by Canning Tax & Advisory | 17 Jul 2023 | Business Operations, Business Planning, Tax Compliance
In a pre-Budget announcement, the Government has committed to a Small Business Energy Incentive Scheme that offers a bonus tax deduction of up to $20,000. The Small Business Energy Incentive encourages small and medium businesses with an aggregated turnover of less...
by Canning Tax & Advisory | 17 Jul 2023 | Business Operations, Business Planning, Tax Compliance
Taking on debt can help build a business. Borrowing works well when the cash generates a return in excess of the cost of the debt. Sometimes, however, leaders take on too much debt which they need to reduce while managing cash carefully. Let’s look at some ways to...
by Canning Tax & Advisory | 17 Jul 2023 | Business Operations, Tax Compliance
The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES). Currently, workers not covered by a modern award or an enterprise agreement containing a term requiring an employer to make superannuation...
by Canning Tax & Advisory | 17 Jul 2023 | Business Operations, Business Planning, Tax Compliance
The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of around $1 billion from incorrect...
by Canning Tax & Advisory | 17 Jul 2023 | Business Operations, Business Planning, Tax Compliance
For employers, incorrectly calculating wages is not portrayed as a mistake, it’s “wage theft.” Beyond the reputational issues of getting it wrong, the Fair Work Commission backs it up with fines of $9,390 per breach for a corporation. In 2021-22 alone, the Fair Work...
by Canning Tax & Advisory | 17 Jul 2023 | Business Operations, Business Planning, Tax Compliance
A periodic review of business expenses will benefit ALL organisations and usually results in reduced costs, increased cash, and more profit. All businesses should review their expenses periodically. Prudent expense management helps ensure that valuable cash...
