Analysis of the data by the Australia Institute and the ABC shows this cohort of affluent taxpayers earned on average $3.8 million each.
Overall, these 102 millionaires claimed $279 million worth of different deductions to reduce their tax bills to zero.
The vast bulk of this was $240 million in donations to tax-deductible charities, or an average of about $2.4 million each.
Using a tax agent to manage tax affairs is also an allowable tax deduction for all taxpayers, meaning some of those who earned more than $1 million but paid no tax claimed these expenses.
This group of non-taxpaying high-earners claimed deductions of $201,000 on average for managing their tax affairs.
abClink.
I distrust the Aus Inst as much as I distrust the IPA, but its a fair point to discuss the payment of taxes as a necessary burden on all Aussies and those who use tax avoidance measures to reduce their share of the burden should be audited thoroughly.
If we don't pay taxes we don't have the resources for the necessary govt services. several govts over the last 30 years have run into trouble creating structural deficits through populist methods such as tax reductions and then gone on a spending spree to make matters worse. the current mob have budgeted for deficits over the next years.
but if all people paid their rightful taxes we would be running surpluses.
I get that some say they pay too much tax. well so do those who don't earn much money pay more tax than they need to. whats more important is the manhunt of tax the poor pay is a higher percentage of their income than the wealthy people who avoid paying their taxes.
I learned back in the 80's to "Be a Happy Taxpayer" and to thank the govt for taking my money to provide the needed services. such an attitude might seem bizarre to those who try to avoid paying tax, but I reckon tax avoiders and minimisers are wrong and irrationally selfish.
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