Frank Lowy linked to tax evasion scheme

[DB008]

Billionaire Big Boy's Tax Deductible Toys


Part of that investigation had centred on Mr Lowy's $110 million super yacht, Ilona, which has 18 guest bedrooms, a gym, massage room and a helicopter. It is understood much of the investigation focused on the boat's log book or rather lack of a log book.

That yacht looks mighty fine.
Ilona = Helena in Hungarian
The Youtube Video link doesn't work either Macquack.

I am a in two minds about this whole thing. On one hand I can see that it is unfair that high networth individuals pay less tax (proportionately), when the rest of us have to pay the set rates.

However when you are earning as much as these guys, I'd be of the mind set that I'll be damned If I'm going to be paying 40% tax on my entire income, you just don't see the benefits. I can also see that most of these guys have worked their buts off to get to the level they are (with the exception of a very few). So although they aren't paying enough as a proportion of their income I'm sure that they are paying a lot more than the average person.
Z

I hear ya and I would do the same if l was in the same position. Earning so many millions per year and paying my taxes, why should I support the dole bludgers and the government wasting my money? The late Kerry Packer did the same, he only paid some $100 tax one year, and son is "most probably" doing the same, l don't blame him. l'm in all favor of the Lowys! Go beat 'em!


http://www.theaustralian.com.au/news/nation/ill-do-a-packer-on-tax-smith/story-e6frg6nf-1111116694978

http://www.abc.net.au/7.30/content/2005/s1538560.htm

http://www.smh.com.au/news/business/like-father-like-son--james-packer-weaves-that-old-tax-magic/2007/08/22/1187462357171.html

 

[Macquack]

I hear ya and I would do the same if l was in the same position. Earning so many millions per year and paying my taxes, why should I support the dole bludgers and the government wasting my money? The late Kerry Packer did the same, he only paid some $100 tax one year, and son is "most probably" doing the same, l don't blame him. l'm in all favor of the Lowys! Go beat 'em!

Using your logic, it would be OK to rob a bank if you felt they were overcharging you on fees etc?

"No man is above the law and no man is below it; nor do we ask any man's permission when we ask him to obey it. Obedience to the law is demanded as a right; not asked as a favor."
Theodore Roosevelt

 

[DB008]

Not really. But if you see it that way...
Westfield is still paying company tax at 30% which is, a huge amount.

The main point in my post is, if your handing over that much money in taxes, you'd want to know where it goes (like the business where you a generating all that money from in the first place), but the government is a "black hole".

 

[explod]

Its all peanuts. What about the US Federal Reserve, a private organisation that prints its own money, and are they printing into oblivion now.

The Lowy's may indeed owe some (and should pay) but many many more owe a lot more but they have and control the rating agencies et al., The boss is the one with the most money and they also control the laws

Tax on the big man in the US is so low apparently that it is a joke.

Now my references are many and varied but if you want to objectively look out there you will get the drift.

Maddock was the canary in the cage IMHO.

 

[tigerboi]

one thing some forget about lowy is he arrived here 60 years ago wjth the **** out of his pants.so why would he want to pay more than he should or can?

you be all doing the same.good luck to him bet ya hes worked his ring off for it over the years.my