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Gene Simmons: I Once Bought an Australian Football Team for a Day to Avoid Taxes

KISS bass mogul Gene Simmons was recently asked by Loudwire if the story about him buying Australia's Carlton Football Club is true. He replied:

gene simmons money

“The reality is that I did purchase it.

“It was a one-day purchase, and it’s called a fold back I think, where you go in, and it was a way to shield Australian taxes.

“As soon as you earn money offshore, you have to pay offshore taxes. And then that’s put against the American taxes, but they hold on to your money, and while they hold on to your money you don’t get the benefit of the…

“You know, they loan out your money while they hold on to it for a year. It’s an old banking trick, and it’s legal.

“It’s circumvent that what you wanna do is minimize your legal and tax exposure.”

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