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Tax Secrets of the Rich: By Kerry Packer's former accountant
Ever wondered how the wealthy always seem to pay less tax than the average person?
Allan Mason shares his over 40 years of tax and accounting knowledge in an easy to read format. While tax may be a boring subject, unfortunately it is something we all need to master. As the saying goes there are only 2 things certain in life – death and taxes. By reading this book you will learn about real case studies and tips on how Allan has helped many clients reduce their tax improve their business and hence grow their personal wealth.
You will also
* How the wealthy view tax and their mindset.
* How to play the tax game using structures to take advantage of different tax rates.
* Read about actual real life case studies.
* 11 tax tips covering nearly every tax situation a person can encounter.
* 7 Money tips that successful people use to create wealth or run their business in a way that it creates life rather than taking it away from them.
* Some interesting facts about money and wealth.
*The millionaire mindset of the wealthy and how to emulate that.
*The psychological aspect of success and failure in business.
* How to harness the power you have within you to run a successful and profitable business while still retaining enough after tax dollars to build wealth.
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.
Allan Mason is an acclaimed author having written numerous books and articles in his field. He is a Chartered Accountant with a career spanning over 40 years working both in large corporations and in private practice. His claim to fame is working for many high flying entrepreneurs which included the late Kerry Packer, who was famous for his outspoken views on taxation.
Book Synopsis
The western world has a strong system of taxation that takes away your choice and gives this to central government who decide how they will spend your money. But entrepreneurs do not see it that way. To them taxation is a game, like being in business, that they want to win at. A game of using the system to minimise their contribution to the taxation system and then be able to build wealth and assist those less fortunate in the way they choose.
The writer with draws on his own personal experience as an accountant in public practice, with actual case studies on how he has reduced the tax payable for many high net worth people (or those that aspire to be). By using his vast tax knowledge he provides an outline of how to use tax system in Australia to your advantage. The 2 sides, making money and keeping it, deal with running a successful business and then retaining as much of those profits, without the burden of taxation.
On the other side of success, this book also shows the pitfalls and personal cost of entrepreneurship. Something a budding entrepreneur needs to be mindful of if they are to embark upon this journey. It is a fact that being in business there is a strong the chance that things sometimes do not go as planned. Some 85% of businesses fail in the first 5 years. The lot of a business owner is a hard one. If you get it right more than 50% of the time you are doing well. Dealing with failure has consequences that can lead to depression, the feeling of being trapped, not knowing who to turn to can lead to the owner paying the ultimate price (suicide).
There is a magic formula that you can apply that works every time to make you lots of money to lead a fulfilling and rewarding life.
Part of that formula is dealing with the intangible and emotional factors that affect us all. As emotional human beings., life affects us in different ways. The other part is having the knowledge to achieve your aims.
The book gives you all of these.
Allan Mason shares his over 40 years of tax and accounting knowledge in an easy to read format. While tax may be a boring subject, unfortunately it is something we all need to master. As the saying goes there are only 2 things certain in life – death and taxes. By reading this book you will learn about real case studies and tips on how Allan has helped many clients reduce their tax improve their business and hence grow their personal wealth.
You will also
* How the wealthy view tax and their mindset.
* How to play the tax game using structures to take advantage of different tax rates.
* Read about actual real life case studies.
* 11 tax tips covering nearly every tax situation a person can encounter.
* 7 Money tips that successful people use to create wealth or run their business in a way that it creates life rather than taking it away from them.
* Some interesting facts about money and wealth.
*The millionaire mindset of the wealthy and how to emulate that.
*The psychological aspect of success and failure in business.
* How to harness the power you have within you to run a successful and profitable business while still retaining enough after tax dollars to build wealth.
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.
Allan Mason is an acclaimed author having written numerous books and articles in his field. He is a Chartered Accountant with a career spanning over 40 years working both in large corporations and in private practice. His claim to fame is working for many high flying entrepreneurs which included the late Kerry Packer, who was famous for his outspoken views on taxation.
Book Synopsis
The western world has a strong system of taxation that takes away your choice and gives this to central government who decide how they will spend your money. But entrepreneurs do not see it that way. To them taxation is a game, like being in business, that they want to win at. A game of using the system to minimise their contribution to the taxation system and then be able to build wealth and assist those less fortunate in the way they choose.
The writer with draws on his own personal experience as an accountant in public practice, with actual case studies on how he has reduced the tax payable for many high net worth people (or those that aspire to be). By using his vast tax knowledge he provides an outline of how to use tax system in Australia to your advantage. The 2 sides, making money and keeping it, deal with running a successful business and then retaining as much of those profits, without the burden of taxation.
On the other side of success, this book also shows the pitfalls and personal cost of entrepreneurship. Something a budding entrepreneur needs to be mindful of if they are to embark upon this journey. It is a fact that being in business there is a strong the chance that things sometimes do not go as planned. Some 85% of businesses fail in the first 5 years. The lot of a business owner is a hard one. If you get it right more than 50% of the time you are doing well. Dealing with failure has consequences that can lead to depression, the feeling of being trapped, not knowing who to turn to can lead to the owner paying the ultimate price (suicide).
There is a magic formula that you can apply that works every time to make you lots of money to lead a fulfilling and rewarding life.
Part of that formula is dealing with the intangible and emotional factors that affect us all. As emotional human beings., life affects us in different ways. The other part is having the knowledge to achieve your aims.
The book gives you all of these.
- GenresFinance
224 pages, Paperback
Published September 24, 2021
37 people are currently reading
110 people want to read
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Displaying 1 - 4 of 4 reviews
March 11, 2024
"Now of course I am minimizing my tax and if anybody in this country doesn't minimize 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" (Kerry Packer, Select Committee on Print Media,1991)
The above quote is seared into the history books as the best plain English summary of Western tax systems. Alan Mason was Kerry Packers accountant, and at the time of the quote Kerry Packer was Australia's wealthiest person. Therefore, one gives a lot of weight to what this book has to say.
There really are two books here; firstly a very practical run-down on tax rules in that particular jurisdiction and how the tax system works depending on common personal circumstances. Now, the book is updated each financial year and due to the constantly evoling regulatory arms race between taxpayers and taxman it does allow for frequent shifting goalposts, but even older editions do an excellent job of providing systemi. options so that taxpayers may structure their affairs in a legal manner that minimizes their tax liability. It does emphasize doing so legally and is not a tax scam or evasion scheme. However, tax minimization is a legitimate tactic given severe government waste, debt levels and inefficiencies - the biggest point made here is that the government is no better at spending other people's money than you are.
The second book, which tends to drag it down, is a self-help component that wades into business psychology but does so in a very amateurish and superficial way that adds no real value beyond acting as a warning sign about the risks of starting a business. It often repeats itself, and is focused on an area outside the authors expertise. It would have been much better spent going into more details about each best and worst case scenario as well as more discussion about aggregate trends including a section on interest rate risk and tax consequences specifically.
Overall, this book still does a far better job for the financial education of the layperson than any public school class.
The above quote is seared into the history books as the best plain English summary of Western tax systems. Alan Mason was Kerry Packers accountant, and at the time of the quote Kerry Packer was Australia's wealthiest person. Therefore, one gives a lot of weight to what this book has to say.
There really are two books here; firstly a very practical run-down on tax rules in that particular jurisdiction and how the tax system works depending on common personal circumstances. Now, the book is updated each financial year and due to the constantly evoling regulatory arms race between taxpayers and taxman it does allow for frequent shifting goalposts, but even older editions do an excellent job of providing systemi. options so that taxpayers may structure their affairs in a legal manner that minimizes their tax liability. It does emphasize doing so legally and is not a tax scam or evasion scheme. However, tax minimization is a legitimate tactic given severe government waste, debt levels and inefficiencies - the biggest point made here is that the government is no better at spending other people's money than you are.
The second book, which tends to drag it down, is a self-help component that wades into business psychology but does so in a very amateurish and superficial way that adds no real value beyond acting as a warning sign about the risks of starting a business. It often repeats itself, and is focused on an area outside the authors expertise. It would have been much better spent going into more details about each best and worst case scenario as well as more discussion about aggregate trends including a section on interest rate risk and tax consequences specifically.
Overall, this book still does a far better job for the financial education of the layperson than any public school class.
July 18, 2023
Just read the 2023 edition, borrowed from my local library. With all the government tax changes, it is good to see this is being updated. And I love the tables in the book! The author clearly has a lot of experience in the area, and has some good stories and tips. It is well written with simple clear advice, but the book is a bit unclear in who the target audience is. The audience seems to be very small business owners. There is a mix of tips and information for everyone, tips for employees and tips for business owners/entrepreneurs.
I did appreciate the ethical advice to follow the rules and pay your tax, but didn't agree that it is good to aim to be wealthy so you can help the less fortunate. Perhaps with a more equitable tax system (not all those dodgy trusts and redistributions) and better governance and policy-making processes, we wouldn't need the wealthy to "choose" to charitably help others.
In summary, lots of useful information, but it may not find the right audience due to the title.
I did appreciate the ethical advice to follow the rules and pay your tax, but didn't agree that it is good to aim to be wealthy so you can help the less fortunate. Perhaps with a more equitable tax system (not all those dodgy trusts and redistributions) and better governance and policy-making processes, we wouldn't need the wealthy to "choose" to charitably help others.
In summary, lots of useful information, but it may not find the right audience due to the title.
September 15, 2024
While it offers valuable insights for both employees and business owners, I found that it didn't present any groundbreaking information. Topics like stocks, property, and financial planning were covered comprehensively, but the content felt familiar to me. If you're already well-versed in these areas, you might not find anything new
January 30, 2024
Great advice for Aussies. Good range of topics and goes further than the basics. Great for investors and business owners.
Displaying 1 - 4 of 4 reviews