El Z you really do yourself no favours taking this tone and extrapolating everything out to the extreme scenario. Perhaps one of Mr Lange's "pause for a cup of tea" is in order.
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Jonu, I asked you a straightforward question, you didn't answer it. On what planet is it OK for most to have to obey the 'rules', but for wealthy others to completely bypass them? Planet Key? Where is that video when I need it!
Is this the kind of thing you're keen on Jonu? Go for it. Look at the left-hand-side PDF.
http://designertrust.com/
"A good man leaves an inheritance to his children's children, helped by dodging the taxes ordinary people are forced to pay".
[QUOTE=elZorro;616731]Jonu, I asked you a straightforward question, you didn't answer it. On what planet is it OK for most to have to obey the 'rules', but for wealthy others to completely bypass them? Planet Key? Where is that video when I need it!
Is this the kind of thing you're keen on Jonu? Go for it. Look at the left-hand-side PDF.
http://designertrust.com/
I didn't see I had anything to answer El Z as you were off on one of you flights of fancy and proposing scenarios that I hadn't suggested.
I see this "Designer Asset Protection" web page has been in operation since 2005. Guess the previous lot didn't seem too bothered either. And am I keen on it. No, and never suggested I was. Do you take milk in your tea?
Jonu, I think you're missing something. Back in 2005, NZ's foreign trusts were paying tax of 28% on income earned in NZ. Labour left them in a sensible position, so there wasn't much interest in them. It was John Key's move to change the tax rate to nil after he got into power.
No I'm not missing anything. We were talking about tax minimisation in general and also charitable donations. I think any NZ chartered accountant will tell you they will minimise your tax. It's what they do. Should the tax system be more simple and transparent? I would say yes. Will any administration do this? No, they won't.
If we don't charge them tax for monies earned in NZ, they don't pay tax in any jurisdiction. Add to that, in general we don't have a clue who they are, or how many investments they have, whether the money is tainted or not, or what country they're from. Argo, we are a tax haven.
http://www.stuff.co.nz/business/worl...+20+April+2016
Well some of that is accurate. So Ez is not completely bonkers.
He is not referring to legitimate charitable support, he is referring to however those use foundations to minimize tax or rather ha pay tax elect where their funds go rather than pay tax. If everyone did this as EZ said, we would have no government income to pay for basic services.
The fact that you can set up your own church and claim charitable status is incredible to me.
Its about time Churches paid tax as well and they separate out their charitable works if need be.