The Self-Appointed Prince Who Never Paid Taxes

TLDRLearn the incredible story of Prince Leonard, who established his own principality and managed to avoid paying taxes for nearly 50 years. However, he has recently received a massive tax bill from the ATO, causing controversy and anger.

Key insights

👑Prince Leonard established his own principality 47 years ago after a dispute with the Australian government.

💰One of the major implications of seceding from Australia was that Prince Leonard and his principality did not have to pay taxes.

💌The principality attracts tourists who come to get their passports stamped, purchase souvenirs, and show support for this self-proclaimed royalty.

👑Prince Leonard's principality does not have official recognition from world governments, but it has corresponded with Buckingham Palace.

⚖️After nearly 50 years of tax exemption, the Australian Tax Office has sent Prince Leonard a bill for three million dollars.

Q&A

Why did Prince Leonard establish his own principality?

Prince Leonard established his own principality after a dispute with the Australian government over wheat quotas.

Did Prince Leonard have to pay taxes?

No, one of the major advantages of seceding from Australia was that Prince Leonard and his principality were exempt from paying taxes.

What does the principality offer to tourists?

The principality offers tourists the opportunity to get their passports stamped, buy souvenirs, and show support for Prince Leonard and his self-proclaimed royalty.

Is the principality recognized by other governments?

No, although the principality has corresponded with Buckingham Palace and some world governments, it does not have official recognition.

Why has the Australian Tax Office sent Prince Leonard a tax bill now?

After nearly 50 years of tax exemption, the Australian Tax Office has decided to recoup money from the principality and has sent Prince Leonard a bill for three million dollars.

Timestamped Summary

00:00Prince Leonard established his own principality 47 years ago after a dispute with the Australian government over wheat quotas.

00:48The principality attracts tourists who come to get their passports stamped, purchase souvenirs, and show support for Prince Leonard and his self-proclaimed royalty.

01:30After nearly 50 years of tax exemption, the Australian Tax Office has sent Prince Leonard a bill for three million dollars.