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…
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Capital city: Hong Kong Currency: Hong Kong dollar (HK$) Population: 7.3 m (93.6% Chinese) Language: Chinese & English GDP …
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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…
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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…
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Capital city: Port Vila Currency: Vanuatu vatu (VUV) Population: 286,249 (98.5% Ni-Vanuatu) Language: Bislama, French & English …
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Tax planning strategy 181 Australia now has over 570,000 self-managed super funds (SMSFs) that hold $600 billion of investments. The ‘average’ super fund now has a balance of over $1 million, although 45% of funds have less than $500,000 of assets. The SMSF segment is fast growing and now accounts for 29.1% of the…
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Capital city: Alofi Currency: New Zealand dollar (NZD) Population: 1,470 (predominantly Polynesian) Language: Niuean (official) 46% & English 43% GDP: $15 million (Est) Niue is one of the world’s largest coral islands and is located in the South Pacific Ocean, east of Tonga. It’s known for its limestone cliffs,…
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Tax planning strategy 182 The central feature of a tax haven is that its laws and other measures can be used to evade or avoid the tax laws or regulations of other jurisdictions. Although there is no universally accepted definition of tax havens the following characteristics are indicative of it: No or nominal taxes.…
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2