A savage lesson for investors

Article Abstract:

Roger Duncan a retired pilot from the airlines at the age of 62 invested his savings in the seven different types of tax saving schemes specified to him by a financial agent from Financial Wisdom in 1990. However, none of the schemes were beneficial and hence later a judgment was passed which directed the Financial Wisdom to pay damages to all those investors who invested on the advice of its representatives.

Legal issues & crime, Financial Services, Finance and Insurance, DEPOSITORY INSTITUTIONS, Legal/Government Regulation, Company legal issue, Financial services industry, Investments, Investors

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Work-related travel woes

Article Abstract:

The Australian government is investigating the tax deductions that Andrew Payne has taken for travel between his dear park business at home and his job as a pilot. Restrictions on travel between jobs may mean that less Australians will work second jobs.

Economic aspects, Economic policy, Business travel, Expense deductions, Supplementary employment, Payne, Andrew

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Contractors face twin dangers

Article Abstract:

Australian tax laws that apply to business owners are discussed. New alienation of income rules and anti-avoidance powers allow large penalties if a taxpayer's purpose was to avoid taxes.

Public Finance Activities, Tax Evasion & Penalties, Statistical Data Included, Personal finance, Self-employed persons, Self employed persons, Family-owned business enterprises, Family-owned businesses, Tax penalties

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