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Aussies sold out in $450 million Qantas tax rort.



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www.stevefielding.com.au

MEDIA RELEASE SF/110. Monday December 18, 2006

AUSSIES SOLD OUT IN $450 MILLION QANTAS TAX RORT

Analysis by FAMILY FIRST reveals foreign partners in the Qantas takeover stand to gain at least $450 million in capital gains tax exemptions that ordinary Aussies are not entitled to.

Taxpayers will be funding the profits of the Qantas takeover bid courtesy of the Howard Government and the Rudd Opposition, which both voted for the changes. These capital gains tax exemptions are not available to Australians.

Just over a week ago FAMILY FIRST raised concerns about the new Rudd Labor Opposition selling out Aussies by voting with the Government to give foreign investors an exemption from paying capital gains tax.

The Howard Government and the Rudd Opposition cannot pretend to be concerned about the private equity raid on Qantas when only 10 days ago they voted to give foreign companies the huge tax rort that clinched the deal.

What do ordinary Aussies think of giving foreign companies a $450 million tax rort now there are real concerns over Qantas job losses?

The $450 million tax rort depends on the new Qantas owners making just 50 per cent on their investment over five years. The new owners may force even bigger returns by slashing jobs and other costs.

FAMILY FIRST strongly opposes giving foreigners huge tax breaks while still taxing ordinary Australians for the same thing. FAMILY FIRST voted against the legislation.

In its first real test the new Rudd Opposition failed to stand up for ordinary Australians and supported the new tax laws. Labor is not fair dinkum about standing up against what the Opposition Leader calls 'market fundamentalism'.

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