As the well-known Australian billionaire media magnate Kerry Francis Packer once said in reference to the Australian government, ‘Now of course I am minimising my tax and if anybody in this country doesn’t minimise their tax they want their heads read because as a government I can tell you you’re not spending it that well…
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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…
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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…
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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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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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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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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…
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Many accountants are just compliance based form fillers and don’t have the expertise or aptitude to save you tax. Finding a good tax planning specialist can be tough. Eight questions to ask a prospective accountant to see if they are right for you: Are they in practice full time? (Part-time accountants are a waste of…
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The concept of taxing income is a modern innovation and requires three things: a money economy, an accurate accounting system, and thirdly, an orderly society. A money economy is a system of trade where money has replaced barter. The word “money” is believed to originate from a temple of Juno, on Capitoline, one of…
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An intellectual property box regime is a special tax regime for intellectual property revenues. It is also known as a patent box, innovation box or IP box and was first introduced in 2000 by the Irish as a reduced rate of tax on revenue from IP licensing or the transfer of qualified IP. In Europe…
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2