Work-related counselling provided to employees (and their associates) in order to improve or maintain their efficiency at work or prepare them for retirement will be tax deductible and FBT exempt. It can be provided as individual or group counselling and can be related to matters such as: Quit smoking programs. Weight watches programs to lose…
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Belize, located on the coast of Central America, is known in the global arena for attracting many North American drug trafficking entities. As the Belize currency is pegged to the U.S. dollar this entices drug traffickers and money launderers who want to utilise their current economic system. As Belize offers nonresidents the ability to establish…
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Long service awards granted in recognition of 15 years or more service are tax deductible and FBT exempt, provided the value of the award doesn’t exceed the following specified amounts: $1,000 for 15 years’ service. Plus $100 per additional year of service. Where the value of an award exceeds the relevant maximum value, no part…
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Money laundering is the process of transforming the profits of crime and corruption into ostensibly ‘legitimate’ assets, and the hiding of income/wealth from Governments to avoid taxation. Placing ‘dirty’ money in a service company, where it is layered with legitimate income and then integrated into the flow of money, is a common form of money…
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Providing the following work related items to employees is tax deductible and FBT exempt: Portable electronic devices such as mobile phones, laptops, tablets, portable printers and GPS navigation receivers. Computer software. Protective clothing Briefcases. Tools of trade. Even when employees salary sacrifice the cost of the items with their employees they still benefit from saving…
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Tax evasion or tax crime occurs when people abuse the tax and superannuation systems through intentional and dishonest behaviour with the aim of obtaining a financial benefit. Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such…
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Employer provided taxi travel that is a single trip beginning or ending at the employer’s place of work will be tax deductible to the employer and an FBT exempt benefit to the employee. This enables an employer to provide an employee with a single taxi trip to the office everyday, and then another single trip…
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Many tax haven banks offer attractive rates of interest to attract capital into the developing countries financial system. As developing countries are higher risk than developed countries, they must pay higher rates of interest to attract foreign investment. An example, of those higher risks is the 2012–2013 Cypriot financial crisis. The crisis was a result…
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This strategy involves purchasing a corporate box sponsorship package for the AFL Football, rugby, horse racing, speedway, etc. For fixed price sponsorship packages the business will normally pay one fixed price for the following benefits: Signage and advertising rights (This promotes the business’s name at the ground, on signage, on uniforms, on web sites and…
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Structured financial entities are established by financial institutions (banks and companies) to sell their debt securities to investors. This commonly involves the securitising of mortgages, credit card receivables, car loans, aircraft refinancing, etc. The issuers receive cheaper and more efficient funding combined with greater balance sheet flexibility, whilst the investors receive fixed income with a…
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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