Forums / Getting Technical / Legal & Accounting / New Tax chief to target havens

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  • Profile photo of TerrywTerryw
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    @terryw
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    There is an article in todays SMH which states the new Tax Commissioner will be targetting the use of Tax Havens:
    http://www.smh.com.au/news/national/tax-chief-to-target-havens/2005/12/21/1135032083667.html

    “For the first time the Tax Office is specifically targeting the use of two unusual trust-type structures called Anstalts and Stichtings, which are peculiar to the tiny European tax haven of Lichtenstein.”

    I hadn’t heard of Anstalts and Stichtings before, so did a search and found this interesting article:

    http://www.assetprotectionbook.com/anstalts_stiftungs_panama_foundations.htm

    Anstalt
    A civil law entity that is somewhat similar to a U.K. Unit Trust and can carry on commercial business.

    Stiftung
    A civil law arrangement that is basically a charitable fund that is created for a particular purpose. It is similar in many respects to a Purpose Trust.

    Terryw
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    Profile photo of asdfasdf
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    Isn’t it interesting that all these big boys play in a completely different league? $5 Billion leaving annually is massive. These guys must all have a quiet giggle at our 3x1s and reno jobs… Anyone have big brother who would let me into their playground..? :)

    Profile photo of grossrealisationgrossrealisation
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    very interesting post.
    thanks terry.
    I know of these types of structures but didn’t think they are that popular
    a couple have some very high up suits involved will keep a eye to see which one wins that little battle.

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    Profile photo of TerrywTerryw
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    @terryw
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    Here are 4 Taxpayer Alerts:

    TA 2005/5
    Use of an outbound offshore re-invoicing arrangement to avoid or evade Australian tax

    TA 2005/6
    Use of an inbound offshore re-invoicing arrangement to avoid or evade Australian tax

    TA 2005/8
    Asset transfer to an offshore structure at below market value with subsequent use to produce income not attributed to the taxpayer for Australian tax purposes

    TA 2005/7
    Asset transfer to an offshore structure at below market value in anticipation of resale to a third party at market value

    All available at http://www.ato.gov.au/atp/

    Terryw
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    Profile photo of AuzzieLadAuzzieLad
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    Hello All,

    Interesting reading, believe someone else was running a threat here on that particular trust / Lichtenstein.

    Hmmm see what happens:)

    Good find Terry, keep it up

    Profile photo of grossrealisationgrossrealisation
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    hi AuzzieLad
    I didn’t see that thread.
    there are lots of them

    here to help
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    Profile photo of TerrywTerryw
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    From Today’s SMH:

    Virgin Islands stalls tax haven planTHE Tax Office’s campaign to find out about tax haven dealings has stalled because the British Virgin Islands refused at the last minute to sign an information exchange agreement……

    http://www.smh.com.au/news/business/virgin-islands-stalls-tax-haven-plan/2005/12/27/1135445573601.html

    Terryw
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    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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