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Monthly Archives: May 2012
Budget 2012: Survey results
Even in the best of times budgets can be a tight rope balancing act, especially if the safety net holding the surplus is fast getting wobbly. The 2012 Budget has evoked sentiments ranging from pathetic to downright infuriating. Some of the measures announced have got many hot and bothered. Coming menacingly close with the introduction of the carbon tax, the budget appears to have rattled both the “Wall street” and the “Main street” in Australia. There is talk of a … Continue reading
“Defriending” at Facebook, co-founder says good bye
So much is going on with Facebook that politicians have joined the call to tax the techies while they are with us ( Make Google pay more tax: Turnbull.) Firstly the IPO was held (valuation $104 billion), then the news broke that its co-founder Eduardo Saverin had quit his U.S citizenship in September last year to reside in Singapore and finally the news that Mark Zuckerberg has tied the knot (prenup or not). Here’s the deal with Saverin. He renounced his US citizenship, … Continue reading
Budget 2012: Losses never looked so good
It’s official, if you have losses then prepare to shed them. Loss carry back is here and tax losses incurred in 2012-13 can be carried back and set off against tax paid in 2011-12 (Budget paper No 2 page 39). In the coming years tax losses can be carried back two years earlier. The Government has abandoned the much needed reduction in company tax rate and opted for the loss carry back. Some you win, most you lose. The devil … Continue reading
Budget 2012: Handicapping the speech
In theory there’s not much difference between handicapping the budget and choosing the preferred runner in the Melbourne cup. The media analysts get rolled out for both; from Kohler to mitchell to gittins, and a few former politicians (Peter “He’s never delivered a surplus” Costello, Paul “Insert funny comment” Keating) have their say in Canberra and in the Cup case everyone else has their pick. And in both cases after a long generic cialis without prescription build-up and many speeches … Continue reading
Budget 2012: No rate cut only carry back of losses
It’s Budget time and print and electronic space is brimming with stories, speculation and downright rubbish. None so intriguing as the Government’s cooling on the proposal to reduce the tax rate for all companies. While other countries in our neighbourhood are enforcing unbelievably low tax rates, the order cialis without prescription long standing 30 per cent corporate rate has survived for quite some time in Australia. Never before has the corporate tax rate come under such pressure. The Budget is a good place … Continue reading
Apple falls further away
If Newtonian gravitation is true then the fruits of the tree land close to the tree, unless a strong wind of tax planning is blowing across to tax havens. A revealing report published by the Greenlining Institute (Tax avoidance in Silicon Valley) highlights how high tech valley companies in the U.S have devised ingenious methods of minimising taxes at home. According to the report the amount of cash held by the companies increased by 21% to just under $ 430 … Continue reading
Using PE losses in UK
The Advocate General of the European Court of Justice (ECJ) has issued an opinion on the case of HRMC v. Philips Electronics UK Ltd (C-18/11, 19 April 2012). Briefly the facts in the case are: Parent company was established in the Netherlands. Entities in the group included a UK company and a permanent establishment of the Dutch company in the UK The UK authorities disallowed setting off loses of the PE against the income of the UK company The UK … Continue reading
