Of Course I Am Minimising My Tax
As the well-known Australian billionaire media magnate Kerry Francis Packer once said in reference to the Australian government, ‘Now of course I am minimising my tax and if anybody in this country doesn’t minimise their tax they want their heads read because as a government I can tell you you’re not spending it that well that we should be donating extra.’ Just as Mr Packer suggested, we should be using legal tax planning strategies to minimise our tax. Approximately 20% of Australian taxpayers use legal tax planning strategies to minimise their tax. Approximately half of these taxpayers are implementing the strategies based on advice from their accountant or financial planner and half based on their own initiative. The most popular strategies are negative gearing residential properties (1.2 million taxpayers) and making extra deductible super contributions.
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2