The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of David Bradbury

David Bradbury

Assistant Treasurer, Minister Assisting for Financial Services & Superannuation and Minister for Competition Policy & Consumer Affairs

5 March 2012 - 18 September 2013

Media Release of 22/05/2013

NO.083

Hockey's Soft Touch on Tax Loopholes

Joe Hockey has today exposed the Coalition's soft touch on multinational profit shifting and tax avoidance.

Mr Hockey today used his post-Budget address to float the idea of breaking up the Australian Taxation Office and watering down its powers.

At a time when multinational companies are under enormous scrutiny for their aggressive tax minimisation practices right around the world, Mr Hockey now wants to break up the ATO and water down its powers.

This comes after Mr Hockey voted against measures designed to protect at least $10 billion of tax revenue from profit shifting and tax avoidance.

It says it all that Mr Hockey is happy to support multinational companies to exploit tax loopholes while at the same time jacking up taxes on the super of low income earners, ripping away tax breaks for small business and floating a GST increase which would hurt hardworking families.

Mr Hockey even suggested that Australia's transfer pricing laws were inadequate - despite twice voting against amendments to strengthen those laws.

Mr Hockey still hasn't declared whether he supports the package of measures that the Government announced in the Budget to further clamp down on corporate tax loopholes.

22 May 2013