by Canning Tax & Advisory | 14 Nov 2022 | Business Operations, Business Planning
In the wake of the Optus data leak, legislation before Parliament will lift the maximum fine for serious or repeated breaches of the Privacy Act from $2.2m to up to $50m. But there are no guarantees that even the strongest safety measures will prevent an attack. So,...
by Canning Tax & Advisory | 14 Nov 2022 | Business Operations, Business Planning
I got a text the other day “Hi Mum, I have broken my phone and I am using this number.” The “Hi Mum” scam has exploded with more than 1,150 Australians falling victim to the ploy in the first seven months of 2022, with total reported losses of $2.6 million. Once the...
by Canning Tax & Advisory | 14 Nov 2022 | Business Operations, Business Planning
The Optus data breach is top of mind for a lot of Australians, particularly those who have had their data breached. For business, the breach is a timely warning on the importance of understanding what data is held on your customers (and should you hold it?), how it is...
by Canning Tax & Advisory | 14 Nov 2022 | Business Operations, Business Planning, Tax Compliance
New guidelines for professional services firms – lawyers, architects, medical practitioners etc., came into effect on 1 July 2022. The guidance takes a strong stance on structures designed to divert income in a way that results in principal practitioners...
by Canning Tax & Advisory | 14 Nov 2022 | Business Operations, Business Planning
Sometimes business leaders need to fundamentally change the way things are done in order to grow profit, or just to survive. This is termed ‘Business Reengineering’. What is Business Reengineering? Business Reengineering usually means eliminating activities or...
by Canning Tax & Advisory | 14 Nov 2022 | Business Operations, Tax Compliance
Queensland backs down on Australia wide land tax assessment The Queensland Government has backed away from an amendment that would have seen the land tax rate for investment property in Queensland assessed on the value of the investor’s Australia wide land holdings...
