I hope you’re in the mood for some maths.

Here is today’s riddle: When someone asks Michael how old he is, he replies, "In two years I will be twice as old as I used to be five years ago." How old is he?

The quote
“As you might anticipate, yes, we’ve seen some increase in acquisition of customers.” — Telstra CEO Vicki Brady at the telco’s annual investors day, according to the Nine papers. This comes after the Optus outage left 10 million customers without service on 8 November.

The stat
5.8 years
The life expectancy gap between men and women in the U.S, according to the American Medical Association. The trend of men dying earlier than women coincides with an overall life expectancy decrease from 77 years to 76.1.

Today in history
2022: The world’s population reached 8 billion, according to the United Nations.

Some headlines from this morning:

Deputy Liberal Leader Sussan Ley is calling for a "pause" on new strip clubs.

The Opposition's highest-ranking female politician has flagged concern over women's safety and the role of strip clubs in shaping young men's attitudes towards women.

Australia's peak body for sex workers has accused Ley of adding to the "stigma" and "discrimination" experienced by strip club performers.

Background
Sussan Ley is the Deputy Opposition leader and the Shadow Minister for Women. Ley has objected to a proposed club called 'Emberz' in the town of Albury, NSW, in her electorate.

Emberz's operator says it plans to run "an adult entertainment venue" featuring "striptease or exotic dance".

Strip clubs need local council approval before they can open. A local petition opposing the council's pending approval of the club has more than 800 signatures.

New clubs
Ley said she wants to stop new strip clubs opening up across Australia, over concerns they "degrade women" and put them at risk. However, she is not calling for existing strip clubs to close.

Ley added: "This is not about judging the choices of women — I respect the right of women to engage in this work, but it must be on their own terms, and they must be in full control of their circumstances and decisions."

Young men
Ley said there needs to be a "national conversation" around the impact of strip clubs on male attitudes.

"As a society, we should ask ourselves why going to a strip club is considered part of the coming of age for young men, because I think we can all aim much higher than that," she said.

Response
Australia's peak body for sex workers, the Scarlet Alliance, said: "It is unfortunate to see once again people trying to blame the sex industry for society's attitudes towards women based on assumption and stigma."

"This singling out of strip clubs and the sex industry promotes stigma and discrimination against sex workers, and blames us for the attitudes and behaviour of men," the Alliance said.

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Over 800 large companies paid no corporate tax in Australia in the 2021-22 financial year, according to new data from the Australian Tax Office (ATO).

Total corporate tax paid was 22.2% higher than the previous year, reflecting higher business profits. Despite this, about a third of all companies paid no tax.

There are many legal reasons why this might be the case, and the ATO routinely checks companies are paying appropriately. There is no suggestion that any company acted illegally. But how is it legal that companies can pay no tax?

About company tax
Companies are taxed on their profits (total earnings minus expenses).

If a company operates at a loss in a financial year, they don't have to pay any tax. This is quite common, and not just for failing companies: for example, companies spending money to expand will often record losses.

Australia also lets companies "carry forward" losses into future years. That means a big loss in one year could be spread out to reduce tax to zero over several years.

Just like people, companies can also claim a range of 'deductions' which reduce their tax bill. For example, tax breaks are available for companies investing in research and development.

In the last few years, as a support measure during COVID, the Government also allowed businesses to "carry back" losses. That meant businesses with large losses during COVID could effectively get a refund on the tax paid in previous years.

Without any additional information, we don't know the specific circumstances of the companies paying no tax each year. The ATO monitors for illegal underpaying, but these figures don't include the results of that monitoring.

The mining industry accounted for more than half the tax paid by all companies in 2021-22 — the first time this has been the case. ATO Deputy Commissioner Rebecca Saint attributed this to higher prices for mining commodities, like iron ore.

There is significant international debate about whether corporate tax laws make it too easy for companies to (legally) structure their businesses to pay very little tax.

There is some evidence in Australia. ATO data is available back to 2013-14, and it shows a large number of companies who have paid no tax despite consistently large earnings.

A particular focus of this debate centres around multinational corporations.

Leading economic institutions like the World Bank and the International Monetary Fund have highlighted that many large companies take advantage of different countries' rules to avoid paying taxes. For example, structuring their accounts so that sales made in a high-tax country are recorded as profits in a low-tax country.

There are international efforts to crack down on this issue.

How do other countries tax companies?
Like Australia, countries tax profits rather than earnings. Most comparable countries to Australia also allow losses to be carried forward into future years, although some have time limits in place.

The International Monetary Fund recommends a 'minimum tax' on earnings, where companies must pay a small amount of tax on total earnings even if they make no profit.

How about tax rates?
Australia's corporate tax rate is 30% (30c for every dollar). This rate is one of the highest in the world.

A handful of areas including the Cayman Islands, the Bahamas, and the United Arab Emirates, have 0% corporate tax rates.

Some other examples: Brazil 34%, Japan 30.6%, New Zealand 28%, China 25%, U.S. 21%, UK 19%, Singapore 17% and Ireland 12.5%.

Get all the news you need to know today in your ears on The Daily Aus podcast!

The Kenyan Government has announced a public holiday dedicated to planting 100 million seedlings, as part of a goal to plant 15 billion trees by 2032.

It’s hoping to increase the amount of rainforest coverage in the country and fight climate change, with every person in Kenya encouraged to plant at least two seedlings.

Times are tough, and managing money can be overwhelming, but we promise: you're not alone.

Recent data from ASIC's Moneysmart shows that 1 in 4 Gen Z’s have less than $1,000 in savings, and have an average personal debt of $8,188.

The good news is that there are a bunch of tools out there to help you manage your money - like Moneysmart. Moneysmart - a free government initiative - offers tools and tips to help you navigate your finances, build strong money habits, and make informed choices.

With resources like budget templates and income-boosting advice, Moneysmart is here to support you in taking control of your financial future.

Visit moneysmart.gov.au to access free tools and tips to help you manage your money today.

The ARIAs are tonight!

The Australian Recording Industry Association (ARIA) is holding its 37th annual awards with nominees including Troye Sivan, Jessica Mauboy, The Kid LAROI, Kylie Minogue, Genesis Owusu, G Flip, The Wiggles, Budjerah, Amy Shark and ONEFOUR.

Troye Sivan, who is up for 6 awards, will be also presenting an award, as will… Dolly Parton?

Awards will be presented for a number of different categories, including Album of the Year, Best Solo Artist and Best Video.

Stan will stream the awards from 5pm AEDT for the first time ever.

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Riddle answer: 12

What a coincidence! That’s exactly who The Daily Aus reaches. Get in touch with us to see how we can work together.