Tax Fitness

1973 - Nugent Hand Bank

8/14/2018 2:52 PM

Nugan Hand Bank was an infamous Australian merchant bank that was involved in drug smuggling, arranging weapons deals, providing a front for the United States CIA, money laundering and tax evasion schemes (including the Bottom of the Harbour).

1970 – Bottom of the Harbour Tax Avoidance

7/31/2018 12:32 PM

Bottom of the harbour tax avoidance schemes involved stripping a company of its assets and leaving it with unpaid tax liabilities.

1953 – Captive Insurance Companies

7/17/2018 9:54 AM

A captive insurance company is where a parent group creates its own licensed insurance company to provide coverage for itself.

The Bachelor Tax of 1927

7/3/2018 3:21 PM

The first bachelor tax was introduced in 9 AD by emperor Augustus to encourage marriage. It was called the ‘Lex Papia Poppaea’, and apart from taxing bachelors also taxed married people with no children, and those who were celibate.

The Liechtenstein Foundation of 1926

6/22/2018 12:44 PM

The Liechtenstein foundation has its legal basis in the Persons and Company Law (PGR – Personen- und Gesellschaftsrecht) of January 20, 1926, and is extremely flexible as it may pursue any lawful purpose.

Switzerland Became the First True Tax Haven in 1918

6/19/2018 12:15 PM

Switzerland was the first ‘true’ tax haven and became a tax haven immediately following World War I.

The First Self Managed Super Fund was Established in 1915

6/12/2018 12:18 PM

The first SMSFs were established in 1915 to take advantage of the original tax exemption for super funds in the 22-page Income Tax Assessment Act 1915.