Boat Registration In Cook Islands

[downunder]

Originally Posted by josh

I do realise that i will have to pay the tax once i bring it into Australia, should i decide to do so, the benefit i see is that it gives me more time with my money to invest and benefit from, nothing gained from paying tax till you have to. Believe me i pay my share, but its about being smart with your money. That's what i think anyways.

its something that has been suggested to me and would like to find out some more from anyone who's had some experience with this.

http://www.importayacht.com.au/

Search CF for threads on importing a boat into Australia. Covered comprehensively.

Clearly you do not have to pay any taxes until the day you sail into Australian waters. I know several Australians who keep their vessel overseas and do all there sailing there for this reason.

I still see no advantage of Cook Is registration ??

[Agape39]

Originally Posted by mausgras

It is always easy to find an unsubstantiated story about what "they" heard or said. Even if they were true the abuse or mismanagement is an infintisemally small percentage of the overall tax take.

I live in a country that has a very weak tax base. The roads are in a shocking state, there is no free or decent health care and decent education is reserved for the wealthy few who can pay for it.

At the same time there is a ruling elite that live in enormous and ostentatious wealth (no I am not talking about the USA) that pay little or no tax. Most of the countries income comes from foreign aid or selling assets to the Chinese.

The fact is that taxes are essential for redistributing wealth so that the fortune of a few are enjoyed by everyone.

Redistributing wealth through taxation is GOOD, it spreads the economic benefits for everyone and increases political stability.

And here we go....politics

[downunder]

Originally Posted by mausgras

It is always easy to find an unsubstantiated story about what "they" heard or said. Even if they were true the abuse or mismanagement is an infintisemally small percentage of the overall tax take.

I live in a country that has a very weak tax base. The roads are in a shocking state, there is no free or decent health care and decent education is reserved for the wealthy few who can pay for it.

At the same time there is a ruling elite that live in enormous and ostentatious wealth (no I am not talking about the USA) that pay little or no tax. Most of the countries income comes from foreign aid or selling assets to the Chinese.

The fact is that taxes are essential for redistributing wealth so that the fortune of a few are enjoyed by everyone.

Redistributing wealth through taxation is GOOD, it spreads the economic benefits for everyone and increases political stability.

Not sure what this has to do with the OP's question.

[josh]

thanks for the replies so far, been some good input and a few other things for me to look into. I will have a read and investigate further into if it is required to pay tax until the vessel is actually brought into the country, if that's the case, then will have to consider that into the equation with the cook is. registry.

As far as the talk on the benefits of tax and whether is good/bad/whatever, that's another story and everyone has got their views, just trying to hear from people who have experience with this topic or have relevant stuff for it.
thanks.

[barnakiel]

Originally Posted by dsmastern

Why are so many people trying to avoid paying legitimate taxes?

(...)

Why not ask this question in a separate thread?

b.

[Zonker]

Originally Posted by mausgras

The fact is that taxes are essential for redistributing wealth so that the fortune of a few are enjoyed by everyone.

Redistributing wealth through taxation is GOOD, it spreads the economic benefits for everyone and increases political stability.

Where do you live ? In a dreamworld ? May be you missed the monster bailout of the banks after the latest financial crisis ... ?! ... :-)

[downunder]

Originally Posted by josh

thanks for the replies so far, been some good input and a few other things for me to look into. I will have a read and investigate further into if it is required to pay tax until the vessel is actually brought into the country, if that's the case, then will have to consider that into the equation with the cook is. registry.

As far as the talk on the benefits of tax and whether is good/bad/whatever, that's another story and everyone has got their views, just trying to hear from people who have experience with this topic or have relevant stuff for it.
thanks.

You DO NOT have to pay the 10% GST or 5% import duty until the vessel is physically in Australia. vessels built in countries with free trade agreements with Aust you do not have to pay the 5% import duty. (USA, Chile, Thailand etc ). Check that importa boat link.

Cheers

[josh]

downunder, thanks for that link to the importaboat site, some really good clear information on there.

I will have emailed the person who recommended the cook island registry to inform him of this and to see what his reasons were. He's a pretty experienced guy but is from the US so may have made sense for him. Ill post anything further i find on here.
Thanks again for all the comments and advice.

[TheStep]

Great topic Josh. Its not about tax avoidance its about providing options for yourself before you arrive home. You may not want to keep your boat in Aus or NZ when you arrive but will struggle to avoid paying duty and gst if you are a resident of either of those countries and how can you prove that you intend to take your boat out again at the end of the summer? I agree that if you are genuinely importing the boat then pay the tax. If you are not - passing through your own country or intend leaving it in the Pacific Islands or selling it elsewhere then you shouldn't pay the tax and you need to consider your options. A Cook Islands registration may be one such option.

[letsgetsailing3]

I'm going to guess that he either sorted it out over the past seven years, or chose a different direction to go with his life. Or maybe both...


This thread is from 2012.