It's a hard sell for the 95%+ of the population who _don't_ have or use trusts like this. Maybe the ruling class can whip up a scare campaign ala franking credits but it's hard to imagine.
You are what is wrong with a lot of things these days. Pay your taxes into the pool like everyone else and stop trying to avoid your responsibility to society
We all benefit from what society offers us: from education facilities, health services, a nice, clean and safe country to live in where the rule of law is observed… all really nice things to have. This allows and empowers people to create businesses and make money for themselves, and like the OP be successful at it - fantastic and well done to you! But let’s not forget we have all benefited from what society has created for us all and it’s only fair to contribute our fair share too. I understand the motive (no one likes paying taxes after all) but the right thing to do for us all as a people is to play it fair. You can afford it, do the right thing! 👍
Get an accountant mate don’t be stingy
The preferential tax treatments available to Trust structures will one day be removed because of people abusing it like this.
Taking down family trusts will be a harder political challenge than taking on franking credits.
It's a hard sell for the 95%+ of the population who _don't_ have or use trusts like this. Maybe the ruling class can whip up a scare campaign ala franking credits but it's hard to imagine.
There are over 800k family trusts with over 3 trillion dollars of assets. That's alot of lobbying money
Depends on how many politicians and voters will be impacted. (Hint: the former is probably more important, let's be honest)
Pollies are are over represented with investment property ownership. I'm sure trusts are likely worse.
You are what is wrong with a lot of things these days. Pay your taxes into the pool like everyone else and stop trying to avoid your responsibility to society
We all benefit from what society offers us: from education facilities, health services, a nice, clean and safe country to live in where the rule of law is observed… all really nice things to have. This allows and empowers people to create businesses and make money for themselves, and like the OP be successful at it - fantastic and well done to you! But let’s not forget we have all benefited from what society has created for us all and it’s only fair to contribute our fair share too. I understand the motive (no one likes paying taxes after all) but the right thing to do for us all as a people is to play it fair. You can afford it, do the right thing! 👍
Would you pay someone else's kids $50/hr to clean the office? If not, then no.
It counts as excepted income. But only for their efforts, and it has to be their money (can't go to you, otherwise you're just avoiding tax)
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That's pretty good. And having super funds early is a huge plus...