Malcolm Turnbull’s Innovation Statement released on 7th December 2015 provides tax incentives for early stage investors. The tax incentives will encourage early stage investment in innovative start-ups and should boost growth by fostering new enterprises and promoting entrepreneurship. Further details are available at National Innovation & Science Agenda. The tax incentives apply from 1st July…
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We have updated our software in September with increased usability and some new features. September updates now live: Tax Agent Directory – Now includes office locator. TaxFitness Newsletter – Practices can now personalise the newsletter by adding their own content (if they wish). My Subscribers migrated to My Clients – Practices need only maintain…
Read More »Tax Agent Directory – Now includes office locator. TaxFitness Newsletter – Practices can now personalise the newsletter by adding their own content (if they wish). My Subscribers migrated to My Clients – So practices only have to maintain one client database instead of two. Auto save function on Tax Optimiser.
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Countries restructure and redesign their tax system to become a tax haven for two main reasons – jobs and money. Some Countries may offer a lower tax rate to large corporations, in exchange for the companies locating a division of their parent company in the host country and employing some of the local population. Apple,…
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Taxation has been around since 6,000 BC (in Ancient Mesopotamia). Mesopotamia is the name of the Tigris-Euphrates river system (corresponding to most of Iraq, Kuwait, the eastern parts of Syria, and regions along the Turkish-Syrian and Iran-Iraq borders). Since then taxpayers have been reducing their tax liabilities by utilising the differing tax laws operating in…
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A taxpayer who carries on a business is entitled to a deduction for a gift made to a former or current client if the gift has been made for the purpose of producing future assessable income i.e. gaining client referrals, generating additional sales, etc. Real estate agents for example normally give a bottle of champagne…
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For businesses operating on an accruals basis, income that is subject to a client dispute may be deferred until the dispute is settled. The disputed income should be recorded in the financials as a liability, and only recorded as income when the dispute is finalized.
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The tax strategies database is the intellectual knowledge and know-how that is the horsepower behind the whole tax planning process. A substandard or limited tax strategies database will not get the job done for the client and will inevitably produce poor performance. Too many accountants are attempting to provide tax planning services with an arsenal…
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Just as financial planners need to know their clients when preparing a financial plan, so too do accountants need to know their clients when preparing a tax plan. This involves gathering the client information and data so the complete picture about the client’s affairs can be analysed. Accountants normally know their client’s income and expenses…
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There is no generally accepted definition of what renders a country or jurisdiction a tax haven. The Cambridge Dictionary defines a tax haven as ‘a place where people pay less tax than they would pay if they lived in their own country’. The term most commonly refers to those countries or jurisdictions that have a…
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