Senate to probe tax avoiding companies in new inquiry; Instagram rolls out advertising in Australia: Midday Roundup

Some of Australia’s largest companies that minimise their tax bills will be the target of a new inquiry by the Senate economic reference committee, reports Business Spectator.

The upper house yesterday supported a motion from Greens leader Christine Milne for the committee to examine and report on the “tax avoidance and aggressive tax minimisation by corporations registered in Australia and multinational corporations operating in Australia”.

The committee has also been asked to delve into the performance and capability of the Australian Tax Office to investigate and prosecute matters, as well as the Australian Securities and Investments Commission’s relationship with corporations and the ATO.

The committee has been asked to report by the parliament’s first day of sitting in June 2015.

Instagram rolls out advertising in Australia

Instagram users in Australia have begun to see advertising on the popular photo sharing app.

Only a few select brands will be able to advertise on the social media platform via the advertising program, which was announced in June.

“Over the coming weeks, we will begin slowly rolling out advertising in Australia,” reads a sponsored post featured in user’s timelines.

“We’re starting with just a few businesses that are already great on Instagram to make sure the ads you see are creative and engaging.”

Shares up on open

Aussie shares have had a soft start to this morning’s trade, with weak European markets continuing to influence local investors.

The S&P/ASX200 benchmark was up 4.9 points to 5302.6 points at 12:21pm AEST. On Thursday, the Dow Jones closed down 0.02%, falling 3.66 points to 16,801.05 points.