Companies these days play globally, and structure their affairs globally, putting cross-border tax specialists into an enviable position.
If tax can be sexy, international tax structuring is the glamour end of the industry. Glamour follows dollars, and the international financing deals into and out of Australia are where the dollars are: in deals and salaries. As demonstrated by payouts to top executives following Macquarie Banks record $832 million profit this week, the merchant bankers who put together tax effective financing deals can make millions: even the comparatively low-paid international tax partners in the big accounting and law firms can pull more than $500,000 per year. Nice work if you can get it, and Australians these days seem to be getting a lot. Australia has earned a reputation for innovation in cross border deals, and the reputation and the salaries can make other people suspicious: it's one reason many are convinced that cross border tax structuring equals tax avoidance.
But the tax practitioners argue that Australians are good at tax structuring because they work in a demanding environment. They reckon a tough tax system has spawned some great tax talent by Allesandra Fabro: 21/05/2005 Tough tax system spawns great talent
Artist are cockroaches, you just can't kill us."
Sydneyrella is filled with cockroaches and creative minds. The city’s light, the Sydney Morning Herald, is the savviest newspaper the world is watching closely. On 30 May 2005 the Herald launched a campaign to fix, to heal, to mend, Sydney. A campaign to fix its water, air, urban development and transport. It is time for a boldness lacking for 50 years. Robert Whitehead
Art of Living in the City of Exiles: Power to the People
Sydney is in desperate shape. There are many signs, but you only have to look at the weather to see something is badly wrong.
By any account April was an extraordinary month in our Indian summer - hotter than March for the first time since records began. It was dry, too, with only 33 millimetres of rain, a quarter the monthly average.
Rain fell on just eight days; most of it uselessly went down the drains into the sea.
Dam levels have dipped below 40 per cent capacity for the first time, and there are fears Sydney's weather patterns will have far-reaching consequences for our water, food and gardens. People cannot control the weather, but there are things that are within their control.
• Crowded, polluted and a mess – the fix list for Sydney [Cheeks of the Devil, Charms of an Angel City in Crisis ; Building liveable communities is vital to retain a creative workforce Do the myths: now is time to create the knowledge city ]
• · Car use forecasts put quality up in the air ; Keep writing those books, Bob, and the trains will fix themselves : Off the rails: the suburbs where the car rules
• · · Be mad if you will, but at yourself The south-west is wheezy, while the east breathes easy ; Fifty years ago the American economist John Kenneth Galbraith observed a paradox in advanced economies - how private wealth grows alongside public squalor. Frustrated commuters might think he was writing about Sydney in 2005. Despite unprecedented private riches, much of the city's public infrastructure is deteriorating. Once debt-ridden, now run down