millionaires who pay next to no income tax

Meet the 56 millionaires who pay next to no income tax

Paying tax has become optional for 56 of Australia's highest earners. Newly-released tax statistics show each of the 56 paid next to no income tax in 2013–14, not even the Medicare Levy, even though each earned more than $1 million.

But escaping tax cost the millionaires dearly. The same document shows 27 of the 56 claimed a combined $46.7 million for the "cost of managing tax affairs", around $1.7 million each.

The Tax Office says "cost of managing tax affairs" includes the cost of preparing and lodging tax returns, the fees paid to recognised tax advisors, the cost of court appeals and interest charges imposed in relation to tax disputes.


Read more: http://www.smh.com.au/federal-politics/political-news/tax-stats-meet-the-56-millionaires-who-pay-next-to-nothing-20160321-gnndna.html#ixzz43aEj0FTI

 

Do you think it's all on paper only lost?

I wouldn't call them millionaires if they make minus, regardless the gross turnover

 

That alone keeps a lot of people employed-"cost of managing tax affairs",also gives society's mistaken perception on the odds of getting caught..

 

wow

 

As long as done legally, I have no issue with it.

 

That's the effect of prudent tax planning.

 

No sane person would pay more in tax than they legally have to.

As long as it's legal, I have no complaints.

 

www.investopedia.com/terms/d/double-irish-with-a-dutch-sandwich.asp
Double irish with a dutch sandwich is also legal. Anything wrong with it ?

 

Two ways to look at it:
From the individual tax payer's perspective, no nothing is wrong becaue the tax payer has lawfully reduced their tax.

From a macro economic point of view, yes there is something wrong because a tax payer is diverting funds out of the country.

 

"I'm not evading tax in any way shape or form. Of course I'm minimising my tax. If anybody in this country doesn't minimise their tax they want their head read. As a government I can tell you you're not spending it that well that we should be paying extra." - Kerry Packer

 

We celebrate this yet whinge about welfare recipients doing cash jobs.

What a sad moral indictment.

 

Bit ott Andrew! I didn't see wild celebrations

56 people is such a small number. It's very easy for high net worth individuals to accrue losses etc in any 1 year period. These people may have paid large amounts of tax in the years around this - or not!

The "cost of managing tax affairs" is a little bit freaky. I'd like to know a little more about that.

 

I do not know much about Kerry Packer.
A quick google search shows that he built his wealth predominantly from facilitating gambling by building casinos. I do not understand his relevance here ?
Please correct me if I am misinterpreting it, but are you suggesting that Australia(ns) should follow his tax philosophy or they should seek psychiatric help ?

 

There is a fine line between tax minimization and tax evasion.

 

The article explains why the High Wealth Taskforce exists.

 

Do you disagree with the comment? Regardless of who said it, do you think it's wrong?

 

This thread is about certain people who paid no tax. The said people paid no tax because they planned their affairs in such a way under the law of this country to allow them to do so. The relevance of Kerry Packer is that he was an extremely wealthy Australian (as are the people in the article whom this thread is about) who replied with that quote above when asked if he avoids paying tax by the House of Representatives Select Committee in 1991.
Now, the question remains - is there anyone in this country who does not try to minimize their tax?

 

Doesn't let me keep the time queue in the link, jump to 4min46sec

 

Im not sure if we are 'celebrating' it - however, provided it is legal, then I have no issue with the individuals doing it.
I do however have an issue with the system which allows it.

The big difference between this and welfare recipients doing 'cashes' is that the later is illegal (I am assuming the former is).

The Australian system is broken.

Blacky