Costello defends Future Fund tax bill

But Mr Costello said the fund was "typically entitled to sovereign immunity when it invests overseas". "In the vast bulk of its investments offshore, the Future Fund‘s sovereign immunity is recognised, just as Australia recognises the reciprocal rights to sovereign immunity when other sovereigns invest in this country," he told a conference in Melbourne.

The Future Fund is not required to pay Australian tax, but the leaked documents suggest it was using Luxembourg to lower its taxes in foreign countries.

The Future Fund is not required to pay Australian tax, but the leaked documents suggest it was using Luxembourg to lower its taxes in foreign countries.

The government-owned Fund was named along with other Australian companies for using Luxembourg as a base in which to lower global taxes in one of the biggest global tax leaks in history, published last week.

Hundreds of Australian and multinational companies including the Future Fund, AMP, Macquarie, Lend Lease and Goodman Group were named as the beneficiaries of the secret deals in Luxembourg, which reduced some companies tax bill to less than 1 per cent.

Thousands of leaked documents released by the International Consortium of Investigative Journalists revealed how Australian and multinational companies used accounting firm PricewaterhouseCoopers to strike deals in Luxembourg to shift profits and avoid tax.

Read more here: SMH

    

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