Some millionaires pay no tax. Here's how to do it

  1. The article says they earned an average of $3.5 million and gave an average of $1.9 million to charities and political parties. Many of these “charities” are shams, existing only for the tax free status (some of the ones set up by famous sports stars have some very interesting accounting). And if you’re donating more than half your income to a political party, you’re obviously getting some pretty big favours in return.

  2. It's fucked. Thee cunts make the most. Pay the least tax. Their kids private school gets more funding than the local public school for a polo field and fucking hydrotherapy pool. Public school has mouldy carpet, paint peeling, windows painted shut etc.

  3. The most hilarious part is when you call this shit out the people who get most feral and defend these types are usually the most povo "temporarily embarrassed millionaire"

  4. They should pay their taxes and then parts of their taxes can be given to multiple political parties as determined by the AEC.

  5. I had no idea political donations were tax free. Like charities makes sense, you don't get anything in return, but as you say, these volumes are much more sus that they're not a form of a bribe.

  6. Had some half uncle who was very well off, went to visit one time, and he was saying that he has a cattle farm with other rich folk and pay some guy to look after it. They had just enough cattle to be called a primary producer - all for the tax right off. The whole things a sham

  7. Yep not just tax being a primary producer you can get all sorts of discounts all the way to cheaper car rego.

  8. I still don't get it though. So if the majority of their deductions are donations, why does it make sense to donate it all away? It doesn't makes sense to spend money just to save on tax. Let's say their taxable income is $10milion for simplicity. Their options are either:

  9. Because they get benefit from these donations. They're lobbying or have their own foundations and give to their own charities.

  10. The article is only talking about a single year of tax returns. It will mainly be people who have made a large once off donation, not people giving away all of their income every year and leaving themselves with nothing.

  11. People using all these lurks to game the system, like "donating", just pay the fucking tax. All this does is prove you don't like your fellow Aussies or you're anti government. It makes you a leech, a worm, a snake. And you're probably sending your kids to highly subsidised private school education. It's little wonder that "the people " eventually tire of you greedy self serving pricks.

  12. I spoke to an exceptionally rich dude and he rationalised tax as a percentage of money he is happy to give to the government in exchange for freedom. It’s wild how these people think. 40% tax? 40% of my freedom.

  13. all should be taxed at gross just like workers/cleaners/nurses/teachers etc. no one can then game the system using deductions.

  14. To be fair, the government sloshes a great deal of it around wastefully. Why do you think they do a better job than charities helping homeless, or funding medical research, etc.? Government fails at the basics. Shit roads, that are half private anyway. Shit public transport. Shit health system. Why give them more money….

  15. The journalist who wrote this article, Daniel Ziffer, is supposedly a business reporter, but seems to have very little understanding of Commerce or accounting. Perhaps because he is a journalist, rather than an accountant.

  16. Great post. Main theme I think was missing was not explaining on how they made their millions. Is it Gina, Twiggy or some boomer how just sold all his investment properties and had been maximising his super balance for retirement.

  17. What she is missing out on are retirees with a $million portfolio of fully franked shares. They pay no tax AND get a refund of franking credits. I think there are around 40,000 people doing this. This was a topic in the 2019 election.

  18. I assume it's because the little guy can't get a return on political donations but they can totally offshore assets.

  19. How does that work when the Bezoses and and Musks of this world probably don't have any income. Their wealth is tied up in stock, which you don't pay tax on until you liquidate it. And there's no need to liquidate when you can instead get a loan backed by that stock. The loan is also tax free, right? You'll pay interest on the loan, but if remember correctly you get tax relief on that interest!

  20. It's sickening how much they get away with. Then drive around on weekends in quarter million bling cars showing off while everyone around them is taxed by nearly 1/3

  21. We all say they should pay more tax, but don’t bet you wouldn’t find a loophole if you were earning that much either.

  22. We need a total rehaul of our taxation system after a decade of liberal governance. The wealthy are not paying nearly enough.

  23. The owner of my work is not quite in this category but pretty close - he takes about $700k a year. I work with their personal tax accountant and I can’t say I understand it all but it’s a mix of div7a loans, debt forgiveness, franking and recycling the debt that’s left over to remain on their companies books forever. Makes me pretty frustrated that he takes triple what I do and his tax is probably a 5th of mine but it’s interesting enough to see his account work his magic

  24. the majority of replies seem to be bitching about the rich not "paying their way", but the reality is a bit different... "In 2018-19 there were 15,385 people who had a total income of over $1m – just a bit over 0.1% of the 14.68m people who earned an income that year, and up from 14,909 the year before. Of those millionaires, 15,303 paid an average of 44% tax on their $35.08bn total taxable income; the other 55 paid nothing. Forty-five of those millionaires were able to reduce their taxable income down to below the tax-free threshold of $18,200, with the other 10 able to reduce their taxable income low enough that, when combined with other measures, they paid no net tax at all." (stolen from the Guardian)

  25. We live in a fucking society. They enjoy the benefits of living in that society but balk at paying their fair share of tax. So essentially those earning the least are subsidising them. Arseholes.

  26. Honestly? No. When taxes are actually applied to the right things I'd rather pay tax and get a better health system, a better social safety net, better infrastructure, and hopefully some move to alleviate the impact of climate change.

  27. My local council is a multi millionare - it takes my money under threat of "fines" and ultimately will sell my house from under me if I dont cough up - and what do they give me in return - sweet fuck all !

  28. Unlike other millionaires, your council builds the road to your house and takes away your garbage.

  29. We in our arm chairs complaining but the rich are running this place. Nothings gonna change. Bigger changes to the gov need to happen to stop this nepotism.

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