A lot of it is in fully-franked shares in a self-managed superannuation fund. The fund is now in pension mode, which means it pays no tax on earnings. Where I l

A lot of it is in fully-franked shares in a self-managed superannuation fund. The fund is now in pension mode, which means it pays no tax on earnings. Where I live, fully-franked shares, in a zero tax environment, get a refund, from the tax office, of all the tax that the issuing companies payed on those earnings!! It's a sweet deal, but actually makes me feel a bit guilty. It's all 100% above board (and managed by one of the big 5 accounting firms), but it means I pay less tax than all my friends and acquaintances, all of whom earn much less than me. Reference: Warren Buffet's secretary :-)