Palmer pays zero tax

Billionaire mining magnate Clive Palmer, a stringent critic of the Government's mining tax, did not pay tax on his private company last year.

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Billionaire mining magnate Clive Palmer, a stringent critic of the Government's mining tax, did not pay tax on his private company last year.

Fairfax Media reports accounts filed with the Australian Securities and Investments Commission show Mineralogy reported a loss for the last three financial years and did not pay tax in 2010-11.

Mineralogy owns rights to iron ore deposits in the Pilbara and thermal coal deposits in Queensland's Galilee Basin but its assets remain at the exploration or development stage.

According to Fairfax Media other parts of Palmer's empire, including Queensland nickel and property assets, are outside Mineralogy.

Earlier this year Treasurer Wayne Swan attacked Australia's mining magnates and criticised Andrew Forrest for not paying corporate tax.

Swan said Palmer, Gina Rinehart, and Forrest were part of a movement leading "ruthless individualism and unquestioning materialism".

He also accused magnates and the mining industry in general of using funds to distort political debate.

"The combination of industry deep pockets, conservative political support, biased editorial policy and shock-jock ranting has been mobilised in an attempt to protect vested interest," he said.

 

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