The Australian seems to have summed tax planning up quite nicely:
The essence of tax planning is that a lawyer will fly close to the wind, invoke the letter and the loophole of the law, if you like, to maximise the interest of the client.
And this in an article entitled Tax planners become an endangered species which laments the 'draconian powers of the tax office' to prevent such action.
Some of aren't so worried about the future of this particular species.
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Ah Richard, the Australian tax system, what ever they think about their tax system it is not as bad as ours, I am speaking as someone who hold FPNA status with the National Institute of Accountants (one of only 3 institutes in Australia I may add).
The Aussies often think they are hard done to, then you mention that over here in the UK once your estate goes over a certain limit you have to pay Inheritance Tax (IHT), it’s about this point they go white, they can’t understand that once you have acquired assets over your lifetime out of already taxed income that your family get hit with another tax once you die.
The moral of the story, our friends in Australia may think they are taxed left right and centre, but hey, at least when you die they leave you alone, unlike the UK!
NO IHT in Australia, just thought I’d mention it if you are thinking about where to go with your wealth when you retire …. oh dam, have I just given out some tax planning advice Richard, sorry, that’s your bag not mine.
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