Luke sayers salary: PwC has revealed that its partners are paying an average 37 percent tax rate and that the company was “a major contributor to Australia’s economy and tax system” The rate is barely below the average tax rate of 39 percent for Australians earning more than Net Worth $180,000 a year and above the corporation tax rate of 30 percent.
“We take our fiscal affairs very seriously and have strong rules and processes on tax compliance in place for our partners,” said Mr. Sayers. In response to a report from the tax office on how son partners in the four major consulting companies minimized their taxes, the disclosure of the partner’s tax rate is consistent with or greater than the average of the top four PwC consultancies in Deloitte, EY, and KPMG.
KPMG indicated its partners paid between 35% and 37% of the average tax rate, whereas EY said that their average tax rate was 35% or more. The Deloitte partners have previously said that their typical tax rate is over 30 percent.
A partnership does not pay income tax on earned profits. Profits, instead, are allocated to partners who then pay the ATO tax as individuals. “We regard ourselves as uniquely positioned, since in Australia no other company of professional services has the depth and size we have.”
He also claimed the company was observing what rivals were doing on the market.
“We’re wary about every rival. Our traditional opponents are tough and every day they challenge us,” he added. “We don’t rest for a second on our laurels. We are still playing the leadership role we are really thankful for today.”
He stated that he had the highest admiration for his rivals: the competitor Deloitte, EY and KPMG, the Boston Consulting Group, McKinsey strategies and Accenture technology consulting.
The company is a partnership and, like its four large comrades, does not generate income. This makes it difficult to determine its financial success. When asked about profits, Mr. Sayers claimed the company has had an “excellent profit increase in the previous 12 months, but I’ll tell you everything.”
Chief Executive Officer Luke Sayers stated that PwC was committed to closing the gap by expanding the number of senior women.
“They have rightfully called on professional services companies to reveal their partner pay gap, and we are happy to be today’s first Australian company,” says Sayers.
“Diversity transparency is one of the fundamental ways in which we can confront the difficulties that we confront and be responsible for actual change.”
PwC’s 12.3 percent corporate divide is below the 16 percent number of Australia’s gender pay gap and the world divide of 24 percent, according to estimates from the Australian Institute of Directors.
Professor Karin Sanders, head of the management school at NSW Business School University, applauded the actions of PwC and stated that the company established an excellent example to urge other corporations to do the same.
Professor Sanders told AAP: “I believe it is incredibly vital and crucial to be as honest as possible because it indicates that you are aware of it and that you are willing to do it well.
“They indicate that they worry about women’s lower pay.”
PwC has claimed its gender objective, aimed at 40% of new partners being female, 40% male, and 20% female and male, has helped to increase the number of female partners from 17% to 24% over three years.