Luke Sayers Salary
Luke Sayers Salary;- PwC revealed that its partners pay an average tax rate of 37%, with CEO Luke Sayers stating that the business is “a substantial contribution to Australia’s economy and tax system.” The rate is somewhat lower than the average tax rate of 39% for Australians earning more than $180,000 per year but higher than the corporate tax rate of 30%.
“We take our tax responsibilities very seriously and have extensive tax compliance rules and processes in place to control our partners’ tax affairs,” Mr. Sayers said.
The partners’ tax rate was revealed in response to a Tax Office review of how partners at the significant four consulting firms minimize their tax liability. It is comparable to or greater than the average tax rate paid by PwC’s big four consulting competitors at Deloitte, EY, and KPMG.
KPMG said that its partners pay an average tax rate of between 35% and 37%, whereas EY noted that its partners pay an average tax rate of 35% or higher. Deloitte partners have previously said that their average tax rate exceeds 30%.
Profits made by a partnership are not subject to income tax. Instead of that, earnings are allocated to partners, who subsequently pay tax as individuals, the ATO said. “We see ourselves as unique in that no other professional services business in Australia has the breadth and depth of skill that we do.”
Additionally, he said that the business kept an eye on what rivals were doing in the industry.
“We are suspicious of all competitors. Our traditional opponents are formidable and provide us with new challenges daily,” he said, adding that “we never rest on our laurels for a second.” We will continue to play the leading role for which we are thankful today.”