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Originally Posted by slimshaydee
Once the rich start earning over 60k alot of them piss off overseas to avoid the ludacrisly high tax rates. Btw the rich use alot of income splitting and create bookeeping to lower their tax rates.
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For starters, 60K isn't really that much money. I'm on around 60K myself and I'm only working at a factory until I finish uni. I have been, however, working as an accountant for the previous 2 years in Wagga and was privvy to alot of information on the 'rich'.
Firstly, we can forget about the old notion that the rich use 'creative accounting'. The ATO has an absolute stranglehold on everyone these days, and I mean EVERYONE. They know exactly what you should be claiming and every cent that you earn, and there's nothing anyone can do about it. There's an act in the Tax Legislation that outlaws all forms of 'aggresive tax planning', which means if you manipulate your affairs in any way whatsoever to lower the amount of tax you pay, you're theirs. These people pay extremely high taxes, believe me. Even if they live overseas every cent they make from affairs on continental Australia is taxed.
I don't mean to sound condesending in any way, it's just that their has always been a misconception that the rich are getting away with murder, when in fact, they are serious contributers to this country's economy.