DR CHET SPEVENS | Finance Expert | CONTACT
It is no secret that in many boroughs of Betoota, rates of financial literacy are poor. That is why I, Dr Chet Spevens, feel a God-like sense of responsibility to assist our diverse communities through these tough economic times, by helping them get on top of their finances.
Within this column, Australia’s leading authority on finance, myself, teaches everyday Aussies how to create wealth through practical steps that cultivate the necessary ‘Crazy Money Mind’ paradigm that allows all of us to realise their very own Australian financial wet dream.
This week, I share with you how to capitalise on Australia’s economic downturn by undertaking the age-old happy corporate pastime of:
Every year around tax time we all get a little worried, don’t we? Will I get some money back on my tax return? Have I filled out my tax form correctly? It can be a very stressful and, not to mention, expensive time of year.
Well, not anymore!
Avoid paying tax by using tax havens and the current tax system to your benefit. Like your rich grandad before you, cheat the system by overcoming it and stepping outside of it.
No rich person in their right mind pays tax, it is a terribly working-class thing to do. In fact, for tax purposes, a rich person is not a person at all but a corporate entity. That’s right, they become a company.
Now you can, too!
All you need do is register as a corporation and claim outrageous fiscal losses each year, then write them off against any income you may or may not have received ?
And if things get sticky come tax time, make sure you’ve set up at least one overseas shell company, to ensure the Tax Man is busy chasing their own tail this EOFY.
Hey, if it works for the global elite, it can work for you too!
There is a litany of offshore tax havens for you to place your well-earned, hand-me-down family fortune in. The Paradise Papers webpage lists a good number of these places that provide such a service.
The truth is you will never be fully rich until your corporate entity’s taxable income is zero. This is especially true today now that the ATO’s entire mandate is to ignore any corporations and instead focus their tax time fury onto the individual; those full-of-themselves, true blue Aussie battlers who dared to earn a minimum wage.
When it comes to tax avoidance, sometimes it pays to think bolder, bigger and better. So next EOFY, don’t just restrict yourself to your local nation state, become a multi-national corporation as this is the easiest and most legal way to avoid paying your fair share of tax in Australia.