This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

Beating the Taxman - strategies for traders to minimise tax

Jump to new
He's pleading guilty. Will be interesting to see what he gets. I pulled this from the ABC website:

"From what we understand, the scheme is really pretty straightforward. It's about setting up offshore entities, usually in a tax haven, and then it's about the creation of an artificial invoice, a fake invoice if you like, for a deduction and so you pay Australian sourced income as a deduction which you claim as an expense in Australia, offshore, and then you seek to bring that money back via a series of countries or networks or bank accounts, back to yourself at some other point in time as a non-taxable amount."

This is tax avoidance, BIG TIME, hence the guilty plea no doubt.
 
BVI, the Caymans and Bermuda are the ones I come across most frequently as an accountant......

Cheers
 
insider said:
Gonna have to grab a copy... I feel like a mexican druglord dealing with all this off shore business... very exciting...
Click to expand...

Hey insider I'm looking at this website as well and am considering purchasing some of the books - have you grabbed a copy yet? How's the info in them? Definitely would want to hear from the others who've purchased from Trident Press - are these guys worth their value for money? Am just starting out investing and would like to know how to minimise tax and having appropriate structures to help. Thanks guys...
 
sounds like an aweful lot of hassle & risk to take to avoid tax.....especially when there are so many ways to pay bugger all tax here LEGALLY
 
money tree said:
sounds like an aweful lot of hassle & risk to take to avoid tax.....especially when there are so many ways to pay bugger all tax here LEGALLY
Click to expand...

It really depends on your situation. What you say is correct, if you are in the latter years of your working life, with Superannuation benefit time just around the corner then there you have it...an effective "tax haven" in your own country.
 

Well I haven't grabbed one book yet... I've spoken to an accountant though... I gonna do some indepth research on this stuff for UNI
 
Yeah when I go over to Brazil I'm gonna set up one of those off shore accounts and business things
 
Hey what are your thoughts on spending the money overseas on exotic cars and then shipping them back to Australia? Does it raise flags?
 
insider said:
Hey what are your thoughts on spending the money overseas on exotic cars and then shipping them back to Australia? Does it raise flags?
Click to expand...

This is the hardest part of the whole affair. You've managed to make money trading the Aussie markets from O/S with your offshore entity paying little to no tax on your gains, now how do you get it back into the country? I had a friend who experienced this exact connundrum and he couldn't get it through. The ATO is pretty cluey.

I dare say that if you were audited you'd need to make sure the exotic cars were not in your driveway OR backyard.
 
Couldn't you say that you went to the casino and won heaps in black jack or something? What about getting a trusted relative to send the cash over? What about physcially bringing the cash?

I'm gonna do this stuff oneday
 
collecting is deemed a tax-free "hobby".

therefore, you could sell your "collection" of classic cars with no CGT.

doesnt have to be cars. Some people make a good living "collecting" paintings.
 
money tree said:
collecting is deemed a tax-free "hobby".

therefore, you could sell your "collection" of classic cars with no CGT.

doesnt have to be cars. Some people make a good living "collecting" paintings.
Click to expand...


LOL, if only we can "collect" shares as a hobby because we love the certificate it's on, or for whatever other reason...??
 
If I sold my day to day 'used' car, what tax would I need to pay? Any?
 
money tree said:
collecting is deemed a tax-free "hobby".

therefore, you could sell your "collection" of classic cars with no CGT.

doesnt have to be cars. Some people make a good living "collecting" paintings.
Click to expand...

As I've mentioned on this forum before - Money Tree tends to over simplify issues.

It is not as simple as saying collecting things means "hobby".

Just be careful basing your ITR on that assumption.
 
Lol theasxgorilla, i can see u still hate the TAX man with more passion .... I thought distances makes the heart grow fonder?

Example A) You are farmer.
I believe there is farming conferencing in country X or Y. You just have to prove it. The airfare, meal and hotel for that conference is tax detectable.

Hence find a share trading conference and go to it. …..
Just have to prove there was one there etc ..

CGT gain to reduce, there must be a GCT loss.

GCT is one of the worst things on a free market ….
 
My thoughts to those thinking of avoiding tax by putting their money offshore:

In my humble opinion it would not be worth it. Just put your energy into making lots of money and using legitimate means to minimise tax. No. 1 it's fun and no. 2 it will give you much greater peace of mind. I have watched my ex slowly dig himself into a big hole by having investments o/s and not declaring them here so that now if he ever wanted to change this situation it is just too hard and unpleasant an issue for him to deal with. He never took the time to check out our tax laws properly and ways in which he could have easily minimised his tax here and invested here and I know deep down the whole thing causes him a great deal of mental anguish and really I think messes with his mind. Watching it all I also have no respect for him and think he is an idiot. It probably doesn't seem like a big deal for you at the moment to go down that path, but it can end up being one.
 
insider said:
Hey what are your thoughts on spending the money overseas on exotic cars and then shipping them back to Australia? Does it raise flags?
Click to expand...

Its alot cheaper to buy nice cars overseas as well compared to in Aust.
I know you're referring to probably something Italian when you say exotic, but for example, BMN M3s, here they cost $140k. The Yanks pay $47k.

What a joke

I dunno why we gotta pay so much more...... probably coz we buy less but still... thats a fair difference....
 
You must log in or register to reply here.

Similar threads

February 2025 Stock Competition Entries!
5 6 7
Replies
131
Views
8K
Craton
January 2025 Stock Competition Entries!
3 4 5
Replies
96
Views
7K
Joe Blow
  • Sticky
November 2024 Stock Competition Entries!
2 3
Replies
40
Views
4K
Sdajii
  • Locked
  • Sticky
March 2025 Stock Tipping Competition Entry Thread!
2
Replies
38
Views
2K
kenny
December 2024 Stock Competition Entries!
2 3
Replies
54
Views
4K
rcw1
R
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...