ATO data reveals that 60 millionaires paid no tax in 2019-20; everyday Aussies still are the biggest source of tax revenue

The Australian Taxation Office (ATO) recently released the latest taxation statistics, and people on Reddit were not happy.

The data summarised by ABC was posted on the social news website, with many users sharing their thoughts on the ATO’s survey.


The statistics were based on the tax returns of 15 million Aussies for the financial year 2019-20. The survey–that was analysed by the Australia Institute–revealed that 60 individuals with an income of more than $1 million did not pay any income tax. They earned $3.5 million on average.

These high earners were able to cut their taxes by claiming deductions for tax management and litigation costs, donations, interest, and dividends. The Age previously detailed how millionaires can do away with taxes.

The average claim for each millionaire is $250,000 - not a measly sum. The deductions totalled $165.3 million for all 60 individuals.

Interviewed by ABC, senior economist Matt Grudnoff from the Australia Institute said: ‘Our taxation system is full of complexity, and the latest tax statistics show that some people on very large incomes can pay very smart people very large sums of money to take advantage of that complexity to reduce the amount of tax they have to pay.’

He also emphasised the need for something similar to a Buffett rule in the country. With one in place, there would be a minimum tax rate for people earning over $1 million. This would also prevent millionaires and billionaires from claiming deductions to avoid tax and paying less than the middle and working class.

The Buffett rule was named after Warren Buffet, who infamously said he was paying lower taxes than his secretary. This is common, unfortunately, even in Australia.


Greens Treasury spokesperson Senator Nick McKim added to the conversation: ‘The fact that 60 people who earned over $1 million managed to pay not a cent in tax clearly demonstrates that Labor should abandon the upcoming Stage 3 tax cuts. Labor should be making high-income earners pay their fair share rather than giving them another tax cut.’

One tax-paying Redditor commented: ‘Taxes are the price you pay to live in a civil society. I’m older, and now find myself in the top tax bracket, and you know what? I don’t mind paying the tax because that’s how it has to be. These cheating f****** deserve to be up against the wall.’

Another Aussie agreed: ‘I'm with you. I'm earning and happily willing to pay my share of taxation. Yes, I don't like that I have to pay this much tax, but given the events of the last two years and what I recognise and know that taxation goes to helping those who, with no fault of their own, lose their jobs and need a safety net, this stuff I'm happy to fork out for.

‘What I don't like is my taxation has components within it going towards the subsidising of companies that loophole themselves up the f****** w***** to pay no tax when they're making billions ripping stuff out of the ground that rightfully should be shared by all Australians because it's part of our land.’

Data from ATO also showed that everyday Aussies are the biggest source of tax revenue at 53%. Aussies paid an average of $11,330 in income tax.

mining-excavator-gd5c4b6ee3_640.jpg
Mining is an important industry in Australia, a significant exporter of lithium, gold, and iron ore. Credit: xusenru

Meanwhile, companies only contributed 21% of the tax revenue. Of the mining companies operating in Australia, only 32% paid income taxes.

‘With the mining industry largely foreign-owned and employing relatively small numbers of workers, tax is one of the few benefits the industry could provide to the rest of Australia,’ Mr Grudnoff said, ‘But the taxation statistics show that many mining companies continue to pay no tax. It is high time the government targets this industry for tax reform to ensure it started to pay its fair share of tax.’


One Reddit user asked: ‘So if the mines aren't paying tax, but the politicians are pushing their importance, what are they/we getting in return?’

Others replied with ‘overpriced energy’, ‘political donations’, and ‘climate destruction’, all unfavourable to the ordinary Aussie.

Someone chimed in: ‘Australia gets to be a “rich nation” when, in fact, it is making others rich, not the people who live in it and who apparently “own” these resources.‘

‘It's like we just let them steal our non-renewable resources,’ another Redditor said.

The super-rich are not oblivious to how they can work their way around tax systems. In fact, select global millionaires and billionaires have called on governments to tax them, a response that would have been appropriate during the pandemic, they said.


Through an open letter, a group consisting of 102 millionaires and billionaires (including Abigail Disney of the Disney fortune) said: ‘As millionaires, we know that the current tax system is unfair. Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic - yet few if any of us can honestly say that we pay our fair share in taxes.’

They also said that governments could restore the people’s trust by taxing the rich. The letter emphasised the importance of a fair tax system in a strong democracy.

What do you think, members? Were you taxed heavily in the past year? Is Australia in need of extensive tax reform? Let us know in the comments below.
 
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I think it's a must for every worker to pay tax.
I never minded paying tax , we did see something we have never seen before ... a pandemic and alot of people needed help . Without the taxes we paid this would never have been possible.

What I don't like is how these millionaires get away without paying tax and also the large pay rises of Politicians

Maybe if they paid their taxes our hospitals would be in a better condition
 
The Australian Taxation Office (ATO) recently released the latest taxation statistics, and people on Reddit were not happy.

The data summarised by ABC was posted on the social news website, with many users sharing their thoughts on the ATO’s survey.


The statistics were based on the tax returns of 15 million Aussies for the financial year 2019-20. The survey–that was analysed by the Australia Institute–revealed that 60 individuals with an income of more than $1 million did not pay any income tax. They earned $3.5 million on average.

These high earners were able to cut their taxes by claiming deductions for tax management and litigation costs, donations, interest, and dividends. The Age previously detailed how millionaires can do away with taxes.

The average claim for each millionaire is $250,000 - not a measly sum. The deductions totalled $165.3 million for all 60 individuals.

Interviewed by ABC, senior economist Matt Grudnoff from the Australia Institute said: ‘Our taxation system is full of complexity, and the latest tax statistics show that some people on very large incomes can pay very smart people very large sums of money to take advantage of that complexity to reduce the amount of tax they have to pay.’

He also emphasised the need for something similar to a Buffett rule in the country. With one in place, there would be a minimum tax rate for people earning over $1 million. This would also prevent millionaires and billionaires from claiming deductions to avoid tax and paying less than the middle and working class.

The Buffett rule was named after Warren Buffet, who infamously said he was paying lower taxes than his secretary. This is common, unfortunately, even in Australia.


Greens Treasury spokesperson Senator Nick McKim added to the conversation: ‘The fact that 60 people who earned over $1 million managed to pay not a cent in tax clearly demonstrates that Labor should abandon the upcoming Stage 3 tax cuts. Labor should be making high-income earners pay their fair share rather than giving them another tax cut.’

One tax-paying Redditor commented: ‘Taxes are the price you pay to live in a civil society. I’m older, and now find myself in the top tax bracket, and you know what? I don’t mind paying the tax because that’s how it has to be. These cheating f****** deserve to be up against the wall.’

Another Aussie agreed: ‘I'm with you. I'm earning and happily willing to pay my share of taxation. Yes, I don't like that I have to pay this much tax, but given the events of the last two years and what I recognise and know that taxation goes to helping those who, with no fault of their own, lose their jobs and need a safety net, this stuff I'm happy to fork out for.

‘What I don't like is my taxation has components within it going towards the subsidising of companies that loophole themselves up the f****** w***** to pay no tax when they're making billions ripping stuff out of the ground that rightfully should be shared by all Australians because it's part of our land.’

Data from ATO also showed that everyday Aussies are the biggest source of tax revenue at 53%. Aussies paid an average of $11,330 in income tax.

View attachment 5203
Mining is an important industry in Australia, a significant exporter of lithium, gold, and iron ore. Credit: xusenru

Meanwhile, companies only contributed 21% of the tax revenue. Of the mining companies operating in Australia, only 32% paid income taxes.

‘With the mining industry largely foreign-owned and employing relatively small numbers of workers, tax is one of the few benefits the industry could provide to the rest of Australia,’ Mr Grudnoff said, ‘But the taxation statistics show that many mining companies continue to pay no tax. It is high time the government targets this industry for tax reform to ensure it started to pay its fair share of tax.’


One Reddit user asked: ‘So if the mines aren't paying tax, but the politicians are pushing their importance, what are they/we getting in return?’

Others replied with ‘overpriced energy’, ‘political donations’, and ‘climate destruction’, all unfavourable to the ordinary Aussie.

Someone chimed in: ‘Australia gets to be a “rich nation” when, in fact, it is making others rich, not the people who live in it and who apparently “own” these resources.‘

‘It's like we just let them steal our non-renewable resources,’ another Redditor said.

The super-rich are not oblivious to how they can work their way around tax systems. In fact, select global millionaires and billionaires have called on governments to tax them, a response that would have been appropriate during the pandemic, they said.


Through an open letter, a group consisting of 102 millionaires and billionaires (including Abigail Disney of the Disney fortune) said: ‘As millionaires, we know that the current tax system is unfair. Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic - yet few if any of us can honestly say that we pay our fair share in taxes.’

They also said that governments could restore the people’s trust by taxing the rich. The letter emphasised the importance of a fair tax system in a strong democracy.

What do you think, members? Were you taxed heavily in the past year? Is Australia in need of extensive tax reform? Let us know in the comments below.
Lets go back to the beginning. Then, everyone paid a tithe or one tenth of all income. Remove all deductions, donations and straight tax us all at 10%. Then we would be a rich nation. All companies should pay a straight 20% on all their income, with, no deductions.
 
Lets go back to the beginning. Then, everyone paid a tithe or one tenth of all income. Remove all deductions, donations and straight tax us all at 10%. Then we would be a rich nation. All companies should pay a straight 20% on all their income, with, no deductions.
Maybe we need something like your suggestion so it's fair across the board
 
Donations are usually given from the heart, but no billionaire company is doing that!!! It's to pay less tax.
So, tax donations!
No-one forces you to be a businessman, I was one by choice and paid my way through the tax line, legally.
Uniforms are not necessary to make money, its a tax cut. I never made uniforms compulsory.
Everyone pays public transport costs, so, why get travel expenses tax free? My customers paid for that in my costs.
It can be done., if the ATO know about these rorts, then cant they abolish them ?
 
I'm glad we are not in England, where the tax (VAT or GST) is 20% on all goods and services.
Working out my tax this year, it comes very close to the 10% tithe, and I am on a government pension, an allocated pension and Centrelink! Money earned in Australia should be kept and spent in Australia.
Think of all the Aussies who LIVE overseas (in France, Spain and Italy for example), who spend their retirement money in those countries, helping their economy with money earned in Australia!
Who knows what a fair tax is?
 
What I don't understand is why these million/billionaires pay tax companies hundreds of thousands of dollars to ensure they don't pay a roughly equal or lesser amount to the tax office. Am I missing something here?:confused: I am firmly of the opinion that foreign entities should not be allowed to own Australian companies and resources, they could lease them though. Then what they don't pay in income tax could be recouped by lease payments, calculated as a percentage of gross income and at the end of the lease we would still own our own country.:)
 
What I don't understand is why these million/billionaires pay tax companies hundreds of thousands of dollars to ensure they don't pay a roughly equal or lesser amount to the tax office. Am I missing something here?:confused: I am firmly of the opinion that foreign entities should not be allowed to own Australian companies and resources, they could lease them though. Then what they don't pay in income tax could be recouped by lease payments and at the end of the lease we would still own our own country.:)
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The Australian Taxation Office (ATO) recently released the latest taxation statistics, and people on Reddit were not happy.

The data summarised by ABC was posted on the social news website, with many users sharing their thoughts on the ATO’s survey.


The statistics were based on the tax returns of 15 million Aussies for the financial year 2019-20. The survey–that was analysed by the Australia Institute–revealed that 60 individuals with an income of more than $1 million did not pay any income tax. They earned $3.5 million on average.

These high earners were able to cut their taxes by claiming deductions for tax management and litigation costs, donations, interest, and dividends. The Age previously detailed how millionaires can do away with taxes.

The average claim for each millionaire is $250,000 - not a measly sum. The deductions totalled $165.3 million for all 60 individuals.

Interviewed by ABC, senior economist Matt Grudnoff from the Australia Institute said: ‘Our taxation system is full of complexity, and the latest tax statistics show that some people on very large incomes can pay very smart people very large sums of money to take advantage of that complexity to reduce the amount of tax they have to pay.’

He also emphasised the need for something similar to a Buffett rule in the country. With one in place, there would be a minimum tax rate for people earning over $1 million. This would also prevent millionaires and billionaires from claiming deductions to avoid tax and paying less than the middle and working class.

The Buffett rule was named after Warren Buffet, who infamously said he was paying lower taxes than his secretary. This is common, unfortunately, even in Australia.


Greens Treasury spokesperson Senator Nick McKim added to the conversation: ‘The fact that 60 people who earned over $1 million managed to pay not a cent in tax clearly demonstrates that Labor should abandon the upcoming Stage 3 tax cuts. Labor should be making high-income earners pay their fair share rather than giving them another tax cut.’

One tax-paying Redditor commented: ‘Taxes are the price you pay to live in a civil society. I’m older, and now find myself in the top tax bracket, and you know what? I don’t mind paying the tax because that’s how it has to be. These cheating f****** deserve to be up against the wall.’

Another Aussie agreed: ‘I'm with you. I'm earning and happily willing to pay my share of taxation. Yes, I don't like that I have to pay this much tax, but given the events of the last two years and what I recognise and know that taxation goes to helping those who, with no fault of their own, lose their jobs and need a safety net, this stuff I'm happy to fork out for.

‘What I don't like is my taxation has components within it going towards the subsidising of companies that loophole themselves up the f****** w***** to pay no tax when they're making billions ripping stuff out of the ground that rightfully should be shared by all Australians because it's part of our land.’

Data from ATO also showed that everyday Aussies are the biggest source of tax revenue at 53%. Aussies paid an average of $11,330 in income tax.

View attachment 5203
Mining is an important industry in Australia, a significant exporter of lithium, gold, and iron ore. Credit: xusenru

Meanwhile, companies only contributed 21% of the tax revenue. Of the mining companies operating in Australia, only 32% paid income taxes.

‘With the mining industry largely foreign-owned and employing relatively small numbers of workers, tax is one of the few benefits the industry could provide to the rest of Australia,’ Mr Grudnoff said, ‘But the taxation statistics show that many mining companies continue to pay no tax. It is high time the government targets this industry for tax reform to ensure it started to pay its fair share of tax.’


One Reddit user asked: ‘So if the mines aren't paying tax, but the politicians are pushing their importance, what are they/we getting in return?’

Others replied with ‘overpriced energy’, ‘political donations’, and ‘climate destruction’, all unfavourable to the ordinary Aussie.

Someone chimed in: ‘Australia gets to be a “rich nation” when, in fact, it is making others rich, not the people who live in it and who apparently “own” these resources.‘

‘It's like we just let them steal our non-renewable resources,’ another Redditor said.

The super-rich are not oblivious to how they can work their way around tax systems. In fact, select global millionaires and billionaires have called on governments to tax them, a response that would have been appropriate during the pandemic, they said.


Through an open letter, a group consisting of 102 millionaires and billionaires (including Abigail Disney of the Disney fortune) said: ‘As millionaires, we know that the current tax system is unfair. Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic - yet few if any of us can honestly say that we pay our fair share in taxes.’

They also said that governments could restore the people’s trust by taxing the rich. The letter emphasised the importance of a fair tax system in a strong democracy.

What do you think, members? Were you taxed heavily in the past year? Is Australia in need of extensive tax reform? Let us know in the comments below.
And there a plenty of Australian and multinational companies that pay no taxes and send billions to tax haven nations a few years ago there where over 700 companies
 
The Australian Taxation Office (ATO) recently released the latest taxation statistics, and people on Reddit were not happy.

The data summarised by ABC was posted on the social news website, with many users sharing their thoughts on the ATO’s survey.


The statistics were based on the tax returns of 15 million Aussies for the financial year 2019-20. The survey–that was analysed by the Australia Institute–revealed that 60 individuals with an income of more than $1 million did not pay any income tax. They earned $3.5 million on average.

These high earners were able to cut their taxes by claiming deductions for tax management and litigation costs, donations, interest, and dividends. The Age previously detailed how millionaires can do away with taxes.

The average claim for each millionaire is $250,000 - not a measly sum. The deductions totalled $165.3 million for all 60 individuals.

Interviewed by ABC, senior economist Matt Grudnoff from the Australia Institute said: ‘Our taxation system is full of complexity, and the latest tax statistics show that some people on very large incomes can pay very smart people very large sums of money to take advantage of that complexity to reduce the amount of tax they have to pay.’

He also emphasised the need for something similar to a Buffett rule in the country. With one in place, there would be a minimum tax rate for people earning over $1 million. This would also prevent millionaires and billionaires from claiming deductions to avoid tax and paying less than the middle and working class.

The Buffett rule was named after Warren Buffet, who infamously said he was paying lower taxes than his secretary. This is common, unfortunately, even in Australia.


Greens Treasury spokesperson Senator Nick McKim added to the conversation: ‘The fact that 60 people who earned over $1 million managed to pay not a cent in tax clearly demonstrates that Labor should abandon the upcoming Stage 3 tax cuts. Labor should be making high-income earners pay their fair share rather than giving them another tax cut.’

One tax-paying Redditor commented: ‘Taxes are the price you pay to live in a civil society. I’m older, and now find myself in the top tax bracket, and you know what? I don’t mind paying the tax because that’s how it has to be. These cheating f****** deserve to be up against the wall.’

Another Aussie agreed: ‘I'm with you. I'm earning and happily willing to pay my share of taxation. Yes, I don't like that I have to pay this much tax, but given the events of the last two years and what I recognise and know that taxation goes to helping those who, with no fault of their own, lose their jobs and need a safety net, this stuff I'm happy to fork out for.

‘What I don't like is my taxation has components within it going towards the subsidising of companies that loophole themselves up the f****** w***** to pay no tax when they're making billions ripping stuff out of the ground that rightfully should be shared by all Australians because it's part of our land.’

Data from ATO also showed that everyday Aussies are the biggest source of tax revenue at 53%. Aussies paid an average of $11,330 in income tax.

View attachment 5203
Mining is an important industry in Australia, a significant exporter of lithium, gold, and iron ore. Credit: xusenru

Meanwhile, companies only contributed 21% of the tax revenue. Of the mining companies operating in Australia, only 32% paid income taxes.

‘With the mining industry largely foreign-owned and employing relatively small numbers of workers, tax is one of the few benefits the industry could provide to the rest of Australia,’ Mr Grudnoff said, ‘But the taxation statistics show that many mining companies continue to pay no tax. It is high time the government targets this industry for tax reform to ensure it started to pay its fair share of tax.’


One Reddit user asked: ‘So if the mines aren't paying tax, but the politicians are pushing their importance, what are they/we getting in return?’

Others replied with ‘overpriced energy’, ‘political donations’, and ‘climate destruction’, all unfavourable to the ordinary Aussie.

Someone chimed in: ‘Australia gets to be a “rich nation” when, in fact, it is making others rich, not the people who live in it and who apparently “own” these resources.‘

‘It's like we just let them steal our non-renewable resources,’ another Redditor said.

The super-rich are not oblivious to how they can work their way around tax systems. In fact, select global millionaires and billionaires have called on governments to tax them, a response that would have been appropriate during the pandemic, they said.


Through an open letter, a group consisting of 102 millionaires and billionaires (including Abigail Disney of the Disney fortune) said: ‘As millionaires, we know that the current tax system is unfair. Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic - yet few if any of us can honestly say that we pay our fair share in taxes.’

They also said that governments could restore the people’s trust by taxing the rich. The letter emphasised the importance of a fair tax system in a strong democracy.

What do you think, members? Were you taxed heavily in the past year? Is Australia in need of extensive tax reform? Let us know in the comments below.
As long as there are Political Donations & Politicians who have vested interests in Companies that derive profits those decisions & policies, taxes will not be in their mutual interests.
 
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What do you expect the government set the taxes , in the long run I am sure if the tax office set them they would not be anything like they are . Besides the mega rich our politicians are not doing it hard either . prime ministers. salary tops the G 7 plus all expenses paid and their wages and and subsidies set by their mates . What was the last meal allowance while in Canberra 280 odd dollars people live on that and pay for electric and gas they might live a Dicken-sense existence but at least the do not steal from the populace as that is the real nature of tax avoidance
 
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