Trade lottery mogul Adrian Portelli has launched an extraordinary broadside against Australia’s tax system, claiming he paid more than $100 million in tax before relocating to Dubai.
Speaking on the One on One with Kris Fade podcast, the LMCT+ founder rejected suggestions he fled Australia to avoid scrutiny, insisting his move overseas had been planned for years while accusing authorities of wielding enormous power over taxpayers.
The Melbourne-born entrepreneur has amassed a fortune through his LMCT+ promotions business and property investments, with various estimates placing his wealth in the hundreds of millions of dollars to more than $1 billion, though Portelli has never publicly disclosed his exact net worth.
Sign up to The Nightly’s newsletters.
Get the first look at the digital newspaper, curated daily stories and breaking headlines delivered to your inbox.
By continuing you agree to our Terms and Privacy Policy.
Portelli said he had no issue paying tax, but claimed he had become frustrated by what he described as relentless attacks from government, the media and the public despite contributing millions to public coffers.
“I’ve paid well over $100 million in taxes,” Portelli said.
“I don’t have a problem with paying tax.
“In 24 months, I paid $80 million in tax … I’m supporting the country that’s giving me this opportunity.”
The high-profile businessman claimed Australia’s tax system became particularly burdensome when businesses were required to make advance tax payments based on projected earnings.
He said LMCT+’s revenue declined after a strong year, leaving him paying tax obligations calculated on higher forecasts.
“We had a good year one year and the next year we might not have as much of a good year,” he said.
“They estimate what your business is going to earn, so you pay your taxes a year ahead before you even make the money.
“I am paying the taxes I already owe, plus instalments.”
Portelli claimed the situation eventually led to authorities effectively taking “80 per cent” of his revenue.
“I said ‘this is ridiculous’,” he said.
Adrian Portelli said the ATO was taking 80 per cent of his earnings. Credit: One On One with Kris Fade
Portelli also took aim at the Australian Taxation Office more broadly, claiming the agency had extensive insight into his finances and considerable powers over taxpayers.
“They can do whatever they want,” he said.
“Who is going to question them, unless you take them to court?”
He claimed the ATO had access to his financial records and banking information and said he was subject to regular audits.
“It’s scary to know how much control they actually have,” Portelli said.
“I think it’s a control game.”
In some of his most pointed remarks, Portelli suggested his growing public profile had attracted unwanted attention.
“I was getting too big for them, I had too much influence over the public, and they don’t like noise there,” he said.
“They want to keep everyone at bay. I noticed that with the ATO.”
Portelli denied his relocation was a sudden decision prompted by tax issues, saying he had been exploring overseas opportunities for several years.
“We were always going to do that,” he said.
The businessman said Australia’s geographic isolation was a significant factor in his decision, describing it as difficult to conduct international business from such a remote location.
Portelli revealed his family initially explored Singapore before considering a move to Italy, particularly the Lake Como region, before ultimately settling on Dubai.
He said Australian authorities were informed throughout the process.
“We were in touch with the ATO, they had all our details,” Portelli said.
The 36-year-old was nevertheless adamant that he still loves Australia, describing it as “the best country in the world”.
But he questioned whether taxpayers were receiving value for the money they contribute, contrasting Australia with Dubai’s infrastructure and public safety.
“When I’m being attacked from every angle, I said, ‘You know what, you’re not getting any of my money’,” he said.
“So if anyone judges me for moving abroad, would you pay $80 million in taxes and be treated like a criminal, and get nothing back for it?”
Portelli added that despite relocating overseas, Australian authorities still receive tax revenue from him through his business interests.
