Norfolk our own tax haven

The Australian Bureau of Statistics has conducted its first private sector business survey on tiny Norfolk Island in the Pacific, and it makes for an interesting read. Descendents of the infamous HMS Bounty mutineers of 1789, Fletcher Christian and his shipmates, are doing well it seems. About 70 per cent of the approximate 1,800 islanders are employed in 339 mainly tourism-related businesses, generating $94.7 million in income and realising a $13.5 million profit in 2004-05. Apparently the ABS had a tough time collecting data from some sources because there is no legal requirement for the majority of Norfolk Island businesses to keep detailed accounting records. For all you Note readers wondering why, perhaps it’s because the Island territory does not have to pay Australian Income Tax. Forget Majorca, we Aussies have found ourselves a new tax haven…

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