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.