Wednesday, February 8, 2017

How to potentially reduce your tax while paying your family

Want to know how to potentially reduce your tax whilst giving money to your family and get more money than you started with?  Just follow what the CEO of Australia Post did.

Notice that he negotiated a $2 million taxable payment into a $2.8 million, a 40% increase, 'donation' to the Islamic Museum of Australia that his brother runs, which presumably pays his brother a salary, though it's not really a donation if it's technically a payment.

I think I'll look at setting up an organisation that will be run by my wife and will negotiate $50k of my salary into a $70k donation to the organisation, which will ultimately pay her a salary.

It must be legal, because Ahmed Fahour was allowed to do it!

Oh wait, the donation came from a Muslim and was paid to a Islamic organisation, so I won't be holding my breath that it'll be audited or investigated in any way, since our media and law enforcement doesn't want to appear to be 'racist'.

On second thoughts, I'm not prepared to convert to Islam just to save a bit on tax.


Apparently Ahmed has resigned from his position.  Interesting things to note that are written in the article is that it was supposedly his decision, he'll still get his multi-million dollar salary and he's just waiting to find out what his bonus (presumably in the millions) will be.

I just hope that Australia Post won't let the guy negotiate any of his salary into a 40% increased amount 'donated' to an organisation run by his family.

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