Twiggy earned $2 billion last year in dividends alone and paid 15% tax (IMO) after the 30% franking credits or $300 million If a PAYE person earned $ Billion in a year they would pay $900 million tax; 3 times that.
Since 2018 Twiggy's share of FMG increased fourfold (about $16 billion) on which he paid no capital gains tax because he did not sell the shares.
All IMO only and based on current ATO tax rules. IMO this is why there needs to be a review of the ATO tax code to introduce equity & fairness right acrid the board irrespective of how an individual earns her/his income.
Its interesting that Labor's proposed abolition of Franking Credits only applied to non tax payers & not to billionaires such as Twiggy, Reinhart , Palmer etc!
All IMO only and my interpretation of the current Tax Code.
