June 23, 2015 1:44 pm

Stamp Duty: The Facts


Paying taxes is a fact of life for Australian Investors. Whether you purchase a car, real estate or other assets, the seller or the purchaser pays tax in some form, depending on the value of the transaction. For property transactions, this is called Stamp Duty. Stamp Duty is a legal tax requirement that needs to be paid within 30 days of the property transaction or settlement. The money collected from Stamp Duty is then used to maintain public services, such as education, healthcare and public safety. Stamp Duty is required in property transactions, however, certain exceptions are made for certain [...]

Stamp Duty: The Facts2015-11-11T15:48:36+10:00

June 4, 2014 2:47 pm

The End is Near: 8 Tax Tips


Small businesses are scrambling to get their accounts in order as the end of the financial year on June 30 draws near. Here are 8 tips that can greatly reduce your worries as you sort your business finances and allow you to take advantage of tax saving opportunities for businesses under $2 million in annual turnover: Super deductions. Make sure that you take advantage of deductions to superannuation. Paying it earlier than the July 28 deadline will ensure that you can get significant deductions for the year. Expenses. If the business cash flow allows you to pay for recurring expenses [...]

The End is Near: 8 Tax Tips2023-03-03T00:01:40+10:00

March 6, 2014 1:20 pm

Apple in Deep Water for Untaxed Profits


An investigation by The Australian Financial Review found that tech giant Apple has diverted an estimated $8.9 billion from operations based in Australia to Ireland to avoid their tax responsibilities. Last year, Apple declared their pre-tax earnings at only $88.5 million after it diverted around $2 billion in income to Ireland via Singapore, where it was found out that the company negotiated a tax deal back in 2009. The investigation has accumulated 10 years worth of documentation regarding the company’s secret arrangements with the Irish based company, Apple Sales International. Apple is not the first international company called out for [...]

Apple in Deep Water for Untaxed Profits2023-03-03T00:01:41+10:00

February 26, 2014 1:43 pm

Credit Suisse Involved in Multi-billion Tax Evasion Scandal


According to US Government claims, Switzerland-based financial services company Credit Suisse is involved in falsifying visa transactions and hiding $10 US billion in funds for its American clients, avoiding the necessary tax requirements. This large – scale operation that took place from 2002 to 2008 was found to be twice the size of their original conclusion, with bankers making as much as 150 trips to the United States for the illegal transactions. Several customers have relayed their experiences, where one banker even hiding bank statements on a Sports Illustrated Magazine. Another customer was taken to an anonymous meeting room in [...]

Credit Suisse Involved in Multi-billion Tax Evasion Scandal2023-03-03T00:01:41+10:00

January 28, 2014 1:55 pm

A New Tax Body Emerges


A new tax and accounting body has been formed by the Taxpayers Australia Inc to assist professionals in building their tax and accounting knowledge. The new tax body, TAI Practitioners & Advisers Limited (TAI PAL) aims to provide high quality training, seminars and workshops for professionals, ensuring that members get the best assistance in building knowledge in their chosen field. This move is meant to meet the challenges encountered by professionals in Tax and Accounting, ensuring that they have the most up to date skill needed to provide the best quality of service to their clients. A free seminar is [...]

A New Tax Body Emerges2023-03-03T00:01:41+10:00

October 16, 2013 1:56 pm

Are Your SMSF Contributions Taxed Correctly?


Here’s a great way to understand how you are taxed on your SMSF. Your SMSF contributions, whether it is concessional or non-concessional has a dollar cap applied annually. Your contribution cap is also covered by Indexation starting July 2014. This is an adjustment on your contributions based on your weekly income. Understanding this will avoid any excess in your SMSF contributions. Making sure that your contributions are just about right will avoid benefits from being neutralized, and the member is liable in paying an excess concessional contribution charge. For non-concessional contributions, the tax rate is at 46.5%. Knowing where you [...]

Are Your SMSF Contributions Taxed Correctly?2023-03-03T00:01:42+10:00
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