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 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 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 | Tax Compliance
From 1 July 2023, access to the Government’s Home Guarantee Scheme will be expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a home for at least 10 years. The eligibility criteria for access to the First...
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...
