Clive Palmer buys daughter a $5.3 million yacht for her birthday

Mr J said:

Who wouldn't want an extra 5 million? A boat like that at her age, her friends are in for a good 10-15 years.

Trainspotter, interesting you brought that up. I did wonder whether there might be any other reasons for doing this. A $5 million boat is quite large, and a $300k speedboat is usually the go around Sydney Harbour, especially for a kid.

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First thing that jumped into my mind as well. Buy assets in the kids names like 5 million dollar boats does not make sense unless the acountant has advised to do so? Whose name is on the registration papers? Who is legally responsible for the boat? Can't purchase RE as kids have to be 18 (unless inside a trust named as beneficiary) So what's the next best thing ? A bloody big boat I guess .... ??????? Very peculiar IMO

trainspotter said:

First thing that jumped into my mind as well. Buy assets in the kids names like 5 million dollar boats does not make sense unless the acountant has advised to do so? Whose name is on the registration papers? Who is legally responsible for the boat? Can't purchase RE as kids have to be 18 (unless inside a trust named as beneficiary) So what's the next best thing ? A bloody big boat I guess .... ??????? Very peculiar IMO

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I guess if he made the purchase for tax reasons thats not soo bad... but isn't there a cap on the amount you can give in gifts to family in any given financial year?

prawn_86 said:

If you look at the %'s its fine. A lot of middle class families help their kids buy cars or their first house. Lets say a car at $5k, middle class family worth $1m all up, this is .5%.

Big Clive forking out $5m is only .001% of $5bill

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Totally agree...and anyway who wants to put a price on love

jono1887 said:

I guess if he made the purchase for tax reasons thats not soo bad... but isn't there a cap on the amount you can give in gifts to family in any given financial year?

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I have no eye dear ? Might have to talk to the accountant on this one.

Not something I would normally comment on but what the hell, a bloke worth billions buys his daughter a boat, the kids will get the lot eventually, I am sure the yacht is something that he would see as his personal legacy to her, its a simple gesture as far as his wealth goes and sets up her social status for years to come with her friends etc. Ive never been one to knock tall poppies as it usually stems from jealousy, envy or sour grapes, this bloke has worked for his money and if he wants to spend it good on him, he admitted himself recently that he has a problem with his unhealthy lifestyle so it must weigh on his mind, maybe if he gave the journos a spin on her boat they might find something else to critise and sook about. I lost my father when I was 17, we werent rich but the personal things he gave me take priority in value over any thing else I gained. Just my rant feel free to shoot me down lol.