taxInsight - 2011 – August

2011 – August from taxInsight

Save Tax: work in progress

The value of work in progress must be accounted for at the end of the year by a manufacturer or builder. However, if you operate a professional or service business you do not have to account for the value of unfinished jobs at …

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US Senate moves to stop tax haven abuse

Democratic Senator Carl Levin has introduced a Bill to the US Senate, which will require that US multi-national corporations would have to report employees, sales, financing, tax and tax payments on a country-by-country basis. The Stop Tax Haven Abuse Act of 2011 was introduced to the US Senate in July.   The new law, if passed, would reveal much about US Multinational Corporation’s offshore tax and accounting practices and permit the Internal Revenue Service (IRS – the US Tax Office) to use this information to evaluate foreign financial accounts and simplify penalty calculations for unreported foreign accounts and suspicious activity. […]

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Super guarantee

Question: We contracted a person for work. He gave us a tax invoice with ABN, GST etc. He was paid for services. There was no written contract, but we told him verbally that superannuation was included in the hourly rate. Now he wants to be paid super for the period he worked for us. We believe he is not entitled because of our agreement.

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August 2011 – A day in the tax life of …

… previously on tax life … Sam was well in control of her responsibilities as executor of her brother Mick’s estate. The family seemed to all be reasonably okay with the estate process thanks largely to the planning and communication that Mick had put in place before his passing.

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