Capital city: Hamilton Currency: Bermudian dollarc (BMD) Population: 64,237 Language: English GDP: …
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Investment Loss (TNIL) is an individual’s taxable losses from rental and share investments. The TNIL is added back to an individual’s taxable income to calculate the tax related concessions and obligations for: Medicare levy surcharge. 15% additional tax on concessional contributions (Division 293). Child support payments. $1,000 up-front reduction for discounts on employee shares/options. Senior…
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The Minerals Resource Rent Tax (MRRT) was a tax on profits generated from the mining of non-renewable resources in Australia. The tax, levied on 30% of the ‘super profits’ from the mining of iron ore and coal in Australia, was introduced on 1 July 2012. Supporters of the tax pointed to continually-large profits produced by…
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Capital city: Nassau Currency: Bahamian dollar (BSD) Population: 372,000 Language: English GDP …
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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…
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