Tax havens can be used by individuals, small businesses, large businesses, Fortune 500 companies, governments, charities, and non-profit organisations. The numbers are staggering, with the British Virgin Islands, for example, having over 1 million registered companies. In the Cayman Islands, 40 of the world’s top 50 banks have licences, and hold US$1 trillion on deposit.…
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Changing from employee to contractor (business) has the benefit of making some private expenses tax deductible. Expenses such as motor vehicle, home office, travel, etc., may become deductible. A contractor’s total expenses are normally maximised by utilising the PSI Entity strategy which may make private motor vehicle expenses and living away from home accommodation and…
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Most practice principals meet the Tax Practitioner Board requirements of thirty hours accounting and tax training per year. Unfortunately, this is normally exclusively related to their compliance related services with no training on value added services such as tax planning. A search of all the accounting professional bodies extensive training and website resources comes up…
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Although there is no consensus on the number of tax havens in the world it’s estimated at over 150. Some of these tax havens are whole countries (like Bermuda), and others just a state or territory within a country (like Nevada). The list of tax havens is constantly changing as new tax havens are added…
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All important client advice should be provided to the client in writing (irrespective of whether also provided to the client verbally as well). This practice is recommended by both the ATO and professional bodies to protect both the client and the practice. A tax plan fits into this important category so should definitely be in…
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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…
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