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25 Mar, 2016

Meet the 56 Australian millionaires who pay next to no income tax – Sydney Morning Herald

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 the rest: Meet the 56 millionaires who pay next to no income tax