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Businesses battle for funding as allowance deadline looms
Many small businesses are battling to secure bank funding with only weeks remaining before the Federal Government’s December 31 investment allowance deadline that allows them to claim an additional 50 per cent tax deduction on eligible depreciating assets.

What's New for 2009 Personal Tax Returns ?
An outline of some of the main changes made to the T1 personal tax return for Canadians in 2009.

Taxes in Perspective

Who likes to pay taxes? He asks rhetorically… I have never been a whiner or complainer but I have always been the first one to vocalize my displeasure about the amount of tax we have to pay every day, every week, month and year. The more money we make, the more we have to pay. But where does our hard earned tax money go? I met an interesting fellow the other day that helped me put our tax system into perspective.

ATO tax break hides a financial sting
Thousands of companies that have applied to the Australian Tax Office to defer their tax and interest payment obligations are now likely to have difficulty obtaining finance because of their decision.

ATO tax break could cost companies dearly
Companies considering taking up the ATO’s offer to defer tax payments due on their next business activity statement or any other statutory obligations, interest-free, should think very carefully given the adverse financial consequences of doing so, according to Interlease director Gary Wilkie.

Hong Kong Corporate Tax - Explained

Hong Kong is a popular location for business ventures and offshore activities given key attractive factors in its government, its jurisdiction and its policies on trade and investment. Tax is also a decisive point in Hong Kong company incorporation and offshore business ventures. Hong Kong’s corporate tax rate is reputably low and Hong Kong boasts a tax system that is intricately designed to benefit its companies while being simple and straightforward to understand. This article summarizes the main elements of Hong Kong corporate tax.

Are You Incorporating Your Business in the Wrong State?
For small businesses, three major factors should impact your choice for the state of your business incorporation formation...

The Currency Transaction Levy: An innovative source of SMEs financing

James Tobin (Nobel Memorial Prize in Economic Sciences in 1981) was widely known for his suggestion of a tax on foreign exchange transactions, now known as the "Tobin tax". This was designed to reduce speculation in the international currency markets, which he saw as dangerous and unproductive. He suggested that the proceeds of the tax could be used to fund projects for the benefit of Third World countries, or to support the United Nations. James Tobin and other economists, e.g. David Felix, Rodney Schmidt, Paul Bernd Spahn have examined the possibility of levying a charge on international monetary transactions as a means to reduce exchange rate volatility and promote international economic stabilit

WUSME World Union of Small and Medium Enterprises: The new home of SMEs supporting institutions

One of the top-priorities of the WORLD UNION OF SMEs (hereinafter called the “UNION”) will be to provide widespread information and to foster awareness among the various national institutions of the Countries belonging to the UNION as regards the true needs of micro-, small and medium enterprises which represent the basis of the economic fabric of all societies. The UNION shall develop strategies to support the growth of this vital global economic sector and identify annual activities to facilitate relations with national associations and to create opportunities for integration between the representatives of different Countries and geographic areas.

How to Make Sure that HMRC Don't Pick on You for Failing to Keep Proper Records...
The HM Revenue & Customs (HMRC) have warned that they are planning to clamp down on around 50,000 small businesses over the course of 2011 for failing to maintain proper records and underpaying corporation tax. They say that 40% of all SMEs keep poor records and are likely to owe tax...could you be one of them?

A NEW FINANCIAL ARCHITECTURE FOR CRISES PREVENTION AND DEVELOPMENT OF THE INFRASTRUCTURE AND SMALL AND MEDIUM ENTERPRISES AND CRAFTS (SMEs) in the République of Gabon - Union-Work-Justic

The WUSME Delegation during its mission to Gabon 31 Jan - 5 Feb 2011 learned that presently no affordable programs for Micro-financing are available in the Republic of Gabon. BGFI Bank informed us that loans are been offered to SMEs at 18% annual interest plus cost of insurance against bankable guarantees. These conditions are unaffordable to SMEs and Crafts. There might be forthcoming special programs sponsored by UN Organisations, Worldbank or other Sponsors, but such single programs would only be available during a short period of time and are hence not sustainable. („Drop - on a hot stone - actions"). The Parliament of the Republic of Gabon shall decide tax law for imposing a tax of proposed 0,05% on all currency transactions of Banks, Fx-Brokers and Money Transfer Companies, e.g. WESTERN UNION.

INDEPENDENT CONTRACTORS ATTRACT INCREASED SCRUTINY

Government agencies, running record deficits, look to companies' use of independent contractors as a source for increasing revenues. Business sees independent contractors as providing much needed staffing flexibility. Taxing agencies consider independent contractors as tax cheats and force business owners to become enforcers of government tax policy. This article explores the criteria businesses need to follow to avoid a finding that your independent contractors are actually employees resulting in assessments for past taxes, penalties, and interest.

Audits: Always Be Prepared
Don't ever assume you won't be audited. It can happen to anyone and you need to be prepared. What many people overlook is that you will need much more than your receipts to be properly prepared for an audit. We have provided a list of items you should keep in mind at all times in case you are later audited:

What Business Type Do I Need For My Small Business?

If you’re thinking about starting a new business, one of the first choices you will have to make is the type of business that works best for you. For a small business, you basically only have two viable options: an LLC or an S-Corp (a corporation governed by subchapter S of the IRS tax code). Both are pass-through entities, which means the members or shareholders are personally responsible for paying tax on money received. This article compares these two options and gives an overview of the situation.

CFO vs. Controller: Understanding the Differences

There are two primary types of financial leadership within top organizations: the CFO and the Controller. Many growing organizations do not have a clear understanding of the two positions, often overlooking the value that a CFO could bring to their business. To determine what level of financial leadership an organization requires, a Controller and/or CFO, it is first important to decipher the differences between the two roles.

How do you feel about getting tax breaks?
Stephen Harper may not be able to break wooden boards as well as some of us in the martial arts community, but his breaks when it comes to taxes are something we can hold a mutual respect with him for. This blog is about what the fitness tax credit planned for 2015 means to our organization.

Reasons To Invest In Commercial Real Estate
Real estate has always been, and still is a great long-term investment. While the residential real estate market has been in a slump for quite some time now, the commercial real estate market continues to thrive for a number of reasons. Investing in a commercial property is an excellent choice for both tax savings and growing your bottom line.

Gift and Estate Tax Changes....................Are You Ready?
Gift and Estate Tax laws are in flux and may be subject to upcoming changes. If you own a business and have considered gifting an interest in your business, are you up-to-date and ready? In this month's article, we review what we know about these potential changes.


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