INTERVIEW KERRY PACKER’S ACCOUNTANT ON TAX CUTS AND MAXIMISING RETURNS

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# INTERVIEW TAX GURU ALLAN MASON AHEAD OF EOFY 2024

Kerry Packer's former accountant Allan Mason has released this year's edition of his cult classic, 'Tax Secrets of the Rich 2024-25' and in it, he debunks the myth that Australians will be better off after the Budget 2025 announcement of tax cuts.

Mason says there are two main reasons for this; firstly, that the tax cuts do not counteract the inflationary effects of rising prices in daily essentials like food or rental accommodation.

"We all know that as your income increases, so does your tax burden. It pushes you up into new tax brackets which means you pay more even though from a purchasing point of view your money buys less. The tax office takes its share based on your gross income not real or inflation adjusted income,' he said.

He adds that there is an interaction between inflation, wages growth and tax increases through bracket creep, as the wages go up. The net result is always to the taxpayers' disadvantage, especially in the last three years.

"From 2022 to projections for 2025, wage growth will be 14.4% (average 3.6% p.a.). However, inflation over the same period is projected to be 19.2% in total. So, the average worker in cost-of-living terms is 4.8% worse off," Mason said. "The tax cuts do not address this." 

His book outlines How to play the tax game using structures to take advantage of different tax rates and includes 11 tax tips covering nearly every type of entity and tax situation a person can encounter.

"Australians are paying more tax than they realise, and many still do not know the full extent of what they can claim. This is why most Australians are paying too much tax. They are searching for ways to reduce their tax, which is why my book updated for each year, tends to sell out," Mason said.

Allan Mason has over 40 years of tax and accounting knowledge that has assisted his many thousands of corporate and private clients including some of Australia's wealthiest individuals like Kerry Packer at the height of his wealth.

Published by Harper Collins, TAX SECRETS OF THE RICH 2024-5 by Allan Mason is available nationally at bookstores across Australia and online from just $29.95 and comes with all the truth nuggets the ATO does not want you to know!

Get your copy here: Tax Secrets of the Rich 2024_25 by Allan Mason

For more information, visit: www.allanmason.com.au

To interview Allan Mason & receive a review copy email max@marksonsparks.com or call Max Markson 0412 501 601 or email marta@marksonsparks.com or call Marta on 0409 291 785