ABCDiamond

New figures show 76 families with incomes of more than $1 million claimed Family Tax Benefit B in 2004-05.
The rich families are able to claim the tax benefit, worth more than $3,000 for people with children under five, because the income tests are based only on the secondary earner

Three families earning more than $1 million were among the recipients of FTB (A), which is assessed on the income of both parents and the number and age of their children.


A spokeswoman for Senator Patterson last night said the minister had asked her department to provide details of the millionaire families receiving FTB B.

"On the face of the information provided she did have some concerns and asked the department for more information on the profile of these families," she said.

It is understood Senator Patterson is considering changes because of concerns about the growing numbers claiming the benefit.

http://www.couriermail.news.com.au/c...55E953,00.html

Shellfish

Given the amount of income tax that they probably pay, it doesn't bother me that much if they get the money

A dogs life

I'm glad you said probably pay. If they're paying their full amount of taxes then fair play to them, they are entitled to the benefits.

Whats tax avoidance like in this country, is it as easy for the rich as it is in the UK. Just a few offshore accounts and a nod and a wink to the tax man and everyones happy?

Shellfish

No idea, I pay all my tax and I am not rich and I can't imagine anyone's going to own up to it on here . I am sure that there are dodgy people all over but I don't think all wealthy peope are tax evaders, do you?

ABCDiamond

Good point, the figure of incomes of more than $1 million would be taxable income, as that would be the base figure that the FTB department would have to work with, and therefore they would be paying tax of $455,712

I suppose a maximum of $3,000 coming back to them would seem like a drop in the ocean

A dogs life

No, just the ones that make the headlines, and make it to court and prison.

Ok, here goes, time for another one of my theories

Money begets money.

If you are average, a bank will charge you, hit you with fees for everything they can. If you are particularly down on your luck and happen to overdraw on your account they hit you even harder (kicking a man when he is down springs to mind). If you are wealthy, they bend over backwards to keep you. No charges for anything, free luggage, vouchers whatever everytime you sign up for a card or join their 'premium' service. The Banks finance and investment experts will be at your beck and call.

Same goes for tax, if like me, you are just an average Joe Bloke, you pay your tax as PAYE and get hammered for the full amount. If its a millionaire though, they have financial advisors and tax advisors telling them how to set up trust funds in the Cayman Islands to avoid as much tax as possible.

I'm not bitter or jealous. I have a funny feeling that if I were in the same position, I'd be doing much the same thing I'm obviously not a socialist

ADL

ABCDiamond

And you even get invites to dine in at their in-house restaurants, eg: Commonwealth Bank, Martin Place

MrsDagboy

This is absolutely true.

I should drop hints next time

BAY

Whats wrong with that ? , they will have a large amount of tax.

I'd rather have them claim it than some economic migrants who have paid no taxes !

Hutch

You mean like some British expats? :scared:

... /runs for cover ...

BAY

British expats aren't economic migrants ! They have to be self supporting for the first two years !!

A dogs life

As an example, imagine two people... lets say Joe Bloke and Rupert Loaded.

So Joe Bloke opens an account with $500. He gets hit for charges for everything from using an ATM to direct debits and standing orders. He may even occasionally accidentally overdraw on his account, despite the fact he earns $4000 a month.

Rupert Loaded opens an account with the same bank, but with $500,000 initial deposit ( Mummy and Daddy have given him his 21st birthday inheritance). The bank love him. He also earns $4000 a month.
He get no charges, better interest rates and better service. He never recieves any charges from the bank.

How much better off in one year is Rupert over Joe, ignoring the interest (but not the 'extra' interest Rupert gets), when dealing with the same bank?

What do you reckon? $500, $1000, $5000?

I'm really just trying to melt ABCDiamonds computer

ADL

Grayling

Wrong

They are entitled to Family benefit and rent assistance and maybe some more.

There are plenty of threads on here from people asking how they can claim them before they even get there.

Are these people different to the ones you have in mind?

G

manxfamily

If its there to claim, then claim it.

Doesn't matter how much your worth, as long as you pay your taxes and earn your money legitimately.

The Bloke

Same as usual, the (wealthy)minority stuffing it for the (battling)majority in their abuse of the system. The same thing has been reported as happening when they first brought in the First Home Owners Grant, people buying 2nd, 3rd etc homes in the names of the kids and collecting the money. If there is a loophole, smart accountants will exploit it like lawyers do.