A Personal View


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Trust reform

From what I can see the main use of trusts seems to be as a vehicle for tax minimisation, and asset protection in case of bankruptcy or legal action. While I am sure early on they had, and still have, other more worthy uses, such as for charitable purposes, I am also sure the vast majority of them are not used for that reason now. They are a vehicle for tax minimisation which is only available to the well off. Average and below average Pay As You Go (PAYG) taxpayers don't have this opportunity. The arrangement is inherently unfair and costs the tax system, and therefore other taxpayers, a fortune. The system must be reviewed to stop the use of trusts for tax minimisation while maintaining their use for the genuine charitable entities and other legitimate uses.

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