I agree! He would need to pay an addditional $250,000. This is how it works for everybody. You fill in your tax return, declare you income, declare the tax you paid or was paid on your behalf by your employer or by the company you own and then you pay the tax due. If you have overpaid you get a refund. If you have underpaid you pay some more.
What Labor are trying to do is remove the zero tax rate for retirees who are in pension mode. Fair enough, if that’s what they want to do then they should admit that and we can all move on - so long as everyone is treated the same, I might not like it but at least I wouldn’t feel discriminated against.
Ann: Update - Dividend/Distribution - TLS, page-111
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