Today is the last day for contributions to be paid to a complying superannuation fund or retirementsvings account (RSA) provider for quarter4, 2007-08 in respect of the compulsory super of 9% of wages. After this date the amount is still payable but a tax deduction won’t be allowed.
Paul Hogan appeared on 60 minutes tonight wanting to tell his side of the story involving him and the Tax Office.
Apparently the Tax Office wants access to his banking records in the US because they believe he may owe millions of dollars in tax.
Its all a part of Operation Wickenby, reportedly the biggest Tax Hunt in Australia’s history. Glenn Wheatley was convicted as a result of Operation Wickenby.
60 Minutes asked Michael Inglis, a tax attorney, if Paul Hogan was wise to publicly “antagonise” the Tax Office. He said “If you are in the phone booth with a gorilla, you don’t poke him in the eye.”
When he was asked if he had paid all his taxes in Austrlia, Hogan said.”Yeah totally, more than I should have.”
60 Mnutes asked hin how much it is costing to fight the Tax Office. Hogan replied, something like a million dollars in legal fees.
He quoted Kerry Packer, “Pay your tax but dont tip em as they are not doing that good a job”
The quote I remember of Kerry Packer was when he was questioned in a senate inquiry, this is what I remembered, “Anyone who pays more tax than they legally have to is a mug.” I did a quick search and the ony reference I found described what he said as follows “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.”
Here is a link to an article that talks about “In other words, in 2006 it is the super rich like Packer getting the welfare, and it’s the poor who are paying the price.”
http://www.theage.com.au/news/opinion/the-taxing-art-of-bludging/2006/01/02/1136050387120.html
Here is a link to an article that has some moere detail.
http://www.theaustralian.news.com.au/story/0,25197,23966375-601,00.html
There are many ways of minimising your tax, that is not paying in excess of what the law says, without involving the use of complex structures and hidden bank accounts in overseas tax havens. Not that I am implying this is the case here, just talking generally.
Hi,
When I started the blog I used a new webhosting service (new to me anyway) but unfortunately it was down alot which meant the blog wasnt ranking well. I have now changed webhosting and the new service also includes technical assistance, which is great, which frees up my time. Hopefully now the site will be live all the time and have regular updates.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
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