Tax Havens

Cryptocurrencies – The tax consequences of using Bitcoin

17 August 2022

Wikipedia defines a cryptocurrency (also known as crypto-currency, or crypto) as a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Bitcoin was created in 2009 by Satoshi Nakamoto as the…

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Can I deduct the cost of travelling to see my tax agent?

18 October 2021

A taxpayer can claim a deduction for the cost of travel to obtain tax advice. This travel includes:  Using a taxpayer's vehicle to visit their accountant's office. This can be calculated on a cents per km basis. Out of pocket transport costs incurred, such as airfare or taxi fare. Accommodation and meals incurred visiting their tax agent. (This…

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Puerto Rico

5 January 2021

                                      Capital city:                San Juan   Currency:                    United States dollar (USD)     Population:                3,411,307…

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Deduct your overnight travel expenses

22 December 2020

Overnight travel expenses involve being away from home for at least one night for work or business purposes. Business or work travel is in contrast with other types of private travel such as for leisure purposes or regularly commuting between one's home and workplace. Reasons for work or business trips include servicing customers, working at…

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Are fitness expenses tax deductible?

17 November 2020

Fitness expenses will be deductible if employees need an abnormal level of fitness to perform their job. Typically, this applies to only professional sportspeople, physical training instructors with the Defence Force & Police Force, firefighters, and special forces personal. Implementation Process: 1.    Determine whether the employee requires above normal (extreme) levels of fitness to perform…

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Pitcairn Island

10 November 2020

                                  Capital city:                Adamstown      Currency:                    New Zealand dollar (NZD)    Population:                57    Language:…

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20 October 2020

                      Capital city:             Panama City      Currency:                 Balboa (PAB) and United States dollar (USD  Population:             4,034,119    Language:            …

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Tax deductions for handbags, briefcases and satchels 

13 October 2020

Handbags, briefcases and satchels purchased to carry items for work purposes (such as laptops, tablets, work papers or diaries) may be deductible. The deductibility of the bag will depend on: Cost – It's easier to justify to the ATO that a $300 bag is for work purposes than a $10,000 Prada bag. Type – Large bags…

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No sales tax in Palau

29 September 2020

                        Capital city:                Ngerulmud Currency:                    United States dollar (USD)      Population:                21,503    Language:            …

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8 September 2020

             Capital city:                Muscat      Currency:                    Rial (OMR)   Population:                4,424,000   Language:                  Arabic     GDP:  …

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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