Pay no tax if you're rich

Meanwhile, while us pensioners are contemplating where we might get $7 to see a doctor if we have to, 75 of the richest people in Australia paid no tax at all last year, despite earning about $2.6million each. One rule for the rich and another rule for the poor.

The latest tax statistics show 75 ultra-high-earning Australians paid no tax at all in 2011-12. Zero. Zip. 

Each earned more than $1 million from investments or wages. Between them they made $195 million, an average of $2.6 million each. The fortunate 75 paid no income tax, no Medicare levy and no Medicare surcharge,even though 60 of them had private health insurance. 

The reason? They managed to cut their combined taxable incomes to $82. That’s right, $1.10 each. Read more Read more