The luxury car tax (LCT) is a tax on cars with a GST inclusive value above the LCT threshold. The Australian government introduced the LCT on 1st July 2000 in conjunction with the removal of sales tax and the introduction of the Goods and Services Tax (GST). LCT is imposed at the rate of…
From 1st July 2017, taxpayers can contribute up to $15,000 per year in voluntary contributions (up to $30,000 in total), that can be withdrawn for a first home deposit. The contributions must be made into their superannuation account and be within an individual’s existing contribution caps. The contributions and earnings are both taxed in the…
When choosing a tax haven, its location, proximity and accessibility can be a deal breaker. Generally, tax havens close to major financial centres, where you live, or do business will be preferred. The Cayman Islands, for example, is only 725 km from Miami (Florida) and can be accessed by an 80-minute flight. Delaware, for example,…
A carbon tax is a tax on energy sources that emit carbon. Carbon is present in coal, petroleum, and natural gas and converted to carbon dioxide and other products when combusted. In contrast, wind, sunlight, geothermal, hydropower and nuclear are non-combustion energy sources and do not convert hydrocarbons to CO. The objective of a carbon…
English law is the preferred governing law for business transactions worldwide, as English law has a well-known, well-developed and reputable jurisprudence. In addition, because of the British Empire, English law is widespread as its former colonies have modelled their legal systems closely on English law. UK tax havens include the 14 British Overseas Territories (including…
Average weekly pay: $1,500 Employment size: 26,700 Future growth: Moderate Skill level Certificate III or IV …
We are pleased to announce that TaxFitness has been upgraded to include new features and functionality. October Release Highlights: Improved usability – A new menu layout and design which makes the software easier to use. New report – Occupation Deductions Report. This report explains the typical, and unusual, tax deductions that apply to the…
The Enterprise Investment Scheme (EIS) was launched in 1994 to encourage investments in small unquoted companies carrying on a qualifying trade in the United Kingdom. By their nature, unlisted companies are high risk and have low liquidity, so consequently have difficulty raising capital. The EIS was designed to offer investors tax relief to counterweight those…
Debt recycling is a three-tiered financial strategy that aims to generate future wealth, reduce the home loan, and minimise tax. Debt recycling achieves this by using the current home loan equity to invest (in shares, property and managed funds), and in the process turns non-deductible family home debt into tax-deductible debt. For debt…
There are 19 different reasons to use a tax haven, some legal, and some illegal. No doubt, there are many more, so when choosing a tax haven, we need to firstly look at our objectives – what are we really trying to achieve? Some of the objectives will be complementary (like saving tax and privacy),…
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2