A beard tax is one of several taxes introduced throughout history on men who wear beards. In 1535, King Henry VIII of England (who wore a beard himself), introduced a tax on beards. The tax was a graduated tax, varying with the wearer’s social position. Although there are contemporary documents evidencing that beard-pulling was a…
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Without political and economic stability, no amount of tax inducement can bring in outside investors. No company or individual, whether local or international, will feel comfortable making any kind of capital investment in any country where the political climate is characterised by upheavals and a lot of uncertainty. African instability itself explains why Africa still…
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An associate lease is an agreement where an associate of the employee (typically spouse or partner), leases an existing or replacement car to the employee’s employer. The employer then provides the car to the employee via a pre-tax salary sacrifice arrangement. I.e. The employee pays for most of the vehicle’s operating costs from their pre-tax…
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The general anti-avoidance rules contained in Part IVA of the Income Tax Assessment Act 1936 (Cth) (‘Part IVA’) may be applied by the Australian Taxation Office (ATO) to deny a taxpayer the tax benefit of a scheme they have entered into. The key features of Part IVA include the following: Is there a scheme? Has…
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The key reason Hong Kong is among the world’s largest financial centres is that it doesn’t have any currency controls. You can freely send money to and from Hong Kong and there are no limits. The lack of exchange controls, provides investors with confidence that their money is secure and safe, and can be quickly…
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Are you looking for some artwork to enliven your office or workspace? Perth artist Emma Margetts is exhibiting at the Moores Building Contemporary Art Gallery from November 11 to 25, 2017. Margetts’ photo realistic paintings depict the dream-state of children and sentient animal beings. Small businesses buying art prior to June 30, 2018 with a purchase cost of less…
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From 1st July 2015 eligible start-up costs can be fully deducted in the year they were incurred if they relate to setting up a proposed small business and meet one or more of the following: Incurred in obtaining advice or services (from lawyers, accountants or business advisors) relating to the proposed structure or the proposed…
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The top 8 illegal business tax saving strategies are: Illegal cash economy – The ATO estimates about 1.6 million businesses (mostly micro and small businesses with an annual turnover up to $15 million) operating across 233 industries are part of the illegal cash economy. Tax Justice Network spokesman, Mark Zirnsak, said the ATO’s data…
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Bank secrecy (or bank privacy) is a legal requirement in most tax havens and this prohibits banks providing authorities (foreign governments and their tax departments) personal and account information about their customers. Bank secrecy was codified in Switzerland by the 1934 Federal Act on Banks and Savings Banks. This Act also created the famous ‘numbered…
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The tax incentives for Early Stage Venture Capital Limited Partnerships (ESVCLP) apply from 1st July 2016 and provides partners with a 10% non-refundable tax offset on capital invested during the year. The maximum fund size for ESVCLPs is $200m and ESVCLPs are no longer required to divest a company when its value exceeds $250m. Entities…
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