Tax Etics and Etiquette

Businesses that have a fleet of more than one vehicle will need to familiarise themselves with the changes to avoid paying too much tax. Changes made to the Fuel Tax Credit system (FTC) on 1 July have to potential to significantly impact FTC entitlements for many SMEs. How to get a Bad Credit Auto Loan with No Co-Signer? Mortgage interest-This can apply to a regular mortgage up to a certain limit; $750,000 (or $375,000 if married filing separately) in 2020 and 2021, for a main residency, a second mortgage, a line of credit, or a home equity loan. For purposes of the student loan interest deduction, these expenses are the total costs of attending an eligible educational institution, including graduate school. You need to be single or married filing jointly, with no dependents and a total taxable income of less than $100,000. For filing tax returns an expatriate can look for the aid of a professional expat tax consultant.

You have to file the US expat tax returns for sure. In some cases, you'll find that there's something on your returns which doesn't quite add up. Understandably, consumers often find it quite frustrating to periodically confront the fact that the US Government grabs a large chunk of their hard-won income through taxation. Investing in tax liens certificates is a way to help the government recoup their tax losses. The removal of the ‘10 per cent rule’ will also help ensure a level playing field for access to superannuation tax concessions irrespective of a person’s employment situation. The Australian Government has recently passed what it is calling the ‘most significant superannuation reforms in a decade’. From 1 July 2018, individuals with less than $500,000 in their superannuation accounts will also be allowed to make ‘catch-up’ concessional contributions. Individuals under the age of 65 will be able to bring-forward three years of contributions. Under the confirmed changes, which will come into effect on 1 July 2017, the cap on concessional (before-tax) contributions will be decreased from $30,000 (for those under the age of 50) or $35,000 (for those aged 50 years old and over) to the flat rate of $25,000 per year.

Franking credits are particularly beneficial for SMSFs as the tax rate for the fund is 15 per cent, while franking credits can be equal to 30 per cent of the gross dividend - leaving a significant excess to offset any tax payable on the other taxable income earned by the fund. Balances above the $1.6 million mark will be taxed at 15 per cent.6 million and balances above the $1.6 million mark will be taxed at 15 per cent. The tax rate of 15 per cent for those who earn up to $300,000 and 30 per cent for those who earn income above that amount has also been changed. The Tax Office recently released a Taxation Determination (TD 2016/16) and updated their Practical Compliance Guideline (PCG 2016/5/) to provide further clarification concerning the circumstances where a self-managed super fund with a related party LRBA would attract a higher marginal tax rate of 47 per cent under NALI provisions.

The new rate would apply to 1,556 multinationals based in Ireland, employing about 400,000 people. A marketing campaign that capitalises on the upcoming season provides businesses with the opportunity to position themselves as an adaptive and quick-to-react business. When developing a seasonal marketing campaign avoid time-specific references so the content can be used again. Ensure your marketing campaign meets the needs of your target market. When crafting your holiday marketing campaign, it is not a good idea to leave planning and execution to the last minute. Promoting your holiday sale early helps to prime customers to choose your business as a default shopping destination before your competitors get a chance. Consider enticing customers to subscribe with special offers such as free shipping or percentage discounts. Public-Spirited: Nothing comes free in this world, not even the air you breathe. Retain certain records even longer. This can often confuse and even deter customers, especially if they are searching for your business online.