Income tax was first implemented in Great Britain by William Pitt the Younger in his budget of December 1798 to pay for weapons and equipment in preparation for the Napoleonic Wars. Pitt’s new graduated (progressive) income tax began at a levy of 2 old pence in the pound (1/120) on incomes over £60 (£5,696 as…
Capital city: Douglas Currency: Manx pound (official) Population: 85,000 Language: English GDP …
Tax Planning Strategy 193 involves using your SMSF to purchase a farm (or hobby farm) and then leasing it back to the taxpayer (or associated entity) to operate a farming business. This strategy has the following attractions: Ability to combine the superannuation fund balances of up to 4 family members to purchase the farm.…
Willie Hugh Nelson (c1933-) is an American musician, singer, songwriter, author, poet, actor, and activist. The critical success of the album Shotgun Willie (1973), combined with the critical and commercial success of Red Headed Stranger (1975) and Stardust (1978), made Nelson one of the most recognized artists in country music. He was one of the…
Capital city: Dover Currency: USD Population: 935,000 Language: English GDP …
Rebatable employers are entitled to a FBT rebate equal to a percentage of the gross FBT payable, subject to a capping threshold. Organisations that may qualify for the FBT rebate include: Registered Charities who are endorsed as a charitable institution for these purposes Certain educational, scientific or public educational institutions Trade unions and employer…
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.…
Capital city: City of Monaco Currency: Euro (€) Population: 38,400 (2015) Language: French GDP …
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…
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…
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2