Kerry Packer’s former accountant shares his top tax tips – and busts some stubborn myths about making the most of your return
- Kerry Packer denied evading tax but told Parliament he ‘of course’ minimised it
- Allan Mason was the media magnate’s tax expert when he bragged to MPs
- Now the accountant has revealed how in his new book Tax Secrets Of The Rich
- It’s already the number one bestseller on Amazon just weeks after going on sale
The man behind media magnate Kerry Packer’s legendary tax reduction schemes has lifted the lid on the accounting secrets of Australia’s big business billionaires.
Allan Mason was the TV and magazine tycoon’s tax expert when Mr Packer fronted MPs for his legendary appearance before a parliamentary hearing 30 years ago.
‘I am not evading tax, in any way shape or form,’ Mr Packer boomed at a House of Representatives committee in 1991. ‘Now, of course, I am minimising my tax.
‘And if anybody in this country doesn’t minimise their tax, they want their heads read, because as a government I can tell you, you’re not spending it that well that we should be donating extra.’
Now his accountant has finally shared his secrets on how everyone else can minimise their tax too – and blown up a few stubborn tax myths that still persist.
The man behind (pictured) media magnate Kerry Packer’s legendary tax reduction schemes has lifted the lid on the accounting secrets of Australia’s big business billionaires
‘Nobody likes to pay too much tax,’ said the Brisbane-based chartered accountant with 40 years of experience.
‘If you think, “The more money I make, the more tax I pay…” That’s a myth. It’s wrong, it’s not correct.
‘Another myth is people will say, “I’m paying tax therefore I must be making a lot of money!”
‘That’s rubbish! If you’re paying tax it’s because you’ve got a lazy accountant, that’s why.’
Allan Mason (right) was Kerry Packer’s tax expert and has now written a book lifting the lid on the Tax Secrets Of The Rich (left)
His new book Tax Secrets Of The Rich promises to reveal 11 tax tips to cover nearly every situation, plus seven tips that the rich use to create even more wealth.
‘I get asked every day, “How do I reduce my tax? I’m paying too much”, so I thought it’s a bit easier to put it into a book,’ he told Nine’s A Current Affair.
‘The main thing is to plan, think ahead, don’t leave it to the last minute. People think that they can just work out their tax in three months, six months after the year’s end.
‘Think in advance, work ahead.’
Kerry Packer, seen here with his wife Ros, refused to pay any more tax than was needed
Now his accountant Allan Mason has finally shared his secrets on how everyone else else can minimise their tax too – and blown up a few stubborn tax myths that still persist
Mr Mason says entrepreneurs have a different mindset from ordinary taxpayers and will try to push the boundaries.
He added: ‘[First] get good advisors. Secondly, don’t accept the status quo.
‘A rich person, or wealthy entrepreneur, or someone that thinks outside the square, will look for answers.’
Mr Mason’s book was published last month and is already the number one bestseller on Amazon.
It promises: ‘This is a must read for every person who aspires to being in control of their finances.
‘You owe it to yourself, your family and the community to be successful.’