stoo2.bsky.social
26 posts
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x.com/brittlestar/...
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www.ato.gov.au/law/view/doc... Court allowed his book losses….
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Look at what Trump did. Revalue an asset (eg above market) and ‘borrow’ against the new value from a party perhaps not that ‘interested’ in repayment of said ‘loan’. The money trail can be hard to follow offshore eg ‘back to back’ loan arrangements. Money laundering is an art with many players.
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As noted later (and ignored by a now blocked dick), the tax aspects of this differ by country. There are limits on the ability to ‘gift’ by forgiving a loan in the US.
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*45 or so….
propertyupdate.com.au/billionaires...
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Fake bullshit… ?! I take it you don’t advise many clients? A pity as you seem such a nice informed person about the realities of tax planning, avoidance and evasion on the ground.
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There’s the naive American and then there’s the ugly American (look the book up). I think you are trending towards the later. 👋
corit-advisory.com/wp-content/u...
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It’s that last little bit ‘presuming guilt’….
Implies detection, prosecution, conviction.
While I respect the IRS they are just a tad underfunded and staffed for the role.
Great that you’ve only seen vanilla tax planning, but there are just a few who play a bit looser with the rules.
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Speaking of the US, because US MNEs are always so compliant, you’d perhaps be surprised at the interesting arrangements they enter into. Remind me, how much unrepatriated profits are out there and how they access the underlying cash. en.m.wikipedia.org/wiki/Double_...
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www.motherjones.com/politics/201...
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I must have missed the bit that said “we’re talking about US rich people avoiding taxes”. Good for you to spot it.
By “we” let’s assume it’s you, maybe some others, while another set of readers and commentators just ‘might’ be talking in more global terms.
Those tax havens exist for a reason.
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Sorry, I forgot that the US ‘is’ the universe. There’s actually a fair bit that goes on outside it.
www.afr.com/policy/tax-a...
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It’s wonderful that you have such a clear bright line about compliance. Unfortunately not every financial advisor operates with the same level of integrity. That’s why a whole series of laws have been put in place to combat such arrangements in Oz. www.ato.gov.au/businesses-a...
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You dont have to look that hard to find public examples www.afr.com/companies/mi...
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Who conflated them wonder boy? Work in the aggressive tax planning area of a tax admin for a few years to expand and enlighten your world views and experience.
What banks - a few banks in Cyprus still or maybe even HKSB:
www.reuters.com/article/busi...
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Yeah. If detected. Technical compliance with a country’s tax laws isn’t their main concern….
While most of the blatant arrangements have gone in Oz there’s always a few willing to roll the litigation lottery. Tax gaps are real.
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Depends on the country eg Oz has Div7A, and on detection capabilities of the tax authorities.
Why…. If it’s closely held then it’s a ‘family’ arrangement.
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I’ll take my 35* years as a tax auditor over your views of fan fiction. While most people do the right thing most of the time there’s a few that don’t. Detection is difficult and evasion and avoidance are a thing: Why do you think Div 7 was put in?
& not every country is Oz eg NZ doesn’t have CGT….
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In closely held businesses (eg a family business) the loan is oft forgiven….or reduced by the purchase of an asset from the person at an inflated rate. Another common method of payment was issuing redeemable preference shares that are never redeemed and lapse….
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Monetary fines aren’t a deterrent for the super wealthy. E.g. This case, the guy that killed the environment officer, the guy that killed all the wedge tailed eagles….
The punitive remedies should include potential loss of title to the property or at least a fine system based on income/wealth.
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Not sure that each public servant saves $666,666 ….
Tad higher than the mean public servant salary by a bit.
Then there’s the super aspect from triggering 36000 bona fide redundancy payments with their concessional tax treatment. Plus unemployment benefits etc.
David Little to no idea ?
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Let’s rerun the Great Depression 🙄😬
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You could use this to introduce Olbers’s paradox. Why is the night sky dark rather than bright - if infinite age and infinite stars every line of sight would intersect a stars surface. Points to big bang (not infinite age) and redshift (else CMB would be visible light).
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Olbers’s paradox
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Why, if every line of sight intersects with a stars surface, isn’t the sky as bright at night?
A number of reasons. In cosmology this is Olber’s Paradox:
en.m.wikipedia.org/wiki/Olbers%...
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Great photo!