Money magazine Comments - Why professional athletes can end up bankrupt "You'd think that the training, the discipline, the diet, the concentration, that you'd be able to transfer that to your finances, but that's not the case." https://www.moneymag.com.au/feed/latest?story=179790713 Sat, 27 Nov 2021 13:07:12 +1100 Sat, 27 Nov 2021 13:07:12 +1100 en-AU Copyright 2026 Money magazine 5 Money magazine Comments - Why professional athletes can end up bankrupt https://media.moneymag.com.au/prod/media/library/Money_Mag/Logo/Logo_401x133.png Comment by Colin Elliott ()

I believe an area that has never been able to be addressed is the one of TAXATION. Professional athletes (and on occasion farmers) have a few years of very high income on which they pay the maximum rate of income tax. This is then followed by many years of relatively low income. If there was a way of spreading the income, and tax rate, over a projected period the income and tax could be averaged out over this longer time. In my opinion this would be a fairer application.

Reply to article

For original story, Click Here.

]]> Colin Elliott () Sat, 27 Nov 2021 13:07:12 +1100 Comment by Martin Dantas ()

The problem with that thinking is some athletes continue raking in many more millions after they hang up the boots.

Imagine if you applied that principle to Greg Norman? He'd still be owing taxes from 20 years ago... it isn't fair to the rest of society.

Reply to article

For original story, Click Here.

]]> Martin Dantas () Mon, 29 Nov 2021 08:49:36 +1100