Why do you want to translate it to something different, it isn't that simple and that is why the model has worked so well for so long. I give him credit, it is clever but for me it sits on the wrong side of sleeping well or even one step beyond others prying eyes.
Try separating the value one gets as an indirect shareholder and the value one gets by controlling the business as a company director with indirect vote control.
Many businesses are lifestyle business or operating businesses for family trusts or similar and they barely or never make a profit and pay no tax as a result. Good approach for a family business where issued capital is small and not public and they stay cash flow focused so to push through surplus earnings into various discretionary Trusts but this type of approach is not much value to shareholders for an ASX listed company.
Anyone else getting it or am I putting it badly?
Ann: AGM Webinar - Technical Issues, page-15
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