The Commonwealth Treasury’s 2016 Tax Expenditures Statement (published in January 2017) shows Australia’s ten most expensive tax breaks are: Main residence exemption from CGT: $61.5 billion. Concessional taxation of superannuation earnings $16.9 billion. Concessional taxation of superannuation contributions $16.9 billion. CGT discount for individuals and trusts $9.6 billion. GST exemption for fresh food $6.9 billion.…
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Capital city: City of Monaco Currency: Euro (€) Population: 38,400 (2015) Language: French GDP …
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This strategy involves transferring the life interest in business real property into a SMSF (instead of transferring the whole interest in the real property). The SMSF becomes the ‘life tenant’ with the ‘life in being’ based on the life expectancy of a member of the fund. The life tenant will become the registered proprietor of…
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The first income tax is generally attributed to Egypt where the Pharaoh’s collected taxes from their citizens to fund grain warehouses, building projects (including the pyramids) and local armies. Like today, the taxes were used to stabilize and enrich society. The taxed grain was stored for distribution in times of hardship, used to feed…
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Capital city: Funchal Currency: Euro (€) Population: 270,000 Language: Portuguese GDP …
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Talk to anyone in the accounting industry and it’s very apparent that compliance fees are falling (and will continue to fall year on year). Rob Nixon in his book Remaining Relevant, has predicted that compliance prices will plummet by 50% or more within 5 years. His predictions may turn out to be very conservative as…
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TaxFitness Easter Egg Competition Winners Congratulations to Nick Rieper from Success Tax Professionals Alice Springs and Audrey de Beer from Success Tax Professionals Joondalup for winning our first Easter Egg Competition by completing the most tax plans. Prizes First prize $750.00 worth of Easter eggs (Nick Rieper – 51 tax plans). Second prize $250.00 worth…
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Capital city: Vaduz Currency: Swiss franc (CHF) Population: 37,340 (2014) Language: German GDP …
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Small businesses buying art prior to 30th June 2017 with a purchase cost of less than $20,000 (excluding GST) are entitled to a full tax deduction. The art can be enjoyed at the small businesses office, warehouse, farm, or home office. There are no restrictions on the type of art or the number of pieces…
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Martha Helen Stewart (c1941) is an American businesswoman, writer, and television personality. As founder of Martha Stewart Living Omnimedia she has gained success (a net worth of US$638 million) through a variety of business ventures, encompassing publishing, broadcasting, merchandising, and e-commerce. She has written numerous bestselling books, is the publisher of the Martha Stewart Living…
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