Tax stats. Meet the 56 millionaires who pay next to nothing   

Date
    March 21, 2016
    The Age

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.


All but two of the 56 high earners paid no income tax at all. 

Combined, the 56 earned $128.6 million, around $2.3 million each.


The claims for the cost of managing tax affairs are so big in relation to their reported incomes as to raise suspicions that at least some had access to extra income they did not report.   

Each of the 56 managed to drive their taxable incomes down below the $18,200 tax-free threshold. Fifty-one managed to drive their taxable incomes down below $6000. Forty-three reported taxable incomes of zero. Eight reported combined losses of $19.3 million.

Fifteen claimed a combined $21 million for gifts or donations to charities and political parties, equating to $1.4 million each. Three claimed deductions for uniforms or clothing, amounting to $150 each. Seven claimed deductions for interest payments, amounting to a combined $4 million.

Nine had been unsuccessful farmers, carrying forward previous losses of $6 million. Four had been unsuccessful in other businesses, bringing forward previous losses of $18.1 million. Seventeen had sold assets at a loss, carrying forward capital losses of $28.2 million. Five negatively geared, losing between them $240,000 in rent.

All but two paid no income tax at all. One paid $3603, the other was asked to pay just $4.   

Millionaires weren't the only high-income Australians who managed to bring their taxable incomes down below the tax-free threshold. Another 117 high earners taking home between $500,000 and $1 million managed to drive their taxable incomes below the $18,200 tax-free threshold, paying no tax. They paid a combined $15 million to manage their tax affairs.

Another 2305 Australians earning between $100,000 and $500,000 succeeded in bringing their taxable incomes below the tax-free threshold in order to pay no tax. Between them they made $420 million. After deductions they lost a combined $38.2 million. They spent $47.9 million managing their tax affairs and lost $16.2 million negatively gearing.

The figures show 1.26 million Australians negatively geared during 2013–14, around 1 in every 10 taxpayers. A further 707,000 rented properties for profit. The negative gearers lost $12 billion between them, roughly double the $6.7 billion made by landlords who rented for profit.

The average wage or salary income in 2013-14 was $56,690. The highest taxable incomes, averaging $200,015, were found in the Sydney postcode of 2027, which takes in Darling Point, Edgecliff, Rushcutters Bay and Point Piper in the Prime Minister's electorate of Wentworth. The second-highest average taxable incomes of $167,407 were in the Melbourne postcode of 3142, which takes in Hawksburn and Toorak.

If you give enough to registered charities you wont pay either

aquascoot wrote on Mar 22^nd, 2016 at 6:42am:



Except that it's the rich becoming the parasites.

aquascoot wrote on Mar 22^nd, 2016 at 6:53am:



Obsessive compulsive disorder -

the richer they get the more greedy they are.

What a bunch of absolute legends.

Stick it up the whinging Ochlocrats mates....

macman wrote on Mar 22^nd, 2016 at 7:30am:


Horses will teach you much about business, relationships and mindfulness.
you cannot ride safely without mastering your emotions.
show fearfulness and bad things happen.

you cannot develop a good relationship with family friends or staff without having very good boundaries, very good assertiveness and absolute consistency.

it is almost impossible for someone on the dole, on grog or drugs , on the internet or social media , to progress in life. It just isnt going to happen.

People think that success is just something that happens to some people.
they think success in the workforce or success in a relationship is a matter of luck and that there isnt much they can do about it.

When the americans decided to try to 'successfully" go to the moon, did they just leave it to luck?
Did they just try to cobble something together?

They put enormous effort into studying working maths science , trying and failing and being very persistent.


This is how success is built....it is a conscious decision.

these rich guys not paying tax, have been "partially successful"

What often happens though is that successes can lead to loss of drive and then to ultimate failure.

In fact several books have been written on how success will lead to failure for most people.
one need only look at the way many rock stars lose their mojo once they become successful.

So my message to these rich guys would be to get back on track , maybe start a philanthropic pursuit and rekindle the fire that got them the success in the first place.  Dont just be focused on the $$. Your're better then that

Meet The Millionaires Paying No Tax



well WHO ARE THEY CROOK?>...



I want to meet them.....

if these are business people shouldnt we know so we can avoid making them any richer....and making it harder for them to avoid paying tax?..

aquascoot wrote on Mar 22^nd, 2016 at 8:13am:



shut up about horses.  concentrate on people and you might actually get a relationship with one