can endowment funds be cunningly disguised as bribes?

You could make a bequest in your will to their endowment fund. The donation becomes a bribe when it is made in cash, and it is strictly confidential and shall remain anonymous. Basically, the foundation inherits a legacy of cash from the person wishing to donate. In Australia, many people donate to their private school’s endowment fund, anything between $1000 to $6000 in cash because its tax-free and non-deductible, meaning that its not itemised as a tax deduction in your taxable income. You could give more than $6000, but this means that a 17.5% tax applies to the donation. However, it is only included in your taxable income in consequence of death of the donor. So in fact, it is never included, forming the irony of bequests. Parents also make bequests to private institutions/schools so that their children can get into the course they want at uni. For example, someone whom makes a donation of $5000 will earn the child a TER of 95.00 out of 99.95 points, getting them into law which is 95 points.

Answer #1

There are also no inheritance and other taxes imposed on bequests as they have been abolished since 1979. Given that, cash donations are infinite and there are no caps placed on the donations. However, the maximum cash withdrawal that you can make without declaration is up to $10000. Anything above that, you would have to declare and specify the reason for its withdrawal and use of money.

Answer #2

From what you are saying yes it does sound that the endowment money could be constied as a bribe… Unfortunately, taxation systems have never been equal, and probably never will be, in any country.

Answer #3

The text of a bequest would also read that “it is free of all duty (meaning taxes) and in consequence of my death (death could also refer to the end of an agreement of a certain time period). So when you would graduate college in five years, and you had you given the bribe in the first year, then it would remain effective until your death (as in an agreement over 5 years of your schooling in exchange for inflated grades). Over the years, the school would also consider to artificially inflate your bribe and therefore your grades (affected by inflationary rates over the five years). That way it is an ideal way to disguise any suspicions of any bribery. So lets just say you had made a so-called donation (bribe) of $4000 in 2004. Over the years, the inflation converted rate into dollars are: 2004 ($161); 2005 ($114); (2006) $129.6; (2007) $135.6; and (2008) $107.2. In the last year when you’re graduating, your bribe/donation is worth $3352.60. So you won’t be getting a TER of 94.00 points out of the 99.95 anymore, but instead about 93.50. Grades go up, while bribe (donation) goes down, even though it remains fixed in the long-term security of the school’s safe. School’s wouldn’t dare to secure this money in a bank because they’d have to fill out declarations, pay taxes for their securities. And it would become potentially traceable that illegal activities are occurring within an private institution. This inflation in grades going up, and the bribe (donation) going down makes it seem as though the school actually moderates, scales and marks your grades fairly at the end of the year externally, but in fact it is the school that grades what you get at the end internally.

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