Bitcoins most important characteristic is that it is decentralised so no single institution controls the Bitcoin network. Bitcoin is pseudonymous, meaning that funds are not tied to real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public. Bitcoin has been called a tax…
This strategy is all about changing bad debt into good debt. Bad debt is defined as debts which don't help you build wealth and where the interest expense is non-deductible. This includes personal credit card debts, personal loans, HECS debts, primary residence home loans, etc. In contrast, good debt is debt which works to help…
A partnership involves two or more partners (people or entities) carrying on a business together with a view to profit. Partnerships are governed by the Partnership Act of the state or territory in which the partnership was formed, and are limited to a maximum of 20 partners. Partnerships have the following advantages: It's…
This strategy involves asking the landlord for a rent reduction. Landlords will be more open to reducing the rent where: You are a good tenant that pays their rent on time and doesn't cause any trouble. Falling rents and increased vacancy rates means you are paying above-market rental rates. Implementation process: Use property websites…
The People’s Republic of China is the world’s largest producer and consumer of tobacco. China produces 42% of the world’s cigarettes, has 350 million Chinese smokers, and smokes 33% of the world’s cigarettes. The annual taxes on Chinese cigarette sales amount to hundreds of billions of yuan, and account for 10% of government revenue. In…
A 6% sales tax on body piercing was introduced by the US state of Arkansas in 2005. The state also applies the 6% sales tax to hair removal and tattoo services. Tax planning to avoid the Arkansas piercings tax is as simple as crossing the state border to have the piercings done interstate. The six…
Business Profile Businesses in this industry install, repair and maintain ventilation, air conditioning, heating and refrigeration systems. Key Benchmarks Cost of sales to turnover is the key benchmark for this industry. Annual Turnover Range
The luxury car tax (LCT) is a tax on cars with a GST inclusive value above the LCT threshold. The Australian government introduced the LCT on 1st July 2000 in conjunction with the removal of sales tax and the introduction of the Goods and Services Tax (GST). LCT is imposed at the rate of…
A carbon tax is a tax on energy sources that emit carbon. Carbon is present in coal, petroleum, and natural gas and converted to carbon dioxide and other products when combusted. In contrast, wind, sunlight, geothermal, hydropower and nuclear are non-combustion energy sources and do not convert hydrocarbons to CO. The objective of a carbon…
The Enterprise Investment Scheme (EIS) was launched in 1994 to encourage investments in small unquoted companies carrying on a qualifying trade in the United Kingdom. By their nature, unlisted companies are high risk and have low liquidity, so consequently have difficulty raising capital. The EIS was designed to offer investors tax relief to counterweight those…
Similar posts you may like
- Intellectual Property Box Regime
An intellectual property box regime is a special tax regime for intellectual property revenues. It is also known as a patent box, innovation box Read more
- The Liechtenstein Foundation of 1926
There is no universal or legal definition of foundation. A foundation can be a trust, company, or other entity; and be either not for Read more
- Legal vs Illegal Tax Saving Strategies
Paying our legal taxes is a small price to pay for the benefits we enjoy in a privileged, prosperous, and safe society such as Read more
- Why 80% of suburban accounting practices are leaving money on the table — and how to fix it
In suburban accounting practices across Australia, a startling trend has emerged: around 80% of firms are generating minimal revenue from tax planning and business 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