In 2017, South Korea enacted the world's first robot tax. The law doesn't require robots to be taxed. Instead, they have reduced the tax breaks those investments in robotics previously enjoyed. South Korea's existing automation incentives of a three to seven per cent tax deduction for businesses investing in automation are reduced by two per…
The formula for net worth/equity is assets less liabilities. The assets must be valued at market or realisable values. Periodically calculating the net worth of an individual, family, or company has the following benefits: Provide a simple snapshot of their ‘true wealth’ at a given time. Eliminates ‘fake wealth’, i.e. assets purchased/funded via debt (liabilities).…
With rising interest rates and inflation out of control, businesses are under more stress than they have been for a long time. The worldwide increase in interest rates over the last nine months has been the biggest and fastest on record. Consequently, many businesses are oblivious that they will fail or close over the next…
If an employee or investor uses their home office for work or investment-related purposes, they can claim 67 cents per hour under the fixed rate method. The 67 cents per hour covers energy expenses (electricity and gas), phone usage (mobile and home), internet, stationery, and computer consumables. No additional deductions are allowed for costs covered…
Australian tax planning software company TaxFitness now brings professional tax planning reports to Xero accountants in Australia. TaxFitness has today announced an integration with global small business platform, Xero. Accountants can securely sync Xero with TaxFitness and utilise over 200 up-to-date tax planning strategies to produce professional tax planning reports for their clients. Compliance fees…
A bonus 20% deduction applies to eligible external training for employees of a business. The eligibility criteria includes: The expenditure must be charged by a registered training provider and be within the scope of the provider's registration. The registered training provider must not be the entity claiming the additional deduction or an associate of the…
Small businesses can receive a bonus 20% deduction on eligible expenditure supporting digital adoption. Eligible expenditure includes: digital enabling items, such as hardware, software, systems and services that form and facilitate the use of computer networks. digital media and marketing. e-commerce. The tax incentives apply to expenditure incurred from 29 March 2022 until 30 June 2023…
Wikipedia defines a cryptocurrency (also known as crypto-currency, or crypto) as a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Bitcoin was created in 2009 by Satoshi Nakamoto as the…
Xero integration is coming to TaxFitness! Soon you will be able to import data from Xero directly into the TaxFitness software.
The Treasury Laws Amendment (Electric Car Discount) Bill 2022 proposes to remove Fringe Benefits Tax (FBT) on eligible cars provided by employers to current employees for private use. The exemption applies under the following circumstances: To eligible electric vehicles first held and used after 1st July 2022. To cars with a purchase price below $84,916…
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2