Fossil fuel giants using questionable deductions to shrink tax bills: Auditor-General

SYDNEY MORNING HERALD
Heath Aston
28 November 2016

A damning investigation has found multinational companies are claiming billions of dollars in questionable deductions while exploiting the nation's natural riches, using accounting tricks allowed to flourish under a hands-off government approach that is dudding Australian taxpayers of royalties.

And in a stunning disclosure, the probe by Auditor-General Grant Hehir found nearly two decades had passed since a federal government audited the self-assessed royalty payments from the North West Shelf, a giant project located in the lucrative oil and gas region off the West Australian coast and jointly owned by Woodside, Shell, Chevron and BHP Billiton.

> Read more: http://www.smh.com.au/federal-politics/political-news/fossil-fuel-giants-using-questionable-deductions-to-shrink-tax-bills-auditorgeneral-20161128-gszcam.html