by Canning Tax & Advisory | 29 Sep 2023 | Business Planning, Succession, Tax Compliance
What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income. In this case, the taxpayer was a non-resident working in Kuwait. As part of his work, he was...
by Canning Tax & Advisory | 17 Jul 2023 | Business Planning, Succession, Tax Compliance
A friend’s accountant suggested that they could reduce interest on non-deductible debt by using company cash to offset their personal mortgage, then transferring the cash back by 30 June. Is this an acceptable strategy? This might initially sound like a brilliant...
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 | 13 Apr 2023 | Business Planning, Succession, Tax Compliance
Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider. Business transactions often include earn-out clauses where the vendors ‘earn’ part of the purchase price based on the...
by Canning Tax & Advisory | 14 Nov 2022 | Business Operations, Business Planning, Succession, Tax Compliance
The value of cryptocurrency assets inside Australian self managed superannuation funds (SMSFs) increased by 589.9% ($1.17bn) between June 2019 and June 2022, according to the latest ATO statistics. While cryptocurrency is a relatively small asset class at only 0.16%...
by Canning Tax & Advisory | 30 Sep 2022 | Business Operations, Business Planning, Succession
Humans are adaptable. That’s how we’ve survived for a long time! No surprises, then, that people have quickly responded to COVID-imposed changes, like complying with lockdowns, wearing masks or working from home. However, sustaining these changes for a long time...
