Just as financial planners need to know their clients when preparing a financial plan, so too do accountants need to know their clients when preparing a tax plan. This involves gathering the client information and data so the complete picture about the client’s affairs can be analysed. Accountants normally know their client’s income and expenses…
There is no generally accepted definition of what renders a country or jurisdiction a tax haven. The Cambridge Dictionary defines a tax haven as ‘a place where people pay less tax than they would pay if they lived in their own country’. The term most commonly refers to those countries or jurisdictions that have a…
Both common law partnerships and written partnership agreements allow the partners of a partnership to vary the amount a partner draws as a ‘partner salary’. To be effective for tax purposes in an income year, the agreement must be entered into before the end of that income year. The partner’s salary should be based on…
Even if accountants are well trained and utilising tax planning software it will still take 2-3 hours (on average) to complete the six stage tax planning process for a client. Skipping any of the six stages, or not spending adequate time on a stage, will result in a substandard result for the client. The tax…
Capital city: Nicosia Currency: Euro (EUR) Population: 1,100,000 Language: Greek & Turkish GDP …
A reversionary pension is a pension that is paid to a member and on the death of the member continues to be paid to an eligible dependent of the deceased i.e. their spouse or child under the age of 18. The advantages of an automatic reversionary pension are: Removes the need for trustees to cash…
As discussed previously, 90% of practices don’t actually provide tax planning services to their clients for a fee. That is not debatable and is a fact supported by the data. What is interesting though is that most of those practice principals will tell you they do provide tax planning services to their clients, but just…
Capital city: Road Town Currency: United States dollar (USD) Population: 28,054 Language: English GDP …
Sponsorship is defined by the Cambridge Dictionary as ‘the act of supporting a person, organisation, or activity by giving money, encouragement, or other help’. The Avon Descent is a 124km power dinghy and paddle boat race from Northam to Bayswater (see www.avondescent.com.au). The main sponsors are Tourism WA, Lotterywest, act belong commit, Healthway, The Sunday…
Industry data shows that approximately 10% of practices are currently providing tax planning services to their clients. What is unknown is the actual percentage of clients in those practices that actually receive a tax planning service. A good guestimation would be between 10-15%. Even for practices currently providing tax planning services, there has been…
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2