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Finally! The Media Finally Catch Onto the Benefits of Family Trusts!
For years, accountants and business owners have told us about the virtues of family trusts. We have all heard of the Kerry Packers, the Rupert Murdochs, the local business owners, and we’ve even heard how they save tax in their businesses through the mysterious “family trust”.
Kerry Packer once said (in 1991) that if you are paying more tax than you legally have to, you are an idiot because the government do a very bad job at managing your money (or something like that)!
I’m sure we’d agree with that.
Well, the media has finally caught on too.
The West Australian newspaper has just written an article about family trusts, and how they’re growing in popularity for Australian families, where it once was just reserved for the Rineharts, the Obeids and the Bonds. (Monday May 6, 2013; Your Money pg 7 The West Australian)
This article tells what the rest of the business world has known for some time.
It highlights the benefits that we have been speaking about for years:
It also highlights that the family trust is becoming the preferred choice as opposed to entities such as sole traders, partnerships or companies for setting up businesses or investments.
Well, we’ve been saying that for some time. But regardless of that, this article certainly shows us a few things about human behaviour:
The article concludes that there’s a reluctance of policy makers to get rid of the tax benefits for family trusts. And for obvious reasons. They would not only be upsetting the rich, but most of the politicians and farmers in this country who also use them!
The fact is, trusts are steeped in centuries of legal tradition dating back to the Middle Ages.
If politicians were smart they wouldn’t fight it. It reminds me a lot of Napster. The record companies and songwriters fought Napster for years, to stop free music online, and eventually won. But more companies kept springing up. Eventually, they gave up and learned to work with them. And now, they are making good money for it. Likewise, politicians would be wiser to lower taxation rates and work with the Aussie battler to give them incentives to build wealth rather than a handout. This could be just the campaign boost needed to win an upcoming federal election.
Anyway, enough rambling on our political soap box!
The bottom line is this. The media have told us what we already know. If you’re running a business you need to structure properly. You need to ensure you only pay the tax you legally have to. No more no less. And make sure that you protect your backside from lawsuits.
So … if you’re ready to slash your tax and only pay what you legally have to, then step into what the rest of the Aussie world are waking up to. Set up structures that protect your assets and ensure that you only pay the tax that you have to.
The great thing is, we make it simple for you!
Get your free book on How to Legally Reduce Your Tax and Protect Your Assets by leaving your details in the form provided below and find out the secrets of the wealthy TODAY and why you need to start investing and structuring yourself like the wealthy do.
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