Reply To: Private foundations

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#10474
Kelle
Participant

Hi all,

We have a private foundation set up through Operate in the Private. What you need to have clear in your mind is the separation from the public realm. Firsty, do you understand what the Birth Certificate is and what it represents? Have you researched enough and experienced the mental break between everything you have been taught from childhood, and what the system actually is? Are you able to stand and tell the tax department that they have no jurisdiction here? If you can do this, then you should definitely get a private foundation. Accountants will have heard of them, but have no dealings with them as private foundations are self-assessable for tax, are not required to keep accounts or report to the ATO, and who would volunteer to pay tax if you didn’t have to?? Private Foundations are not trusts .. there is no asset protection. Operate in the Private’s FAQ is very clear on this. Having said that, once you understand how a private foundation works, there is no risk to any asset it owns anyway. Contact Operate in the Private and pay for the mentoring with Mike. But only do this once you have researched enough (so you are not wasting his time).

Read this website several times to give your head space and time to adjust: https://livingintheprivate.blogspot.com/p/home.html

Watch the YouTube channels: Glossa Channel, Justinian Deception

Here’s a little insight … I ‘volunteer’ my time and experience to the foundation as a means for the foundation to obtain funding. The foundation is in contract with a company which I ‘attend’ (albiet remotely) and the foundation invoices the company for the hours I complete. The foundation provided the company (with the first invoice only) with a form from the ATO that stipulates that the foundation is self-assessable and is not required to hold an ABN. This form satisfies the company’s requirement to only trade with ABN holders. Should this company be audited by the ATO, and the ATO come knocking on the door of the foundation, we tell the ATO that we operate in the private and the ATO has no jurisdiction over the foundation. As a personal choice of the foundation’s principal participants, we do not run bookwork apart from free software to keep create the invoices for ‘funding’. A private foundation does not use ATO terminology (eg income, earnings, profit). It uses private terminology (eg funding, compensation, sustenance).

To go from PAYG to private foundation, the company you currently work with will have to be willing for you to go on contract. The benefits for them is no more PAYG tax, no more super to be paid. What you do is negotiate an hourly or annual rate that covers what you currently ‘earn’. Do up a simple contract that includes notes the foundation is responsible for all internal and external reporting as required by its Articles. This will satisfy the normal clause in a contract that say the contractor will pay all GST etc. Remove any references to GST, ATO etc. (if easier, ask your company for a contractor template that they are already using, and just adjust it).
The foundation will open a community bank account which has debit cards attached.

Hopefully all of the above helps someone 🙂 Again, do your research. Know what you are doing. Know in your gut and have no doubts. Most people will not understand and will think you are cheating the system .. which is true .. ha ha ha .. but why not?

Contact Operate in the Private when you are ready. Oh, you need a minimum of 2x people to sign on as principal participants for the foundation. One can be silent. Keep that in mind.