expenses are costing us each year? That must be a massive rort as well. When you have people like Hockey on decent salaries and receiving a pension as well thats a slap in the face to all tax payers.

I swear that if it wasn't for this fact we wouldn't have anyone willing to be a Polly...................



Offline scud

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As Scud would say this Country is going down the toilet.
vote 1 SP (Scud Party)

better to sell up and move to NZ. increase your cash holding by 10/15% on exchange rate, drive left hookers.



Offline Joel


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vote 1 SP (Scud Party)

better to sell up and move to NZ. increase your cash holding by 10/15% on exchange rate, drive left hookers.

I tried to convince the wife. She's not on board at all.



Offline Joel


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Suppose that every day, ten men go out for beer and the bill for all ten
comes to $100.
If they paid their bill the way we pay our taxes, it would go something like
this…
The first four men (the poorest) would pay nothing
The fifth would pay $1
The sixth would pay $3
The seventh would pay $7
The eighth would pay $12
The ninth would pay $18
The tenth man (the richest) would pay $59
So, that’s what they decided to do.
The ten men drank in the bar every day and seemed quite happy with the
arrangement, until one day, the owner threw them a curve ball. “Since you
are all such good customers,” he said, “I’m going to reduce the cost of your
daily beer by $20”. Drinks for the ten men would now cost just $80.
The group still wanted to pay their bill the way we pay our taxes. So the
first four men were unaffected. They would still drink for free. But what
about the other six men ? How could they divide the $20 windfall so that
everyone would get his fair share?
They realized that $20 divided by six is $3.33. But if they subtracted that
from everybody’s share, then the fifth man and the sixth man would each end
up being paid to drink his beer.
So, the bar owner suggested that it would be fair to reduce each man’s bill
by a higher percentage the poorer he was, to follow the principle of the
tax system they had been using, and he proceeded to work out the amounts he
suggested that each should now pay.
And so the fifth man, like the first four, now paid nothing (100% saving).
The sixth now paid $2 instead of $3 (33% saving).
The seventh now paid $5 instead of $7 (28% saving).
The eighth now paid $9 instead of $12 (25% saving).
The ninth now paid $14 instead of $18 (22% saving).
The tenth now paid $49 instead of $59 (16% saving).
Each of the six was better off than before. And the first four continued to
drink for free. But, once outside the bar, the men began to compare their
savings.
“I only got a dollar out of the $20 saving,” declared the sixth man. He
pointed to the tenth man,”but he got $10!”
“Yeah, that’s right,” exclaimed the fifth man. “I only saved a dollar too.
It’s unfair that he got ten times more benefit than me!”
“That’s true!” shouted the seventh man. “Why should he get $10 back, when I
got only $2? The wealthy get all the breaks!”
“Wait a minute,” yelled the first four men in unison, “we didn’t get
anything at all. This new tax system exploits the poor!”
The nine men surrounded the tenth and beat him up.
The next night the tenth man didn’t show up for drinks so the nine sat down
and had their beers without him. But when it came time to pay the bill, they
discovered something important. They didn’t have enough money between all of
them for even half of the bill!
And that, boys and girls, journalists and government ministers, is how our
tax system works. The people who already pay the highest taxes will
naturally get the most benefit from a tax reduction. Tax them too much,
attack them for being wealthy, and they just may not show up anymore. In
fact, they might start drinking overseas, where the atmosphere is somewhat
friendlier.
David R. Kamerschen, Ph.D. — Professor of Economics.



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