Stab Magazine | Gabriel Medina’s Wonderful Tax Write-Off!

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Gabriel Medina’s Wonderful Tax Write-Off!

Welcome to the modestly-named Gabriel Medina Institute.

news // Jan 9, 2017
Words by stab
Reading Time: 2 minutes

They say those that can’t do, teach. But don’t tell Gabriel Medina that, who is about to open one of Brazil’s first surf-specific learning institutions. 

The modestly-named Gabriel Medina Institute will be built in Maresias, the wave-rich, far-east suburb of São Paulo Gabs calls home, and will welcome 38 Brazilian teens between ages 10 and 16, who were selected based on their performance at the Maresias Surf Association 2016 Medina circuit. 

Students will be coached by both Gabs, and Charles Serrano (Gabriel’s step-father and personal tour coach). Simone Medina, Gabriel’s mother, will also preside over the institute. And among surfers who made the cut, Sophia Medina, Gabs’ sister.

The family of the first Brazilian world champion have invested an estimated BRL$3m (about AU$1.3m) into the institution, which has also been authorised to collect an additional BRL$3.7m (about AU$1.57m) via the Brazilian Sports Incentive Law, a vehicle which allows companies and individuals to invest a portion of what they would normally pay in income taxes, in programs connected to Olympic and Paralympics sports. With individuals able to invest up to six percent of what they would normally pay in taxes each year to these programs, and surfing having recently been green-lit for the 2020 Tokyo Olympic games, the Medina fam would’ve been foolish not to take advantage of the tax write-off.

But, their intentions are good. “Our goal is to turn them into great champions,” Simone Medina told the Folha de S.Paulo paper when asked about her family’s plan for the aspiring surf teens.

Once Gabs wraps up his post-tour vacation, he’ll be headed back home to turn Brazil’s next generation of surfers into bonafide superstars, ready to flex at Chiba in 2020.

Tempat Boyum Ini 08 FB

Gabs’ financial advisor is no slouch. Less worrying about cash and more of this for Mr Medina. Photo Rip Curl

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