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 »
If your accountant says you can legally save tax by storing your money in places inhabited only by penguins, seals and seabirds, red alarm bells should be ringing in your head. It’s time to find a new accountant. Whilst having money in overseas accounts is not necessarily against the law, deliberately evading paying tax by…
Read More »
Personal services income (PSI) is income produced mainly from an individual’s skills or efforts. It’s income that has the characteristics of employment income. For PSI income, the only deductions allowed against that income are expenses an employee would be entitled to deduct. If the personal services business (PSB) tests are passed, then taxpayers gain the…
Read More »
Minimum 10% of practice fees Within 12 months, we need to achieve tax planning revenue equivalent to 10% of the practice’s revenue. Achieving this benchmark provides us with the revenue, confidence and motivation to continue growing this new service. Over the last five years many accountants have embraced the ‘one stop shop’ concept and added…
Read More »
Minimum 10% of practice fees. Within 12 months, we need to achieve tax planning revenue equivalent to 10% of the practice’s revenue. Achieving this benchmark provides us with the revenue, confidence and motivation to continue growing this new service. Over the last five years many accountants have embraced the ‘one stop shop’ concept and added financial…
Read More »
The General Corporation Law (Title 8, Chapter 1 of the Delaware Code) is the statute governing corporate law in the U.S. state of Delaware. It has been the most important jurisdiction in United States corporate law since 10th March 1899 when it enacted corporate-friendly laws to attract businesses from…
Read More »
As Britain’s 1784 tax on hats was such a lucrative revenue raiser for the government, they decided to complement it with a glove tax. The 1785 glove tax was levied at the rate of one penny on gloves to the value of ten pence, two pence to gloves costing between ten pence and fifteen pence,…
Read More »
On 24th May 1607 the British Virginia Company landed their three ships near the mouth of the Chesapeake Bay area on the banks of the James River. There they founded the first permanent English colony in the New World. Now known as Jamestown, Virginia, this was the start of the British colonisation of the…
Read More »
A trust is a fiduciary relationship in which one party, known as a trustor (or settlor), gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party – the beneficiary. Trusts are governed by the terms under which they are created and are usually…
Read More »Similar posts you may like
- Delaware Incorporation Legislation Enacted in 1899
The General Corporation Law (Title 8, Chapter 1 of the Delaware Code) is the statute governing corporate law Read more
- Tax Planning Sin 3: Inadequate Time Spent on the Tax Plan
Even if accountants are well trained and utilising tax planning software it will still take 2-3 hours (on average) to complete the six stage Read more
- The Singapore Sling: A Marketing Hub for BHP and Rio Tinto
The Singapore Sling is a gin-based cocktail from Singapore that was developed in 1915 by Ngiam Tong Boon, a Hainanese bartender working at the Read more
- South Korea’s robot tax
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 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