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Inquiry Into Tax Dodge by Tech Giants is a Lie Fest

It amazes me how people can blatantly lie, and continue to lie, when everyone else knows the truth. There is a Senate inquiry in Australia into big companies, mainly tech giants, avoiding tax that is owed to this country. Mr King, the head of Apple Australia strongly denies that the company is reducing its tax payments through questionable methods. Fair "crack in the door mate" we all know what is really going on. Is Ireland involved in these methods?

Apple and Google are the major companies targeted by the inquiry. Britain is planning to regulate to make them pay what is due there. Other countries are watching to see what Britain does. Of course, the easiest way to get money out of the tech megaliths is to introduce a revenue tax irrespective of profit, because it is profit that is being skimmed off subsidiaries by head office for non-existent services.

The Australian Tax Office wants its pound of flesh from internationals as it does from locals. Last year Apple paid $80m in tax from profit of $250m. Revenue was $6 billion. While this is a tax rate of 32 per cent, the profit margin of only 4.17 percent is highly suspect. Apple charges a fixed rate of 30 per cent on all app revenue in its App Store. Furthermore, it has huge income from sales of its own merchandise for which the profit margin is not widely known.

Mr King said that Apple would willingly enter into an agreement with the ATO. By saying this he clearly believes that he can choose not to follow Australian law. Apple's tax rate of 32 per cent seems reasonable at first glance when compared to Google Australia's rate of 15 percent. However, Google's profit margin of 13 per cent is more realistic.

Lastly, Mr King of Apple said that Australian app developers had made a fortune out of new apps. He fails to mention the gargantuan amount made by Apple from these. The guaranteed 30 per cent on all downloads is a money grab by any definition considering Apple has set this rate itself and it can easily raise it at any time, even for apps already available.

✴ Technology by Ty Buchanan ✴

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The Australian Securities and Investment Commission (ASIC) Should Not Interfer in the Market

Was the Australian Securities and Investment Commission (ASIC) set up to improve business or just be a nuisance to operations. Its job should be to police the industry and make things run smoothly. However, putting one's nose in when it is not needed is not the best thing to do.

The mining boom is coming to an end as the Chinese economy pulls back from high growth due to wages rising thus demand falling. Companies are looking to move to other Asian countries where labor is cheaper. Australian mining companies are looking to become producers of other things such as technology.

With this move comes threats from ASIC for the miners to keep their noses clean. Apparently they must inform shareholders before they buy tech companies. We have not reached a point yet where shareholders manage companies. Surely, it is up to the CEO and the board to set future company developments and intentions.

ASIC is making accusations that mining companies are "cooking the books" while buying up tech companies. It has said that miners must not use backdoor listing to hide purchases. ASIC is watching Minerals Corporation Limited, InterMet, Nemex, MacroEnergy and Latin Gold.

Surely, with ASIC already making its claims open, shareholders already know what is going on - normal business behavior. Changing business models is not an area ASIC should be watching. This is nothing to do with ASIC. It should stick to asset valuation and financial reporting. It is ridiculous to monitor how capital will be raised. Interfering in the market just distorts it.

Economics by Ty Buchanan

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Wearable Technology Will Go the Way Of 3D and 4K Televisions

Will people buy wearable technology? Looking back on computers, purchases were out of curiosity and it eventually became a "must have" when games began to be cracked. Some even enjoyed the long tedious entering of code to produce a "useful" program that was painfully slow when you ran it. It took three whole days to do a spell check on a five page paper.

Then there was the verbal war everywhere with the majority advising to buy a Mac when universities only used Microsoft PCs. If you wanted to further your education a Mac was useless. I believe this state of affairs is split now but most colleges still favor Microsoft.

The iPad is still not a device one uses to improve knowledge, though some still soldier on in the fruity Apple world. There isn't much doubt that an Apple product is a prestige item. All Apple devices are grossly overpriced and owners know the ordinary Joe will never afford one.

In regard to wearables they are just curiosities at the moment, much like 3D and 4K televisions. Billions were wasted on investment in these "dead ends". Watches are so old fashioned. Even before mobile phones people were leaving them at home because there were clocks everywhere. Like cuff links they have gone to the dogs. It would be different if power and battery life was comparable to mobile phones. Unfortunately, it isn't.

Wearables will remain locked to the health and fitness world. This is where a low power, short battery life product fits in with what the user wants. Google glass will eventually fade away as non-users feel threatened by them. Eventually, someone is going to get a black eye for filming without another's consent.

Another issue with wearables is the mistaken belief by manufacturers that human behavior is predictable and consistent. People are notoriously inconsistent, going off at a whim on the spur of the moment. A meeting could start with the dust mite and end up on Mars. All conversations are like this.

Technology by Ty Buchanan

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New Technology is Feared by Many

Australians are like people everywhere. They want change but they fear it. Advancement in technology appears to make our lives easier, but in a way life is becoming more complex.

People make themselves known to millions of others. They fear that in the long run they will regret it. As they grow older what they did in their carefree youth will come back to haunt them.

Only half of people feel secure about the technological future. One would expect that this would be higher. Young people in particular seem to welcome new gadgets with open arms. Nearly half of the population believe robotization will make their lives worse.

Many use wearable gadgetry to help with their exercise and fitness. However, these could turn out to be just faddish endeavours like all the new exercise machines advertised on TV.

The giant technological companies are experimenting with weird ideas. They have run out of rational concepts. These have been used up. Reviewers condemn the new tech offerings as silly and laughable. Then see people adopt the latest new thing with gusto.

Technology by Ty Buchanan

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