Data recently released by the Australian Tax Office (ATO) reiteratedthe sad fact that Australia’s highest earners often pay little or no tax.
Forty-five millionaires paid absolutely no tax in the 2018-19 financial year because they reduced their astronomical gross incomes to "taxable incomes" below the tax-free threshold by applying various legal deductions.
Guardian Australia’sGreg Jericho argued the data vindicates federal Labor’s 2019 election platform, which would have limited deductions for negative gearing and tax management. However, there has been little critical examination of the biggest deduction wealthy individuals are claiming: donations to charities.
How many billionaires paid not one red cent in tax in 2018-19? Read on to find out...