Ten billionaire Triguboff whinges about paying taxes

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By Leith van Onselen

You can’t keep the money grubbing rent-seeker down. From The Australian:

The billionaire has opened up about his tax affairs as he faces an even heavier tax burden this year. His main customers, foreign property investors, are also being slugged with higher fees and taxes in NSW that are forecast to raise almost $2 billion for the state.

As NSW’s largest unit developer, Meriton’s offshore buyers will be hit by a doubling of a surcharge targeting them from 4 to 8 per cent as Mr Triguboff warns the slowdown in the apartment market is worsening and developers face the prospect of absorbing the tax hit themselves.

Mr Triguboff, who is concerned about the broader effects of falling prices on the economy and property sector, is fed up with the tax contribution both from his developments and the heavy levies on buyers. Referring to his own bills, Mr Triguboff said it was “one mighty big contribution from one man and one company”…

Geez Harry, the reason why you pay so much tax is because you are a multi-billionaire and Australia’s richest man.

Your business and wealth is also underpinned by government policy via:

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  • Running mass immigration;
  • Maintaining beneficial tax incentives like negative gearing and the capital gains tax discount; and
  • Refusing to implement globally recognised rules in relation to money laundering into property.

With regards to the last point – money laundering – you yourself noted in July that our loose money laundering rules have made Australia a preferred destination for Chinese:

“The problem with Australians is they are very slow. They ask their lawyer, they ask their financial adviser, they ask their family, they ask everybody. The Chinese don’t ask anybody, they come off the plane, buy their unit and go.”

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Finally, Harry, you conveniently forget that Meriton provides no infrastructure, schools, hospitals or any other services when it dumps a whole lot of new units in an area. This infrastructure is provided by government which, you know, needs tax revenue to pay for stuff.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.