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?

HALF THE STORY?

,,..<<.., as a trust can not hold cash
without distributing it at years end.>>

THERE MUST BE EXEMPTIONS TO..PAY BILLS
or your talking only of actual cash..?
[ie paper money/coins]..
thats a loop hole my chequeing account can drive a trucK THROUGH]

ANYHOW I FEEL THESE ASSETS MUST BE assesed
and some form OF TAX MUST BE PAID..TO Govt..[read the people]
fOR THE PRIVLEDGE OF HOLDING THE ASSETS PLUS USE AND ABUSES..IT ALLOWS

HEC I CAN EARN 5 SILVER DOLLARS..WORTH HALF a million dollars tO A COLLECTER[OR A MONEY LAUNDER]..that pays the value as rare coin/yet the tax reciept shows paid 5 DOLLARS..too many Are far too clever

once every 7 years they must die..on paper[live by the sword/die by the word]..7 YEARS Then list every asset on line and auction off evERY BIT OF THEIR ASSETS.patent right production etc etc[HEAPS THERE FOR OUR Pensions to by real valuese..and fOR THE GOVT TO GET SOMETHING Back

the longest any monopoly can hide [or be hid]= sevenb years]
we each need declare our assets possESIONS OBLIGATIONS EVERYTHING[ENTERD INTO A BOOK OF LIFE]

THEN IF ITS NOT IN THE BOOK IN YOUR NAME
GOVT SELls off the rest ..GIVING US EACH THE SAME CREDIT LINES

REDISPERSE ASSETS..THEN LET THE MARKET SORT it out
govt gets the TAX /TAX THE TRANACTION/govt underwrites the qualitu of the asset

ie govt pasys all insurance/HEALTH AUTO 3 RD PARTY
ACCIDENT/TRAVEL home and content PET/LIFE ASurance death insurance loss of earnings insurance underwriting SHARE ISSUE INSURANCES DEFAULT INSURANCE INVESTMENT INSURANCE ETC ETC ETC..

govt underwrites..ALL INSURANCE
VIA THE TRANNIE TAX...AND Death duties..let the dead tend the dead

the living are over serving the dead corpsE

Family trusts also allow for succession planning and the transfer of wealth to future generations without immediate tax consequences.
Another key feature is the critical asset protection the Family trusts also allow for succession planning and the transfer of wealth to future generations without immediate tax consequences.
Another key feature is the critical asset protection they give to the country’s thousands of small business operators and farmers whose companies often operate through a family trust structure.
Family trusts are a feature of the Australian business landscape, says the Institute of Chartered Accountant’s Paul Stacey.
“They very much serve a legitimate commercial purpose,” he says. “As well as providing working capital for a business, they protect a business owner’s personal assets from their business assets if a business goes down the gurgler.”

579,
QUOTE..<<..They very much serve a legitimate commercial purpose,” he says..“...[edit]..they protect a business owner’s personal assets from their business assets if a business goes down the gurgler.”>>

YET FUNNY ENOUGH THEY DONT DIE
THAT'S THE PROBLEM..THE LIVE on on this fiction of dying..yet dont

so i reckon you can bet..it wont
and govt gets the tax..then when it goes bust govt bailout you/personally..NOT YA BUSINESS

IE GOVT GETS TAX YOU GET Protection
not a means to cheat..AND FAR TOO MANY ARE/REGARDLESS OF EXCUSE

one person one trust..limitations must apply
you can only serve this lie of 'protection' so far...no FURTHER

rehctub,

One of the unfortunate outcomes of better mass communication and especially the internet, is that we are well informed on the 'beautiful people' and those who excel in the world. The media love the stuff because envy, jealousy and hate sell to an audience. The women's columns and daytime TV are full of it.

I don't know that many maintain wealth through luck and mates alone. Maybe some do, but we are usually unaware and not acknowledging the work and singular dedication the wealthy and successful put into it, even where 'success' is inherited and they seem to get it on a platinum spoon.

BTW, we often gain a great deal by those accumulations of wealth being passed on. Wealthy people do innovate and put money into things the government would never contemplate doing.

By coincidence, when I first started work there was a fellow in his early fifties who was in a lower-middle supervisory job who had inherited a string of butcher shops in good locations. That was back when butcher shops made damned good money regardless. However, never having shown any interest in the business (or work or study) and being a gambler and a drunk, this fellow lost the whole fortune, selling off shop by shop. It took him around ten years. Then he got a job as a returned Digger ('late to PNG' army central command clerk).

The point of that story is that the younger Packers and others must learn and apply the appropriate skills, and make the personal sacrifices, including the personal scrutiny and scurrilous allegations that tall poppies are always subjected to by editors who sell to an audience.

I am not saying you make your suggestions out of envy, but I do have more than faith that the well-off are rarely given an easy ride and they pay for it, regardless of their origins. Maybe oil sheiks are exceptions. However, the higher up the tree the monkey climbs the more of its @rse is seen, criticised and taxed of course.

579, ....They very much serve a legitimate commercial purpose,” he says. “As well as providing working capital for a business, they protect a business owner’s personal assets from their business assets if a business goes down the gurgler

They used too, but not anymore.

A few years back I had to instal and extra line of protection, whereby I removed myself as trustees, and set up another company forth sole purpose of being trustee for that particular trust.

You see the problem is that if you are the trustee, and the trust owns property, as most do, then your name appears on the title, whereas with a company as trustee, it doesnt. Hence persuading most potential plaintiffs from perusing you personally.

As for cash, most trusts are discretionary trusts and they must distribute all monies prior to June 30, as trusts do not trade, they simply hold assets including cash.

They are simply an entity.

OTB, I am about as far from a tall poppy as you can get. Mainly because I have been targeted most of my life, from working too hard and taking too many risks.

Unlike many, I took insertion from the well off.

Having said that, I stand by my suggestion that trusts etc used to accumulate and house assets, at the tax payers expense, should not allow this assets to be passed down tax free, as the tax credits that have been enjoyed along the way should be repaid, even if not entirely.

As for your mate, I know a butcher who at thirty inherited very big business in Brisbane. That was about late 90's.

He was left $47 million. He sold one shop/building for $11 million recently. He has now lost the lot.

Expensive boats, houses, even V8 ute race car. All gone. His late dad must be turning in his grave, as he is still to this day considered by many as the best butcher Brisbane ever had.

You're right about butchers I had two shops that I couldn't spend the all money But those days are gone bar a very selected few.

rehctub,

My family have always done the hard yards and made a virtue of it.

On the dead bed many come to realise that the best things in life were free, but they pursued materialism instead.

Some light relief with The Flying Lizzards, 'Money thats what I want' (1979)

http://www.youtube.com/watch?v=W25_jgiY51I

A family friend has enjoyed the best quality of life - there was never a job that was up to his expectations. He has seen every sunset, enjoyed walks on the shore and never missed a social event. He will live to bury us all and go home wondering why we were so stupid.

That should be death bed. Oh well, multi-tasking does that to me.

THINK/WHY WE 'NEED'..A NEW TAX...to bailout more 'top/down-clown\

arjay/Tquote..<<>.This pre-occupation with illegals is a just a distraction from the real game of looting our economies and keeping us peasants subjugated>>
http://forum.onlineopinion.com.au/thread.asp?article=16224&page=0
see how they sell suberbia..O US..in sitcoms
we bought into the dream..instead of family we are 'the team'
or the state..or the nationality..or the sex..or the skin..GROUP/MOB

my point is we are all..being made over into clones..
ONE BRUSH TARS US ALL/WE ARE ALL SINNERS/WE ARE ALL IMMIGRANTS.

we are all children
of the one most holy living living merciful wholly spirit.

how to explain..to loved ones..whats going d
own globally is they give us foodstamps or subsistence dole/
where most half/govt income..goes back direct to some capitalist ..landlord/tax free off shored trust..stealing govt bailout cash

[we ARE SEEING REAL ESTATE UP AGAIN IN IRELAND..yet still 5000 ghost estates..they bought up pennies in the pound..stand empty

but/what if..we could..get cash/from govt via rent assistance for immigrants ..nice sure govt cash-flow..to fill to fill the capitalist bill..dole/rent assistance..

[yet more drain/from the public purse..filled only by selling more public services..[privatisations..of govt income streams..or by ever more sin taxes or fees fines revenue acces chargES/other increases in govt theft..[read tax burden]

WE ARE SEEING HOUSES GO UP/..YET/SEEING EVICTIONS AND REPOSSESSIONS..homeless joblessness broken homes..go up to

THEN..HUGE GOVT..bailout/mates..with TAX ADVANTAGED FIRMS CREATING THE NEXT INVESTMENT BOND..bubble..[bunded RENTED HOUSING]...damm caps..ie the next bubble[rental houses paid for immigrants via dole payments]

its a hidden bailout/
THE GROWTH MODEL DEMANDS
but..ONLY PUTS further NON PRODUCTIVE/Burden on us...ALL .GLOBALLY..
http://rss.infowars.com/20140417_Thu_Alex.mp3

i wish people would..get the facts
http://whatreallyhappened.com/node
GIVE THINGS A REST
http://forum.onlineopinion.com.au/thread.asp?article=16225&page=0

Sorry OUG, too hard again.

Boy people are stupid. If we had our own Govt banks like China and Russia, we would not need all these taxes. We are just raising taxes to pay OS central banks debt which they conjure out of thin air. Why don't we create our own money for growth and inflation ?

Reform the system and say no more taxes.

Or better still Arjay, start our own 'peoples bank' with our collective super, then we can charge the government interest or default interest if and when the waste it.

But seriously, anyone wh nthinks anyone deserves more than A half a mill TAX FREE has to be kidding.

Now on the other hand, if mum and dad leave two mill between 4 kids, there's no tax.

What's unfair about that?

no fair minded person minds paying tax. The problem is when you have economic vandals like the previous Government filling the union coffers, the environmental industry coffers, the indigeneous industry coffers and the Obeid coffers. Abbotts brain freeze in paying well off mothers obscene amounts is also nausiating. By all means pay more tax but get rid of these leech industries first. The renewable energy con has added billions to the charlotans while being of no use to anyone except to cause higher prices to electricity consumers. Add abolishing the socialist propaganda outlets (ABC/SBS) and Australia's bottom line would improve very quickly and people paying tax all their life would not be slugged with more.

Well, one question that immediately comes to mind is how much (if at all) the funds to bequeathed have already been taxed before they arrived in the trust?

..

I actually thought there was a few good bits in that rant *Runner* but it degenerated a bit at the end i.m.o.

Let me ask you this? If, hypothetically, we could transport you to that place referred to as "The Garden of Eden" in the Bible, how much of a foul and polluted nature do you think you would have to breathe in?

..

Whilst I support the "what" of that which the green movement is trying to achieve I simply do not support the "how" and I am mindful of words that go something like "even a good thing can be bad if done in the wrong way and or at the wrong time."

I am opposed to the Carbon Tax and market based schemes which seeks to artificially inflate the the price of "dirty" energy in an attempt to provide a competitive advantage to "cleaner" forms of energy production.

Having said that, I prefer direct, swift and assertive action, which is to say, where and when it is technically feasible to push up renewables (and clearly it is in some places) to contribute and then ultimately maintain and sustain base load++ AND where and when you can migrate workers from one job into another solid and reliable "living wage" solution, then we should do so promptly and leave what we can of the fossil fuels in the ground.

Unfortunately, you are dealing with the

"Cult of the Dead Wood Pencil Fiddling Wig Parasite"

which is arguably the worst blight, pox and stone around the neck of this nation. I suggest that some of you need to be less concerned about those pensioners on $600 a fortnight and more concerned about those on $600+ per hour.

..

As for the ABC, well, it really is a pathetic, tin pot little service but the PoliTicks must be scrutinised by a legitimate intelligentsia i.m.o.

As for inheritance more generally, it really is a pitifully neglected area of the law, and that arguably by populist design.

You see, whilst inheritance is a state based issue, there is very little in the way of significant differences between them.

For example, it is common that there is a moral compulsion for those writing their wills to provide for those who most need it AND NOT whomsoever they please.

And when it comes to disputes, applicants need but evidence their financials at the time of the death of the relevant party and also at the time of their application, a bit about the relationship and the details of their employment by way of affidavit (wherein lies the hook) and lodge it, keeping in mind that the court may penalise you for being verbose and irrelevant (at least in W.A. when last I looked)

However, what usually happens, is that first one or more of the kids will start helping out the folks with their affairs, maybe an authority or a power attorney will be drawn up, a joint bank account will be opened, assets will be liquidated and dear old mum or dad will then be certified and locked up in one of these filthy holes some people call nursing homes and when they die, the death certificate will be taken to the bank and someone will run off with all the loot and not lodge probate.

Any aggrieved parties must then beware as it is not uncommon for some wig parasite or other to try and fleece you for a quick $100,000 for this simple task.

..

So, thinking about the NDIS, why should tax payers have to pay for those who need services if they have already been screwed over by their own family? (and you can bet that there is plenty of them)