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 Planning, Succession, Tax Compliance
The cents per kilometre rate for motor vehicle expenses for 2023-24 has increased to 85 cents. This is general information only. Contact us today for an obligation free chat about your business obligations. Follow us on Facebook &...
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 | 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...
by Canning Tax & Advisory | 13 Apr 2023 | Business Operations, Business Planning
Key Performance Indicators (KPI‘s) are important management tools and we encourage business leaders to use KPI’s in their businesses. What is a KPI? A KPI is quantifiable measurement or metric which helps track the progress towards business goals. Leaders use KPI’s to...
