More than Australian millionaires paid zero tax in 2020-21, according to new ATO figures.
More than 60 Australian Millionaires Paid Zero Tax
According to new data from the Australian Taxation Office (ATO), more than sixty millionaires earned over $1 million in 2020-21 and paid no income tax. The ATO data shows that these millionaires had a combined income of almost a billion dollars, yet they were able to avoid paying any tax.
The news has caused outrage among many Australians who are struggling with rising costs of living and stagnant wages. It is estimated that the government lost out on hundreds of millions of dollars in revenue due to these individuals not paying their fair share.
The ATO has been criticised for not doing enough to ensure that high earners pay their taxes, with some suggesting that tougher penalties should be put in place for those who attempt to evade their obligations. Others have argued that the current system does not adequately target wealthy individuals and corporations, allowing them to exploit loopholes and get away with paying little or no tax.
It is clear that something needs to be done about this issue, as it is unfair for ordinary Australians who work hard and pay their taxes while some of the wealthiest people in the country are able to avoid doing so. The government must take action to ensure that everyone pays their fair share, regardless of how much money they make.
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