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What is a Taxi?

Lets start with a definition… According to dictionary.com… contradiction kɒntrəˈdɪkʃ(ə)n noun a combination of statements, ideas, or features which are opposed to one another. When considering the exemption from FBT for certain taxi travel under section 58Z of the FBTAA86, the Commissioner states: The exemption is limited to travel in a vehicle licensed by the […]

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Who gets the 27.5% Company tax rate?

You would think this is an easy question to ask… But it is not. The rules seem pretty easy. They are: A corporate tax entity carries on a business in the income year; The aggregated turnover of the corporate tax entity for the income year is less than: for the 2016-17 income year — $10 […]

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Einstien on Income Tax

Albert Einstien used a tax agent called Leo Mattersdorf. He told the following story a few years after Einstein’s death in 1955… One year while I was at his Princeton home preparing his return, Mrs Einstein, who was then still living, asked me to stay for lunch. During the course of the meal, the professor […]

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Tax Depreciation Bill in Parliament

The Bill to limit tax depreciation for residential buildings has started its process through the Parliament. I have discussed these changes before, firstly when they were announced on Budget night, and second when draft legislation was released for consultation. But now we have the Bill in Parliament and in the next few weeks the Parliament will […]

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What Dual Citizenship Issues Can Mean For Tax

It is not hard to imagine that one of the many members of the House of Reps will find they have fallen foul oft section 44 of the Constitution, the section that stops dual citizens from sitting in the House. This will lead to a by-election and could potentially could lead to a change in […]