Kerry Packer’s former accountant shares his top tax tips – debunking some persistent myths about making the most of your returns
- Kerry Packer denied tax evasion but told Parliament he ‘minimized it’ ‘naturally’
- Allan Mason was the media mogul’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 it went on sale
The man behind media mogul Kerry Packer’s legendary tax relief schemes has lifted the lid on the accounting secrets of Australian big business billionaires.
Allan Mason was the TV and magazine mogul’s tax expert when Mr Packer represented MPs for his legendary performance before a parliamentary hearing 30 years ago.
“I don’t dodge taxes in any form,” Mr Packer bellowed in a 1991 House committee. ‘Now, of course, I’m minimizing my taxes.
“And if someone in this country doesn’t minimize their taxes, they want their heads read, because as a government I can tell you, you’re not spending it so well that we’d have to donate extra.”
Now, his accountant has finally shared his secrets on how everyone can minimize their taxes, too — blowing up some persistent tax myths that still exist today.
The man behind (pictured) media mogul Kerry Packer’s legendary tax-cutting schemes has lifted the lid on the accounting secrets of Australia’s big business billionaires
“Nobody likes to pay too much tax,” says 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 right.
Another myth is that people will say, ‘I pay taxes, so I have to make a lot of money!’
‘That’s nonsense! If you pay taxes, it’s because you have a lazy accountant, that’s why.’
Allan Mason (right) was Kerry Packer’s tax expert and has now written a book that lifts the lid on the tax secrets of the rich (left)
His new book Tax Secrets Of The Rich promises to reveal 11 tax tips for almost every situation, plus seven tips the rich use to create even more wealth.
‘Every day I get the question: ‘How can I lower my tax? I’m paying too much,” so I thought it would be a little easier to write it in a book,” he told Nine’s A Current Affair.
“The most important thing is to plan, to think ahead, not to leave it to the last minute. People think they can just calculate their taxes in three months, six months after the end of the year.
“Think ahead, work ahead.”
Kerry Packer, seen here with his wife Ros, refused to pay more in taxes than was necessary
Now his accountant Allan Mason has finally shared his secrets about how everyone else can minimize their taxes too — and has blown up some persistent tax myths that still exist
Mason says entrepreneurs have a different mindset than ordinary taxpayers and will try to push the boundaries.
He added: ‘[First] get good advisors. Second, don’t accept the status quo.
‘A wealthy person, or wealthy entrepreneur, or someone who thinks outside the box is looking for answers.’
Mr Mason’s book was released last month and is already the number one bestseller on Amazon.
It promises: ‘This is a must read for anyone who wants to be in control of their finances.
“You owe it to yourself, your family and the community to be successful.”