A friend attended the Freedom Summit Seminar and showed me some info on how to get out of the Tax System. This guy has found a way to do it legally. Even if you still want to pay tax, watch the first 15 mins of the second video. It's an eye opener on how this system of tax came into existence and how you voluntary entered into it. But there is a way out of it! Watch the full vids to see how to voluntary get out of it! Let me know what you think. My mate is trying it after this financial year finishes. [youtube]http://www.youtube.com/watch?v=tkViV3mH8DI[/youtube] [youtube]http://www.youtube.com/watch?v=6hT3QGKBoxw[/youtube] http://www.createafoundation.org/
Being a new Father to a baby boy has taken up lot more time than expected! lol Spending time with him is more precious than bullion
Interesting second video. I watched the first 15-20 minutes of it and was going to turn it off, sounded like a lot of bollocks, so I am glad they got into some of the more technical aspects of a foundation.
I'm all for them, and it'd be great if there was a 100% chance of not having an audit / ATO legal battle sometime in the future.
The ATO typically don't promote this type of thing. Also I don't think foundations appear on ABN or ASIC searches as they're 'Private'. Just like many trusts are. Here's one of the ATO forms mentioned: https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/BUS38509n3346_5_2012.pdf
Ok, so what's the deal? If non-profit "foundations" are so magical why doesn't everyone use them? And they kept saying in that 2nd video that you make your own rules, charge what ever you want to the foundation, and then decide (or not) to pay whatever percentage of "surplus" toward your foundation "goal". And there is no government or tax department oversight, like it's some magical untouchable tax-free fairyland. What's the catch?
Isn't ikea non-profit? Edit: still is and is getting away with paying 3.5% by doing this; [youtube]http://www.youtube.com/watch?v=xvxRePIv85Y[/youtube]
I thought IKEA was Swedish!?. I guess this explains how a Swedish company could actually survive its country's crippling tax and labour laws! Its really Dutch.
Just at a guess as i have not watched this video yet i would say that the main reason (if this is doable) would be the amount of effort required to do this. Good old John and Jane Doe are most likely not going to have the nouse or the inclination to do this sort of thing . For that matter J & J Doe may not even understand the massive savings that could be had by using any loop holes. When all is said and done, if it is doable then the less people that know about the better. Taking the time and expense to close a loop hole used by a few is not time well spent, should the MANY get on board then this would dam the loop hole. Shall have a look at the vid tomorrow and then update my view