Tax planning strategy 186 A holding company is a parent corporation that owns enough voting shares in another company to control its policies and management. A holding company exists for the sole purpose of controlling one or several other companies. Holding companies also exist for the purpose of owning property such as real estate, patents,…
Alphonse Gabriel “Al” Capone (c1899 – 1947) was an American gangster who attained fame during the Prohibition era as the co-founder and boss of the Chicago Outfit. He gained the nickname “Scareface” after being slashed in the face by Frank Gallucio while working the door at a Brooklyn night club. Capone was born…
Capital city: Luxembourg City Currency: Euro (€) Population: 576,249 (2015) Language: French, German & Luxembourgish GDP …
Tax planning strategy 188 A Child Maintenance Trust (CMT) is a special type of trust set up and established with income earning assets (typically shares or property) to provide support for a child (or children). Under the CMT deed the capital assets can only be distributed to the children for whose benefit the trust was…
Mesopotamia is a name for the area of the Tigris–Euphrates river system (corresponding to most of Iraq, Kuwait, the eastern parts of Syria, and regions along the Turkish-Syrian and Iran–Iraq borders). Widely considered to be one of the cradles of civilization by the Western world, Bronze Age Mesopotamia included Sumer and the Akkadian, Babylonian, and…
Capital city: Hong Kong Currency: Hong Kong dollar (HK$) Population: 7.3 m (93.6% Chinese) Language: Chinese & English GDP …
This strategy is ideal for taxpayers who meet two criteria: They own a company with a franking account surplus (normally as the result of profits from operating a business or investments, the company paying tax and retaining those profits). The taxpayers (shareholders in the company) currently have nil or low taxable incomes (normally due to…
The US is the world’s largest economy with a gross national product (the value of all goods and services produced) of $18.5 trillion. The US accounts for a massive 24.5% of the world economy. The election of Donald Trump as President of the US will bring many changes. Probably none more so than his promise…
Capital city: Avarua Currency: New Zealand dollar (NZD) & Cook Islands dollar Population: 13,100 (2016) Language: Cook Islands Māori & English GDP: US $295.2 million (2016) The Cook Islands is…
Capital city: Singapore Currency: Singapore dollar (SGD) Population: 5.6m Language: English, Malay, Tamil, and Mandarin GDP: …
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2