Resources tycoon Clive Palmer, leader of Palmer United Party, has not paid the Australian Taxation Office any income tax for his three companies in the past six financial years.
In a report by The Weekend Australian it is revealed his companies – Mineralogy Group, QNI Resources and QNI Metals – have not paid company tax because the operations have not made money.
The companies’ overall losses are said to be so significant that they have accumulated “deferred tax assets” amounting to almost $130 million.
In fact, it is the ATO that has paid Palmer’s companies a total of $1.66 million since 2008, as well as $45 million a separate windfall payment when one of his companies paid too much capital gains tax in 2007.
There are claims some of the windfall payment was used to pay off costs run up by his PUP campaign before the federal election.
In light of the revelations Queensland Deputy Premier Jeff Seeney said it would be a mistake to give a man who can’t make his own businesses profitable enough to pay taxes the power to run the country.
“If he was in power, he’d do to the tourism industry what he’s done to his own tourist resort on the Sunshine Coast — run it into the ground — and he’d do the same thing to our resources sector.”
The Weekend Australian has more.
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