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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…

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…

We purchase tools to make a job easier, quicker, and ensure it’s completed to a high standard. This is the case whether buying tools to fix some household chore or provide tax planning services to clients. No practice operating today can be efficient or effective doing any practice task manually. It doesn’t matter what the…

The US Public Interest Research Group said in 2014 that the United States loses roughly $184 billion per year due to corporations such as Pfizer, Apple, Facebook, Microsoft and Citigroup using offshore tax havens to avoid paying US taxes. In 2010-2012 Pfizer paid no US income taxes despite earning $43 billion. Microsoft held $76.4 billion…

Certain public and non-profit hospitals, ambulance services, public benevolent institutions (PBIs), religious institutions, and health promotion charities (HPCs) are eligible for an FBT exemption.  The benefits it provides its employees are exempt from FBT if the total grossed-up value of certain benefits for each employee during the FBT year is equal to, or less than,…

Community attitudes towards tax avoidance vary from approval through neutrality to outright hostility. Attitudes may vary depending on the steps taken in the avoidance scheme, or the perceived unfairness of the tax being avoided. Tax avoidance by corporations in the UK came to national attention in 2012, when MPs singled out Google, Amazon.com and Starbucks…

Tax avoidance has been around as long as taxes. One historic example of tax avoidance still evident today was the payment of window tax. It was introduced in England and Wales in 1696 with the aim of imposing tax on the relative prosperity of individuals as the bigger the house, the more windows it was…