Tax scams are becoming more frequent and sophisticated year after year. Here are ten tax scams that target Australian taxpayers at tax time: Australian Taxation Office (ATO) Impersonation Scams: Scammers pretend to be ATO officials and contact individuals via phone, email, or text, demanding immediate payment or threatening legal action. They may request personal information…
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On 28 April 2023, the Australian Government announced it would provide incentives to increase the supply of housing by: Reducing the withholding tax rate for eligible fund payments from managed investment trusts (MIT) attributable to residential build-to-rent projects from 30% to 15%. This measure will apply from 1 July 2024 for income attributable to newly…
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We are very excited to let you know that you can now import your clients' financial data from Xero (Over 700,000 Australian small businesses use Xero). TaxFitness subscribers can: Sync Xero clients and client groups with TaxFitness. Import Xero client financials for group members. Tax planning is now easier than ever for our subscribers. Follow our step-by-step Financials…
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On 30 April 2023, the Australian government announced it will provide businesses with an annual turnover of less than $50 million with an additional 20% deduction on spending that supports electrification and more efficient use of energy. Eligible assets or upgrades must be first used or installed and ready for use between 1 July 2023…
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In 2011 Romania started taxing witches, astrologers and fortune-tellers. Previously these obscure professions were not listed in the Romanian labour code, so people working in these jobs paid no tax. Known as the ‘witches tax’, under the new law, these three professionals now pay 16…
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Business Structures: Choosing the right business structure, such as a company or trust, can provide a level of separation between your personal assets and business liabilities. This can help protect your assets from business-related risks. Insurance: Adequate insurance coverage, including liability insurance and professional indemnity insurance, can protect you from financial loss in the…
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The Google Tax is a UK tax introduced to tax multinational internet companies that divert UK profits to lower taxing foreign countries. It’s a diverted profits tax but is known as the Google tax as it target’s Google’s low tax payments. In the 2013 financial year, for example, Google recorded £5.6 bn of UK sales…
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In 2015, Conegliano, an Italian town in Veneto, introduced a tax on shadows. Business owners whose signs create a shadow on public property or walkways now pay an annual shadow tax. The tax is EUR 8.40 per square meter, and the fee is calculated based on the size of the shadow created. For the average…
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Studies have shown that art in the workplace provides big benefits to businesses including reducing stress at the office, increased creativity and productivity, enhanced employee morale, broadened appreciation of diversity, and encourages open dialogue. Most people connect with art as it touches a memory, or conjures up an image of a different time or place,…
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The best recession-proof businesses sell a product or service that is necessary or legally required. This is to be contrasted with nice-to-have purchases or desires. The seven top recession-proof businesses include: Health care – even during a recession, people get sick, have babies, etc. Tax and accounting services – preparing Business Activity Statements and…
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