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The Cayman Islands have been in our news lately as a place where many managed investment funds find it advantageous to be registered.
Now take the case of an Australian mum and dad investor buying shares on the ASX or overseas stock exchanges and using his own name and Australian address. Just say one of his shares rises in value by say 50% – now if he wants to sell and pocket the profit – if he has held for less than a year the entire profit adds to his taxable income for that year. If he has held for over a year I understand 50% of the profit adds to his taxable income. He might have held for 10 years but the same 50% of the profit still adds to his taxable income. If you sell at a loss then the loss is tax deductible.
I am curious what the situation is if you were a millionaire Australia investing in Cayman Island registered managed funds. I assume the fund is all the time buying and selling equity investments here and there at stock exchanges around the world. My question is – on what basis is the millionaire paying tax on capital gains and losses on ASX shares if the Cayman Islands fund were to so invest a proportion of their capital? And how does it compare to what tax our mum and dad investors would pay if they so happened to experience exactly the same capital gain buying and selling ASX shares that the millionaire gained through his proportion of the Cayman Island managed fund?
Can anybody assist?

To listen to our media you would think mining contributed little to our economy now – for months the media has been full of “the end of the mining boom” sentiment. To provide some balance – check out some statistics from the RBA –

This chart of exports shows that without our resources sector exports Australia would indeed be the basket case of SE Asia.

Green opponents never give up. The ABC reports – Lancefield bushfire: Resident says ‘heads should roll’ over controlled burn that escaped containment lines – I see on ABC 24News TV some academic attacking the use of “controlled burns”. Remember that the destruction of the little Tasmanian town Dunalley 4th Jan 2013 was due to a controlled burn that was not properly put out – smouldered away in stumps then broke out after wind got up. Careless work. TV news coverage shows many houses around Lancefield buried in bush – clearly many people do not understand risk.
Reports on large air tankers in Australia spring 2015
Last week – Tuesday afternoon I recall – it was reported on ABC TV news that a large air tanker was being sent to the Lancefield fire from Richmond NSW – I was away a couple of days after that but never saw a photo of it in action and never heard a thing. Did it ever arrive and operate ?

Three ABC articles – radio – 7.30 Report.
Looks from the air like a normal open cut – heap leach site – all works would have been approved by Mines Dept.

It would cost many millions of dollars to replicate the engineering works at this established silver mining site – the silver price in AU$ shows signs of forming a bottom – the site could well open again when economic conditions improve for silver. So the site should be regarded as a valuable State asset.
2008 aerial view with labels

The Dept is holding a $2million bond which would be way in excess of some precautionary dam works to confine any runoff.
It is not apparent from the aerials where there is a pond in danger of spilling.
If any readers are local to Texas – they might have more information – presumably the site is managed by a caretaker as there must be much valuable gear there. As Beachgirl said at comment 8 – the ABC talks big about cyanide yet the Qld Mines Dept say cyanide levels are […less than “the level for release to surface waters cited in the International Cyanide Management Code”.]
So as usual the truth is in short supply whereas anti-mining propaganda is beaten up big time.
This presumably is the previous operator.

The story ignores much of the reality about our mining history –

for example new mines are often discovered near old worked out orebodies. So it is far more efficient in many cases for society to leave the sites alone so mineral exploration can get on with business unhindered.
Sites such as that pictured with old plant still standing can in many cases make attractive tourist stops – they go to make up our history and form part of our industrial heritage. Speaking mainly of metal mining – open cut coal mining does affect larger areas but over the whole country the area affected by mining is miniscule at around 0.3% – big deal. Mined areas are mostly way in the boondocks and on any rational list of our national problems would have to rate much lower than this article is beating up.