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Taxes

Wear and tear

As we delve into the world of finance, it is important to understand the concept of depreciation. This refers to the decrease in value of an asset due to its regular usage. In order to accurately calculate business profits, most income tax systems allow for deductions in relation to buildings, plant, and machinery that undergo wear and tear during business operations.

Control

When one person has the ability to ensure that another person follows their desires, this is referred to as control. This control can be utilized by individuals and corporat...

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Motive test

Tax rules often include tests to prevent individuals and businesses from avoiding taxes. These tests may consider the purpose of a transaction and impose consequences if it ...

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Small business relief

Small businesses are often eligible for tax concessions, which refer to special benefits or exemptions from taxes. These concessions are designed to support and encourage th...

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Generation-skipping tax

In order to prevent the avoidance of transfer tax, which includes both estate tax and gift tax, a specific type of tax is imposed. This tax is known as generation-skipping t...

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