Australian taxpayers set to lose massive tax income as a result of Qantas sale!
A rport in the Melbourne Herald Sun this morning says that Aussie taxpayers could lose $1 billion in tax revenue from the planned takeover of Qantas by an overseas dominated private equity group.
Victorian Family First senator Steve Fielding says the new debt structure that will be created by the proposed takeover means Qantas would not be paying annual income tax, which last year topped $190 million.
The claims come on top of previous revelations the new Qantas group stands to gain more than $450 million in capital gains tax exemptions, according to the senator.
“Family First believes the takeover is not in the national interest,” Senator Fielding said.
He said that under the Qantas plan, a private equity group will borrow up to $10 billion from foreign investors at an annual interest bill of $700 million.
“Paying interest of $700 million means Qantas would have no taxable income,” Senator Fielding said.
Report by The Mole from the Herald Sun
John Alwyn-Jones
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