Beating the Taxman - strategies for traders to minimise tax
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theasxgorilla
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Re: Beating the Taxman!!! Minimising taxes on shareholders
Invest as a non-resident (pay no CGT) from a company in Jersey Is. and pay your 2k quid a year in tax and let the rest accumulate in your company.
Invest as a non-resident (pay no CGT) from a company in Jersey Is. and pay your 2k quid a year in tax and let the rest accumulate in your company.
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Re: Beating the Taxman!!! Minimising taxes on shareholders
Well,
IMO, a trust fund is the most important thing to an investor.
If you are not using a trust fund, then generally your not being effective (unless you having money pouring out your ears and it doesn't matter). These things are the best tax value shifters in the Australian tax system. If you have kids, you can give them about $700 a year with no tax, + any other income can be given to your family (provided you are the specified individual) 2 generations up and down. Got a brother/sister that is a bum - all of a sudden they are your tax shelter. Just make sure you get them to sign over their credit beneficiary account balances to you though.......... Plus, you know the old $5000.00 franking credit rule - if you have 3 beneficiaries you will get 3 lots of the 5k franking credit rule. With this, you can dividend strip to your hearts content... In addition, if the trust is discretionary, you can also section of capital gains to one beneficiary (useful is someone has large unused capital losses).
As usual, DYOR and this is not my licenced opinion.
Cheers
Well,
IMO, a trust fund is the most important thing to an investor.
If you are not using a trust fund, then generally your not being effective (unless you having money pouring out your ears and it doesn't matter). These things are the best tax value shifters in the Australian tax system. If you have kids, you can give them about $700 a year with no tax, + any other income can be given to your family (provided you are the specified individual) 2 generations up and down. Got a brother/sister that is a bum - all of a sudden they are your tax shelter. Just make sure you get them to sign over their credit beneficiary account balances to you though.......... Plus, you know the old $5000.00 franking credit rule - if you have 3 beneficiaries you will get 3 lots of the 5k franking credit rule. With this, you can dividend strip to your hearts content... In addition, if the trust is discretionary, you can also section of capital gains to one beneficiary (useful is someone has large unused capital losses).
As usual, DYOR and this is not my licenced opinion.
Cheers
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Re: Beating the Taxman!!! Minimising taxes on shareholders
Insider
Speak to Paul Hogan - he will point you in the right direction.....
Cheers
Insider
Speak to Paul Hogan - he will point you in the right direction.....
Cheers
Re: Beating the Taxman!!! Minimising taxes on shareholders
A very good question! - Anyone know the answer?
insider said:Sounds interesting but how would a resident of Australia who has never left the country do something equivalent or close to something like this?
A very good question! - Anyone know the answer?
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Re: Beating the Taxman!!! Minimising taxes on shareholders
www.google.com
insider said:Sounds interesting but how would a resident of Australia who has never left the country do something equivalent or close to something like this?
www.google.com
theasxgorilla
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http://www.offshoresimple.com/offshore_companies.htm#investment
There are also two quotes at the top of this page about tax. I suggest anybody who gets that deep down feeling that this is cheating should read those quotes.
There are also two quotes at the top of this page about tax. I suggest anybody who gets that deep down feeling that this is cheating should read those quotes.
RichKid
PlanYourTrade > TradeYourPlan
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Hi Insiderinsider said:I'd like this thread to be about techniques and strategies that can be used to minimise the amount of tax paid, hence; so we can pocket more!!! Please contribute...
Check out pooled development funds, a thread on it here if you'd like to continue the discussion on that specific topic: https://www.aussiestockforums.com/forums/showthread.php?t=3627&highlight=pooled+development+fund
http://www.tridentpress.com.au/webcontent95.htm
I recently bought this book for my brother and have just started reading it myself. Packed full of info but a little hard for a simpleton like myself to get my head around.
Also a lot of other really interesting books on the site, check it out...
I recently bought this book for my brother and have just started reading it myself. Packed full of info but a little hard for a simpleton like myself to get my head around.
Also a lot of other really interesting books on the site, check it out...
theasxgorilla
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insider said:
From Australia, yes. Did you read the last few sentences from the link I posted?
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theasxgorilla said:
There is nothing startling in that paragraph. You need to read it within the context of Australian tax legislation.
Cheers
Duckman
Knobby22
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Re: Beating the Taxman!!! Minimising taxes on shareholders
I agree with Reece. Trusts are the answer.
If you do the dodgy scheme mentioned and get caught you will get fines etc. andlose heaps. If a sceme is done purely to reduce tax then the taxation office can easily declare it illegal.
K22
reece55 said:
I agree with Reece. Trusts are the answer.
If you do the dodgy scheme mentioned and get caught you will get fines etc. andlose heaps. If a sceme is done purely to reduce tax then the taxation office can easily declare it illegal.
K22
rub92me
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It is okay to let the money accumulate in your offshore account. The tricky bit comes when you want to get it out I suppose. If you take it out while resident in Australia, then surely those proceeds would be taxable?theasxgorilla said:
theasxgorilla
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Oh the guilt!
KERRY PACKER: Of course I am minimising my tax. And if anybody in this country doesn't minimise their tax, they want their heads read, because as a government, I can tell you you're not spending it that well that we should be donating extra!
KERRY PACKER: Of course I am minimising my tax. And if anybody in this country doesn't minimise their tax, they want their heads read, because as a government, I can tell you you're not spending it that well that we should be donating extra!
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Follow Warren Buffet's example and just don't sell your investments, or at least keep trading to an absolute minimum. Tax is not due until you realise the gain.
I've found the hard way (trial and error) that I basically make more money by trading less. I can't count the number of times I've "locked in" a 20% gain, only to watch it become a missed opportunity for a 100% gain a couple of years later. This strategy (being patient) has the extra benefit of reducing tax.
I've found the hard way (trial and error) that I basically make more money by trading less. I can't count the number of times I've "locked in" a 20% gain, only to watch it become a missed opportunity for a 100% gain a couple of years later. This strategy (being patient) has the extra benefit of reducing tax.
theasxgorilla
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exgeo said:
Except if you live in a country with wealth tax that is levied annually on your net worth.
