Although there is no consensus on the number of tax havens in the world it’s estimated at over 150. Some of these tax havens are whole countries (like Bermuda), and others just a state or territory within a country (like Nevada). The list of tax havens is constantly changing as new tax havens are added…
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Malcolm Turnbull’s Innovation Statement released on 7th December 2015 provides tax incentives for early stage investors. The tax incentives will encourage early stage investment in innovative start-ups and should boost growth by fostering new enterprises and promoting entrepreneurship. Further details are available at National Innovation & Science Agenda. The tax incentives apply from 1st July…
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For businesses operating on an accruals basis, income that is subject to a client dispute may be deferred until the dispute is settled. The disputed income should be recorded in the financials as a liability, and only recorded as income when the dispute is finalized.
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There is no generally accepted definition of what renders a country or jurisdiction a tax haven. The Cambridge Dictionary defines a tax haven as ‘a place where people pay less tax than they would pay if they lived in their own country’. The term most commonly refers to those countries or jurisdictions that have a…
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Both common law partnerships and written partnership agreements allow the partners of a partnership to vary the amount a partner draws as a ‘partner salary’. To be effective for tax purposes in an income year, the agreement must be entered into before the end of that income year. The partner’s salary should be based on…
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Capital city: Road Town Currency: United States dollar (USD) Population: 28,054 Language: English GDP …
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Capital city: Port Louis Currency: Martian rupee Population: 1,348,242 Language: Nonea & English GDP …
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The lifetime CGT cap for 2017/18 is $1,445,000. This is available for capital gains that utilise the small business 15-year exemption or the small business retirement exemption. But only $500,000 can be contributed in respect of the retirement exemption. The contributions are not tax deductible to the taxpayer and not accessible to the super…
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Capital city: Dubai Currency: Dirham (AED) Population: 2.8m Language: English GDP …
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Most forms of income earned by professional sportspeople is personal services income (PSI) and is assessed to the sportsperson individually. This includes salary, competition winnings, prizes, and appearance fees. This income cannot be split with family members or taxed at company rates. In contrast, all endorsement income is genuine business income generated by the goodwill…
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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