This tax strategy allows an employee, who is also separately carrying on a business as a sole trader, to claim depreciation on the cost of an asset in their business that has been fully reimbursed by their employer. This strategy involves ‘double dipping’ as the employees business depreciation claim is unaffected by their employer…
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The Commonwealth legislated that their income tax take priority over any State income tax and that any State retiring from income tax collection be paid a grant in compensation for lost revenue. The States rejected this tax takeover but the High Court ruled that the Commonwealth income tax legislation was valid, essentially giving the Commonwealth…
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Our website has been live for less than six months and we are already on the first page of Google, position 4 for tax planning. This was not achieved with SEO tricks. We offer visitors unique, comprehensive, accurate, and useful information on tax planning in Australia. Within a few months we are now second only…
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Capital City: St George’s Currency: East Caribbean Dollar Population: 110,000 Language: English (official), Grenadian Creole English and Grenadian Creole French (regional) GDP: …
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The cost of providing in-house recreation facilities to employees is deductible if it is located on the employer’s premises. Examples of in-house recreational facilities are a tennis court, a swimming pool, gymnasium or games room provided on an employer’s premises for staff use on work days. The employer can claim a deduction for the expenses…
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The federal government introduced payroll tax in 1941 at 2.5% of wages to finance a national scheme for child endowment. In 1971, the federal government handed over payroll taxes to the states and they promptly increased the rate to 5%. Tax competition between states and lobbying by individual employers and employer groups for exemptions has…
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Capital city: Willemstad Currency: Netherlands Antillean guilder (ANG) Population: 158,986 Language: Dutch, Papiamentu & English GDP …
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Small businesses can claim a tax deduction for depreciable assets they purchase for their business provided they cost less than $20,000 each. This measure started on 12th May 2015 and ceases on 30th June 2018. Examples include cars, furniture, art work, coffee machines, etc. With this strategy purchasing a $20,000 depreciable asset for the…
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A federal government income tax was introduced in 1915, in addition to existing state income taxes, to finance involvement in the First World War. The tax was designed by the Australian statistician, Sir George Knibbs, and was levied on individual taxpayers at progressive rates. Although rates of tax imposed ranged from 3% – 25% the…
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Capital city: Brussels Currency: Euro (€) (EUR) Population: 11.25 million Language: Dutch, French & German GDP …
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