Palmer registers jet in tax-free Cayman Islands

Clive Palmer’s $4 million private jet has been registered offshore so the United Australia Party leader can avoid tax.

Clive Palmer’s jet is registered in the Caymans . Picture: Glenn Hunt

Clive Palmer’s $4 million private jet has been registered overseas so the United Australia Party leader can avoid tax on its operation and maintenance, reports said last night.

The plane has reportedly been registered by Mr Palmer’s private company Mineralogy in the Cayman Islands, a Caribbean tax haven. Sources associated with Mr Palmer told the Seven Network the decision was made to register the jet overseas so as to capitalise on the tax benefits and cheaper operational and maintenance costs.

There is no income tax, no tax on corporate profits nor any capital gains tax in the Cayman Islands, meaning Mr Palmer could sell the jet in the British overseas territory and the sale would not be subject to taxes that would apply in Australia.

A spokesman for Mr Palmer told Seven News Mineralogy was a private company, that Mr Palmer would “spend his money however he wants” and everything was “above board”.

Mr Palmer has amassed a significant marketing bill in his bid to be elected in the Townsville electorate of Herbert, spending more than $7 million on political advertising in the past four months. His catchphrase is ‘‘make Australia great”.

Liquidators are still trying to recover hundreds of millions from the collapse of his failed Queensland Nickel company.