24 July

How the rich rip the rest of us off, part 231. There are over 800,000 family trusts in Australia. Family trusts are instruments to minimise tax paid, by distributing income to members of your family so your own taxable income then appears less. Those 800,000+ trusts hold more than $3 TRILLION dollars, and cost the taxpayer over $3 billion a year in lost taxes. They are overwhelmingly set up by the rich to minimise tax. And yet all people can seem to do is attack 'dole bludgers'. Makes you want to bang your head against a wall. There are more family trusts than there are people on the dole.