I feel with the amount of discussion about taxes, that this topic needs it's own thread.

My simple question is, if a business asset, being a house, farm, company, anything is owned and operated through a tax minimizing trust, is it fair that that asset gets passed down free from inheritance tax, only to be operated once again under the tax minimization entity, that being a trust.

I also think there should be a cut off point, say $500K PER SIBLING with regards to inheritance, because let's face it, houses don't sell for $60,000 any more. Surely someone being gifted $500,000 tax free is sufficient.

A trust is a non tax paying storage. The money in the trust can only be taxed if someone draws against it. So you can give it to anybody as long as they do not remove $ from the trust.
Best only to draw wages from a trust and leave everything as working capital.

I AGREE..WITH incorperate trusts companies paying a death type duty
every say 7 YEARS..IT MUST DIE ON PAPER..PAy 10 percent 'death duties/figured out by austioning all their assets oN LINE

THEY MUST BUY BACK ALL THEIR PATENTS
or else the info gets shared.held away forever..IN SECRET 'TRUSTS'..these secret hiding places NEED AUDITING..EVERY 7 YEARS..ist pay their fair share/TIME THEY PAID THEIR OWN WAY

THEY BEEN GETTING AWAY WIth murder globally/liKE THIS
http://12160.info/group/whatreallyhappenedradiowebsite/page/yt-shows
BUT THIS ONCE it went 'our' way..force didnt work
http://rss.infowars.com/20140414_Mon_Alex.mp3

nexT WWE MAKE THEM NO LIVING CORRUPTION MAchines pay their own way

die/death duties
iF THEIR NOT SERVING LIFE THEY BRING A Slow death.

WE GET AUDITED Every year bY tax office..but dEAD TAX AVOIDING INSTRUMENTS MUST PAy up/serving some mythical 'SHAREHOLDER'..when no living beings hold any VOTING SHARE/OUR Super at best is gambled on whether the share GOES UP OR DOWN.

plus a TRANNIE TAX PLease.
oh and flat rate govt payment for all pensions etc
flat rate mate..and that private PUBLIC SERVICE PENSION CASH COW DIES permanently...[how dare the servants live better than US WHO THEY SERVE
[OK FAIR IS FAIR/BUT THEY BEEN NEST Feathering thats treason
the instruments THAT DID THAT TREASON MUST DIE/must pay their fair sHARE.

SO WE Tanned his hide..where it was hid sid
and there it is on the balance RECEIVED SHEET..tax paid ASSETS ON SOLD ..at market cost...tax due paid ..OR LOOSE YOUR TAX ADVANTAGES.double tax due for avoidance..FOR THE DEAD ONLY.

NO TAX ON THE LIVING.only on entities

This topic is not really about inheritance tax, but about tax-avoidance - so weed out those tax-minimisation schemes!

Honest families who already paid their taxes in full should not be taxed again when someone dies.

For decades, successive government have allocated hundreds of millions every financial year to build indigenous housing. So where is it?

Just one example to demonstrate that government has no right to compulsorily strip citizens of more taxes for victim industries, where it (government) cannot show that the taxes already being plundered from taxpayers are producing the promised results for which the taxes were demanded in the first place.

I have no excuse if I don't pay the taxes demanded of me. What possible excuse does government have for not delivering value for money and in some cases, not producing any results at all?

You can stuff your death duties where the sun doesn't shine.

579, perhaps you need to do some research mate, as a trust can not hold cash without distributing it at years end.

Property can be held in a trust and no tax applies until the capital is realized.

OTB, I agree that much of our taxes are wasted, but that's a different topic all together.

On that topic, I would like to see an independent body established to hold our taxes and only release them when we get what we are being charged for. The previous government is a prime example of poor usage of our taxes.

As for inheritance tax on corporations and trusts, are you suggesting the likes of the Packers and the Murdocks are entitled to their multi billions of Assets tax free. Especially given the amount of tax payer funded incentives they (corps and trusts) would have enjoyed along the way.

Do you also support one person inheriting say $20 million tax free simply because they were born lucky?