LOL you are concerned about the rich not being able to claim massively inflated tax deductions for lodgement of a tax return which is what the Labor policy intends to curtail. Any business accounting work would continue to be a deduction for that business. Its only the cost of an individuals tax return that is impacted by the policy. Surely you are aware that an individual and their business interests are treated as two seperate entities for tax purposes.
ATO data shows 69 millionaires reduced their taxable income to zero by claiming millions in deductions
Negative gearing is still a popular tax break, with 1.3 million people claiming losses totalling $12.3 billion on their rental properties
8.8 million people claiming $21.98 billion in work-related expense deductions
Annual data from the Australian Tax Office, released on Friday, shows the list of Australia's millionaires paying no income tax is growing.
The data shows in 2016-17, 60 people who declared total incomes above $1 million reported taxable incomes below $6,001, two posted taxable incomes between $6,001 and $10,000, and eight declared taxable incomes between $10,001 and $18,200, putting them all below the tax-free threshold.
Not one of them paid the Medicare levy. Sixty-nine of them reduced their tax bill to zero, each claiming millions in deductions, primarily for the "cost of managing tax affairs", but also for "gifts or donations". This was up from 62 who paid no tax the year before.
PHOTO: Australians claimed nearly $2.3 billion in deductions for managing their tax affairs. (AAP: Dan Peled)
