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Overview
Price (AUD $): 24.95
Description
How to Legally Reduce Your Tax ...without losing any money! - Tony Melvin & Ed Chan
Discover how the rich use company and trust structures to protect their assets and minimise their tax.
Where can the everyday Australian go to learn about asset protection and structuring?
Tony and Ed point out that no means of public education exists for those who want to learn how the rich do it, and that's why they wrote this book.
With tax legislation becoming more complex, Tony and Ed have simplified and summarised the important points so that anyone who wants to learn now has the opportunity.
Here's a taste of what's inside the book ...
- The difference between a company structure and a trust.
- The 7 different types of trusts and how to use them.
- Why you should rarely buy an investment in your own name.
- How to protect your assets from lawsuits, taxes and creditors.
- How to maximise the tax benefits of your investments.
- How you can pass your wealth onto your children and have it protected for generations.
- How to protect your business assets.
- Why tax is a game which can be played by everyone, not just the rich.
Contents:
Part One: Rules of The Game
- The Game of Tax
- The Effect of Tax
- How the Rich Play the Game
- The Self-Assessment System
Part Two: A Player's Tools
- The Two Main Taxes
- Tools of The Game
- What is a Company?
- What is a Trust?
- Asset Protection
- The Differences between Companies and Trusts
- Unit, Hybrid & Bare Trusts
- Deceased Estated & Divorce
- The Trust Guide
- Understanding Property and Negative Gearing
- Land Tax
- Business Asset Protection
- Superannuation: A Taxed Savings Plan
- Maximising Your Tax Deductions and Reducing Your Tax
- Bookkeeping and Tax Returns Made Easy
Part Three
- Real Life Examples
- Getting Help with Your Next Step
- About the Authors
- The Street-Smart Factors of Legal Tax Reduction
- Glossary
- Player's To-do List
Politics or Propaganda?
I have only read 35 pages of this book, but I am already at odds with it. After calling the Tax System suppressive because it doesn\'t teach a person how the system works, Tony then goes on to say, on Page35:- \"Take a walk through the dole ridden streets scattered around Australia. You\'ll see for yourself; desperation, drugs, violence and criminality. Giving somebody something for nothing is about one of the cruellest things you can do to that person, and they\'ll hate you for it.\" What a stupid statement. Is it really only the tax system which is \"suppressive\"? What about the Political System? Very few people can name three of their State\'s Senators. Except for practicing politicians, very few know the workings of the House, where our Laws - including our Tax Laws - are made. Is it really the dole-bludgers who are getting \"something for nothing\"(despite having to work for the dole, and fill in forms and wait in long queues in order to get some relief? What about the Non-executive Directors on big Ltd companies? What about the idle rich living off their family inheritance? But, what irks me most is that the passage, which I have quoted, seems to suggest that the black side of society is caused by giving the unemployed dole money. Surely it is a consequence of unemployment, that we need the dole, not the other way round. For a supposedly logical thinker, Tony, you don\'t have a clue about causality and correlation. Surely it is ethically right and responsible to help the poor and unemployed? Do we want to end up like America - which puts a greater percentage of its own people in goal compared with any other country in the world including China, where if you can\'t pay for medical insurance you die on the streets, where the unemployed are given very little assistance or support, where the disenchanted and the discontented take the matter into their own hands and randomly shoot people out of frustration - because they don\'t understand the political system, because they feel trotally fed up, and they don\'t know how to express a grievance. I suggest that Tony should read the transcript of the Peter Singer interview with Geraldine Doogue on ABC\'s compass,http://www.abc.net.au/compass/s2657896.htm, in which Peter says, \"I think it\'s true that trade has played a huge role in pulling hundreds of millions of people out of extreme poverty. We see that particularly in China and in India. But there are some things that trade doesn\'t do. Trade doesn\'t seem to be very good at really reaching the people on the very bottom, that poorest 10% of the world\'s population. Trade hasn\'t really been so effective in some parts of Africa where the proportion of people living in extreme poverty is highest but there really isn\'t the infrastructure for them to produce something and then transport it to a port where they can sell it to us.\" OK, Peter is talking about Trade, but it is relevant because he is talking about how the system fails the poorer people in wealthy countries like Australia.