Our Taxfitness tax strategy database now boasts 250 tax strategies to help your clients structure their affairs to legally reduce their tax liability and make savings. The database explains how 250 different tax strategies actually work (i.e. what the tax strategy is, when to use the strategy, average tax deductions created by the strategy, and the strategy…
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Minimum 10% of practice fees. Within 12 months, we need to achieve tax planning revenue equivalent to 10% of the practice’s revenue. Achieving this benchmark provides us with the revenue, confidence and motivation to continue growing this new service. Over the last five years many accountants have embraced the ‘one stop shop’ concept and added financial…
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A partnership of discretionary trusts is a partnership where each partner is a discretionary trust. This is a good structure for unrelated parties wanting to operate a business or invest together because: Provides each partner with a fixed interest in the partnership; say 50% each. Allows access to the CGT small business concessions. Provides…
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Capital city: Suva Currency: Fijian dollar (FJD) Population: 898,760 Language: English and iTaukei GDP: …
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Bitcoin was created in 2009 by Satoshi Nakamoto as the world’s first cryptocurrency and is the biggest. Currently there are 669 cryptocurrencies in the world. Bitcoins are a digital currency so can be used to buy things electronically (and in that sense are similar to conventional currency). However, Bitcoins most important characteristic is that it…
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Capital city: Roseau Currency: East Caribbean dollar (XCD) Population: 73,543 Language: English GDP: …
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By calculating the true value of a customer, or potential customer, it places a value on the total sales and profits generated by the customer over their lifetime with the business. The actual numbers can be astounding. For example, although the initial sale may only be $100, the value of repeat sales over a 20-year…
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Capital city: Djibouti Currency: Djiboutian franc (DJF) Population: 942,333 Language: French and Arabic GDP: …
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Non-geared unit trusts (NGUT) allow taxpayers to co-invest with their SMSF in property. The benefits of the NGUT structure include: Enables a SMSF with limited funds to co-invest in large property purchases. The SMSF can purchase additional units in the NGUT from related parties (at market value). The NGUT has flexibility in issuing and redeeming…
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An incorporated limited partnership is an incorporated entity which is separate from the partners, has perpetual succession, and can sue or be sued in its own name. An incorporated limited partnership has the following structure: One or more general partners (whose liability is unlimited) and one or more limited partners. The general partners manage…
Read More »"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2