Allan Mason’s 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.
- 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.
'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.'
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.
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.'
Kerry Packer’s former accountant reveals tax secrets
Kerry Packer’s comments on tax — anyone not minimising it needs their head read — are legendary. One of his top accountants has now penned a book sharing his tax secrets
It was a salary perk that only Kerry Packer would provide – instead of cash, he awarded one of his most trusted accountants a complete rebuild of an E-Type Jaguar.
For the first time this century, the top five bestselling books in Australia in a calendar year were all by local authors. But only two – Apples Never Fall by Liane Moriarty, which sold nearly 200,000 copies, blitzing the market, and The 143-Storey Treehouseby Andy Griffiths and Terry Denton – were published in 2021.
The other three – The Happiest Man on Earth by the late Eddie Jaku, The Barefoot Investor by Scott Pape and The Dictionary of Lost Words by Pip Williams – were published in 2020, 2016 and 2020 respectively.
In one of the most challenging years for the book industry, during which it was hit by lockdowns and critical supply chain issues, overall sales dipped slightly to 65.4 million books, but value increased by 2.5 per cent to more than $1.2 billion, according to figures for last year from Nielsen BookScan, which surveys booksellers around the country.