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, 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
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...
by Canning Tax & Advisory | 7 Jul 2023 | Business Operations, Tax Compliance
The digital games and interactive entertainment sector is the largest creative sector in the world and one of the fastest growing industries worldwide. The global digital games industry is worth around $250 billion and in Australia, grew 22% between 2020 and 2021...
by Canning Tax & Advisory | 9 May 2023 | Business Operations, Business Planning, Tax Compliance
When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right? There a myriad...
