We purchase tools to make a job easier, quicker, and ensure it’s completed to a high standard. This is the case whether buying tools to fix some household chore or provide tax planning services to clients. No practice operating today can be efficient or effective doing any practice task manually. It doesn’t matter what the…
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Capital city: Dubai Currency: Dirham (AED) Population: 2.8m Language: English GDP …
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This strategy involves ‘evening up’ the marginal tax rates between spouses. Tax is saved if income can be moved from the spouse in the highest tax bracket to the spouse with the lowest tax bracket. The income splitting rules are: All investments earning income should be in the name of the lower-earning spouse…
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The TaxFitness strategy database has 2 new tax planning strategies; Tax Strategy 224 – Employee Remuneration Trusts. Tax Strategy 226 – West State Super & Gold State Super Contributions.
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Accounting practices have six options available to them in relation to providing tax planning services. Some practices will choose one option (strategic pathway) and others several. In addition, over time different practices will change their focus and add/or delete different options. No one pathway will fit or suit all practices. The six tax planning service…
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Capital city: Bridgetown Currency: Barbadian dollar ($) (BBD) Population: 277,821 Language: English & Bajan GDP …
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Most forms of income earned by professional sportspeople is personal services income (PSI) and is assessed to the sportsperson individually. This includes salary, competition winnings, prizes, and appearance fees. This income cannot be split with family members or taxed at company rates. In contrast, all endorsement income is genuine business income generated by the goodwill…
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The US Public Interest Research Group said in 2014 that the United States loses roughly $184 billion per year due to corporations such as Pfizer, Apple, Facebook, Microsoft and Citigroup using offshore tax havens to avoid paying US taxes. In 2010-2012 Pfizer paid no US income taxes despite earning $43 billion. Microsoft held $76.4 billion…
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Highlights from our first 5 months 173 accountants have used the TaxFitness software to produce 790 Tax Plans. Phase 2 software upgrade completed. (Phase 3 & 4 is in development bringing more automation and ease of use). Over 200 tax agents and accountants now use our website as a tax planning resource every week. …
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Each of our 225 tax planning strategies have now been updated to include relevant ATO legislation, cases, tax rulings, and ATO Interpretative decisions.
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