for the record Joe, I’m pretty sure JK’s salary in the years in question was only about $250k per annum, so you can put 75% on that if you want to, it doesn’t add up to the much (no mental gymnastics needed there). The whole 75% threshold is random and decided by the ATO. I think there is every chance a logical judge, even deciding in the ATO’s favour, will think a doubling of the guys tax bill on penalties is excessive (as would most independent people). I’m pretty sure he’ll be able to get that down.....
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