Insider,
1) Stop being a resident of Australia for tax purposes by spending more than 50% of the f/year outside of the country.
2) Be resident in Vanuatu for more than 50% of the year
3) Establish trust and co. in Vanuatu
4) Trade ASX (or whatever)
5) Pay no income/CGT tax anywhere.
(Hint: read ATO site)
"----------------------------------------INVESTMENT STRUCTURES----------------------------------------
Company
... Where profits are withheld, this is a better option than an individual being taxed at 48.5%...
Advantages:
Can distribute income among shareholders
Disadvantages:
No discretion over distribution of profits
As a shareholder of the company there is no payroll tax implications as profits from a company are distributed as dividends and not wages or salary.
When tax is paid by the company on profit before dividend, then you get a franking credit, which reduces your tax payable after your marginal tax is calculated because you have already paid it on the dividend if your marginal rate is under 30%.
It is never a cut and dried issue, but different for every individual depending on the individual circumstances.
In other words, trading through a company has very little benefit in terms of reducing tax payable if you actually intend on taking profits (at least in the short term)??
And it is definitely the case that you are a "shareholder" not an "employee" if you trade through a company??
Insider,
1) Stop being a resident of Australia for tax purposes by spending more than 50% of the f/year outside of the country.
2) Be resident in Vanuatu for more than 50% of the year
3) Establish trust and co. in Vanuatu
4) Trade ASX (or whatever)
5) Pay no income/CGT tax anywhere.
(Hint: read ATO site)
In other words, trading through a company has very little benefit in terms of reducing tax payable if you actually intend on taking profits (at least in the short term)??
And it is definitely the case that you are a "shareholder" not an "employee" if you trade through a company??
If you invest you money in gold or silver bullion and sell it through 3rd party (ebay), would it be traceable?
If you invest you money in gold or silver bullion and sell it through 3rd party (ebay), would it be traceable?
Dowdy, why are you so anxious to avoid paying tax?
How do you think our society would function if we all found ways to avoid it?
I pay tax, just curious that's all.
The private sector will take care of it. Sure the private sector sometimes runs a lousy job - only if it's a monopoly but if there is competition, it will always do a good job
I pay tax, just curious that's all.
The private sector will take care of it. Sure the private sector sometimes runs a lousy job - only if it's a monopoly but if there is competition, it will always do a good job
So, how did Kerry Packer manage to only pay $100 tax most years? When he was questioned my a senate inquiry, he said something along the lines of, "Why should l pay tax to a government that is just going to waste my money"
http://www.abc.net.au/7.30/content/2005/s1538560.htm
http://www.smh.com.au/news/business/like-father-like-son--james-packer-weaves-that-old-tax-magic/2007/08/22/1187462357171.html
I don't mean to necessarily be judgemental, but am interested in members' views about tax.
Yes, I know much of our taxpayer dollars are horribly wasted by governments, but I'm thinking more of the need to provide support and essential services.
Sorry, if this seems to be off topic. Maybe it should be separate thread.
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