by Canning Tax & Advisory | 9 Mar 2023 | Business Operations, Business Planning, Tax Compliance
The Fringe Benefits Tax (FBT) year ends on 31 March 2023. If you operate a business, we’ll be in contact with you shortly to work out whether or not your business needs to be registered for FBT (if you are not already) and start collecting the information to work out...
by Canning Tax & Advisory | 20 Feb 2023 | Business Operations, Business Planning, Tax Compliance
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions – changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family...
by Canning Tax & Advisory | 20 Feb 2023 | Business Operations, Business Planning
In a volatile market, keeping to a strategy, or let’s face it creating one, can be tough. The downside of not taking time out for your strategy is that there is a tendency to keep a short-term focus at an operational level to try and pick quick wins to generate...
by Canning Tax & Advisory | 20 Feb 2023 | Business Operations, Tax Compliance
Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and its ability to work with the Australian tax system. Let’s start by saying that we were impressed. Not so much by ChatGPT’s ability to...
by Canning Tax & Advisory | 20 Feb 2023 | Business Operations, Business Planning
Let’s start with a definition of Bad Debt. Bad Debt is an amount of money a creditor must write off after a debtor defaults. Understanding and incurring bad debt is part of doing business… because there is ALWAYS a risk that payments won’t be collected,...
by Canning Tax & Advisory | 20 Feb 2023 | Business Operations, Business Planning
As Accountants we like to see highly efficient businesses… because that leads to more profit, a higher valuation and – usually – happier owners, managers and employees! Automation is one way to increase efficiency. The benefits of automation...
