In 2011 Romania started taxing witches, astrologers and fortune-tellers. Previously these obscure professions were not listed in the Romanian labour code, so people working in these jobs paid no tax. Known as the ‘witches tax’, under the new law, these three professionals now pay 16…
Read More »
Business Structures: Choosing the right business structure, such as a company or trust, can provide a level of separation between your personal assets and business liabilities. This can help protect your assets from business-related risks. Insurance: Adequate insurance coverage, including liability insurance and professional indemnity insurance, can protect you from financial loss in the…
Read More »
The Google Tax is a UK tax introduced to tax multinational internet companies that divert UK profits to lower taxing foreign countries. It’s a diverted profits tax but is known as the Google tax as it target’s Google’s low tax payments. In the 2013 financial year, for example, Google recorded £5.6 bn of UK sales…
Read More »
In 2015, Conegliano, an Italian town in Veneto, introduced a tax on shadows. Business owners whose signs create a shadow on public property or walkways now pay an annual shadow tax. The tax is EUR 8.40 per square meter, and the fee is calculated based on the size of the shadow created. For the average…
Read More »
Studies have shown that art in the workplace provides big benefits to businesses including reducing stress at the office, increased creativity and productivity, enhanced employee morale, broadened appreciation of diversity, and encourages open dialogue. Most people connect with art as it touches a memory, or conjures up an image of a different time or place,…
Read More »
The best recession-proof businesses sell a product or service that is necessary or legally required. This is to be contrasted with nice-to-have purchases or desires. The seven top recession-proof businesses include: Health care – even during a recession, people get sick, have babies, etc. Tax and accounting services – preparing Business Activity Statements and…
Read More »
The Government is changing the Fair Work Act 2009 to protect workers’ entitlements. The key Protecting Workers Entitlements Bill amendments are: Increasing protections for migrant workers – Migrant workers will be entitled to the complete protection of the Fair Work Act, irrespective of their migration status. This means a migrant worker breaching their visa conditions…
Read More »
The ATO has introduced a 4.20 cents per km rate for home-charging electric vehicles (EV). The rate is multiplied by the number of kilometres the electric vehicle travels during the year. As the compliance costs involved in calculating the EV electricity consumption vs the household private electricity use is high, the ‘Practical Compliance Guideline PCG…
Read More »
In 2017, South Korea enacted the world's first robot tax. The law doesn't require robots to be taxed. Instead, they have reduced the tax breaks those investments in robotics previously enjoyed. South Korea's existing automation incentives of a three to seven per cent tax deduction for businesses investing in automation are reduced by two per…
Read More »
The formula for net worth/equity is assets less liabilities. The assets must be valued at market or realisable values. Periodically calculating the net worth of an individual, family, or company has the following benefits: Provide a simple snapshot of their ‘true wealth’ at a given time. Eliminates ‘fake wealth’, i.e. assets purchased/funded via debt (liabilities).…
Read More »Similar posts you may like
- 1712 – England Introduces the Soap Tax
Soaps are derivatives of fatty acids and have traditionally been made from triglycerides, oils and fats. The earliest record of Read more
- The shadow tax of Conegliano
In 2015, Conegliano, an Italian town in Veneto, introduced a tax on shadows. Business owners whose signs create a shadow on public property or Read more
- Top 20 tax planning strategies for the 22/23 financial year!
Here are the top 20 tax planning strategies used by our TaxFitness subscribing accounting practices for the 22/23 financial year! Concessional superannuation contributions. Read more
- Live Frugally
We don’t want to hear it but spending less consistently over time is key to growing wealth. Cut out the spending sprees, comfort shopping 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