News & Articles

Whether you’re looking to stay ahead of tax updates, seeking strategic advice to propel your business forward, or exploring financial best practices for your investment property, our curated content is designed to empower and inform. Dive into our comprehensive collection of articles and equip yourself with the knowledge to navigate the financial landscape with confidence.

7 Common Bookkeeping Mistakes

7 Common Bookkeeping Mistakes

Accurate bookkeeping is essential for any business, laying the groundwork for financial stability and compliance with regulations such as those set by the Australian Taxation Office (ATO). Throughout this article, we'll pinpoint common bookkeeping mistakes and provide...

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7 Benefits of Outsourcing Your Bookkeeping

7 Benefits of Outsourcing Your Bookkeeping

When it comes to managing your business finances, staying on top of bookkeeping is crucial. However, for many Australian business owners like yourself, juggling bookkeeping tasks alongside day-to-day operations can be overwhelming. That's where outsourcing your...

read more
Property Investment Strategies for Business Owners

Property Investment Strategies for Business Owners

Investment properties offer numerous advantages for business owners beyond just financial returns. They provide opportunities for wealth preservation, portfolio diversification, and tax advantages. Additionally, owning investment properties can serve as a hedge...

read more
Director Identification Numbers: What you need to know

Director Identification Numbers: What you need to know

What is a Director Identification Number?  A Director Identification Number, commonly known as a DIN, serves as a unique identifier for directors and plays a pivotal role in enhancing transparency and accountability within the corporate sector. Mandated by recent...

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Tax Guide for Medical Professionals

Tax Guide for Medical Professionals

With the ATO closely scrutinising work-related expense claims, medical professionals including doctors, dentists, ophthalmologists, therapists, chiropractors, among others, can benefit from the Australian Taxation Office's enhanced support and guidance. Recognising...

read more
A Comprehensive Guide to Employee Share Scheme

A Comprehensive Guide to Employee Share Scheme

What are Employee Share Schemes?  Employee Share Schemes (ESS) refer to programs initiated by companies to offer their employees the opportunity to acquire shares or an ownership interest in the company. These schemes are designed to incentivise and reward employees...

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The ATO’s Legal Win Over SingTel

The ATO’s Legal Win Over SingTel

The Australian Tax Office (ATO) has secured a noteworthy win in court against SingTel regarding its purchase of Optus, marking a significant moment for tax compliance among multinational corporations. This victory underscores the necessity for companies to adhere to...

read more
Guide to SMSF: Compliance and Restrictions

Guide to SMSF: Compliance and Restrictions

What is SMSF?  An SMSF, or Self-Managed Super Fund, is a private superannuation fund that you manage yourself. It's a way for individuals to save for their retirement, offering greater control over investment choices, such as stocks, real estate, and other assets....

read more
Tax Guide for Lawyers

Tax Guide for Lawyers

Understanding the nuances of tax deductions is critical for lawyers, particularly with the Australian Taxation Office (ATO) increasing scrutiny on expense claims. That's why it's crucial for you, as a lawyer, to understand what you can and cannot claim to ensure...

read more
7 Common Bookkeeping Mistakes

7 Common Bookkeeping Mistakes

Accurate bookkeeping is essential for any business, laying the groundwork for financial stability and compliance with regulations such as those set by the Australian Taxation Office (ATO). Throughout this article, we'll pinpoint common bookkeeping mistakes and provide...

read more
7 Benefits of Outsourcing Your Bookkeeping

7 Benefits of Outsourcing Your Bookkeeping

When it comes to managing your business finances, staying on top of bookkeeping is crucial. However, for many Australian business owners like yourself, juggling bookkeeping tasks alongside day-to-day operations can be overwhelming. That's where outsourcing your...

read more
Property Investment Strategies for Business Owners

Property Investment Strategies for Business Owners

Investment properties offer numerous advantages for business owners beyond just financial returns. They provide opportunities for wealth preservation, portfolio diversification, and tax advantages. Additionally, owning investment properties can serve as a hedge...

read more
Director Identification Numbers: What you need to know

Director Identification Numbers: What you need to know

What is a Director Identification Number?  A Director Identification Number, commonly known as a DIN, serves as a unique identifier for directors and plays a pivotal role in enhancing transparency and accountability within the corporate sector. Mandated by recent...

read more
Tax Guide for Medical Professionals

Tax Guide for Medical Professionals

With the ATO closely scrutinising work-related expense claims, medical professionals including doctors, dentists, ophthalmologists, therapists, chiropractors, among others, can benefit from the Australian Taxation Office's enhanced support and guidance. Recognising...

read more
A Comprehensive Guide to Employee Share Scheme

A Comprehensive Guide to Employee Share Scheme

What are Employee Share Schemes?  Employee Share Schemes (ESS) refer to programs initiated by companies to offer their employees the opportunity to acquire shares or an ownership interest in the company. These schemes are designed to incentivise and reward employees...

read more
Tax Guide for Lawyers

Tax Guide for Lawyers

Understanding the nuances of tax deductions is critical for lawyers, particularly with the Australian Taxation Office (ATO) increasing scrutiny on expense claims. That's why it's crucial for you, as a lawyer, to understand what you can and cannot claim to ensure...

read more
FBT Exemptions for Electric Vehicles

FBT Exemptions for Electric Vehicles

What is Fringe Benefits Tax (FBT)? Fringe Benefits Tax, commonly known as FBT, is a tax employers pay on certain benefits they provide to their employees, including their employees' family or other associates. The benefit may be in addition to, or part of, their...

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How to find my ABN?

How to find my ABN?

What is an ABN?  An Australian Business Number (ABN) is a unique 11-digit identifier that allows businesses in Australia to interact with various government departments, including the Australian Taxation Office (ATO), and the community. It's used for various tax and...

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How to Claim Fuel Tax Credits for Businesses

How to Claim Fuel Tax Credits for Businesses

What are Fuel Tax Credits? Fuel tax credits are a financial return for businesses to offset the cost of fuel tax, including excise or customs duty, on fuel used in business operations like running machinery, equipment, heavy vehicles, and light vehicles on private...

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When should businesses do record-keeping?

When should businesses do record-keeping?

What is record-keeping? Record-keeping is the systematic organisation of all business financial activities, crucial for depicting your business' fiscal health. It involves documenting transactions, managing payroll, and ensuring compliance with financial and...

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Property Investment Strategies for Business Owners

Property Investment Strategies for Business Owners

Investment properties offer numerous advantages for business owners beyond just financial returns. They provide opportunities for wealth preservation, portfolio diversification, and tax advantages. Additionally, owning investment properties can serve as a hedge...

read more
What happens if you don’t pay your council rates?

What happens if you don’t pay your council rates?

What are Council Rates? Council Rates in Australia are local taxes levied by municipal or local governments on property owners. These rates are typically based on the land value of the property. The main purpose of council rates is to fund local services and...

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2024 Tax Planning Tips for Property Investors

2024 Tax Planning Tips for Property Investors

As the new year unfolds, seizing the opportunities of owning an investment property in Australia still tops the list of many seasoned investors' New Year’s Resolution. To pave the way for financial success in the fresh year, adeptly navigating the complexities of...

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Why the Current Superfund Rules Are Fair

Why the Current Superfund Rules Are Fair

When Morrison, as treasurer, limited Super to $1.7m (together with a spouse $3.4m), that meant a 5% return earned $170K in tax-free income (for a couple) and $85K for a single, was sufficient to live on and reversed Superfunds from a tax avoidance vehicle to a genuine...

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Fixed vs Variable Mortgage Rates – What should I do?

Fixed vs Variable Mortgage Rates – What should I do?

Now more than ever, the question of fixed rates versus variable rates has become a hot topic of conversation. So how do you decide whether to your fix your home loan or not? Whether you are embarking on a new journey of property ownership with a new mortgage, or...

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Why SMSF to Invest in Property

Why SMSF to Invest in Property

Recently, the government has proposed higher taxes on Superfunds and limitations on the amounts allowed to be held in a SMSF. In my opinion, this would be a serious long-term mistake, as it may discourage people from becoming self-sufficient and force them to rely on...

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Setting Up a Family Trust in Australia

Setting Up a Family Trust in Australia

When it comes to tax planning and asset protection, trusts are one of the many structures available to any businesses or property investors. For families, a family trust has been a popular vehicle to protect the family’s assets and manage or take advantage of any tax...

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Hybrid Trust

Hybrid Trust

A Hybrid Trust is a cross between a Discretionary and a Unit Trust. This type of structure is quite appealing because it includes the benefits of both and is an extremely useful structure. You can split the trust up into units while also having beneficiaries to...

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Guide to SMSF: Compliance and Restrictions

Guide to SMSF: Compliance and Restrictions

What is SMSF?  An SMSF, or Self-Managed Super Fund, is a private superannuation fund that you manage yourself. It's a way for individuals to save for their retirement, offering greater control over investment choices, such as stocks, real estate, and other assets....

read more
How to Grow Your SMSF

How to Grow Your SMSF

What is SMSF?  A Self-Managed Super Fund (SMSF) is a way for Australians to take more control of their retirement savings. Unlike traditional super funds, an SMSF allows its members to be trustees, making wider ranging decisions about investments and managing the fund...

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News update- SMSF mortgage

News update- SMSF mortgage

Do you own property and hold a mortgage in your Self-Managed Super Fund? If so, it might be a good idea to review your current interest rate. At Chan and Naylor Finance, we have had countless clients coming to us with existing Superfund lending products, paying...

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Superannuation guarantee percentage about to increase

Superannuation guarantee percentage about to increase

Are you An employer? At a glance: The super guarantee (SG) rate will increase from 10.5% to 11% on 1 July 2023. You should Update your payroll systems to align with the increase; the new SG rate applies to payments made to workers on or after 1 July 2023. Contact us...

read more
Why the Current Superfund Rules Are Fair

Why the Current Superfund Rules Are Fair

When Morrison, as treasurer, limited Super to $1.7m (together with a spouse $3.4m), that meant a 5% return earned $170K in tax-free income (for a couple) and $85K for a single, was sufficient to live on and reversed Superfunds from a tax avoidance vehicle to a genuine...

read more
Changes to Superannuation

Changes to Superannuation

There are a lot of changes proposed for Superannuation in 2022. Thanks to constant changes in super rules, it's all too easy to miss out on an opportunity you didn't know existed. What we know as of February 2022. – Great news for retirees The key superannuation...

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New Disclosure Reform Warnings | Chan & Naylor

New Disclosure Reform Warnings | Chan & Naylor

Super funds warn members may lose out from new disclosure reforms The Australian Institute of Superannuation Trustees (AIST) has come out with a warning that new disclosure regulations may harm member returns. “Requiring super funds to disclose the precise value of...

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Superannuation Fees Explained

Superannuation Fees Explained

Superannuation  Fees Explained | What Fees are you charged A previously released study from the Productivity Commission has revealed that Australians who moved from poorly performing funds to the best fund could benefit by as much as $600,ooo in retirement. (Source:...

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Federal Budget 2021 – Superannuation Changes

Federal Budget 2021 – Superannuation Changes

No changes to increase in superannuation guarantee percentage Despite increasing pressure from some businesses and the media to again pause the superannuation guarantee (SG) rate, no changes were announced to the SG rate in the Budget. Consequently, from 1 July 2021,...

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Instant asset write-off ending 30 June 2023

Instant asset write-off ending 30 June 2023

Are you A business who intends purchasing or improving an asset before 30 June 2023? At a glance: You are still able to deduct the full cost of eligible assets up until 30 June 2023. You should Contact us if you require any clarification or advice Some pointers about...

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Why the Current Superfund Rules Are Fair

Why the Current Superfund Rules Are Fair

When Morrison, as treasurer, limited Super to $1.7m (together with a spouse $3.4m), that meant a 5% return earned $170K in tax-free income (for a couple) and $85K for a single, was sufficient to live on and reversed Superfunds from a tax avoidance vehicle to a genuine...

read more
Top 10 Tax Deductions for Small Businesses

Top 10 Tax Deductions for Small Businesses

Running a business is always challenging. Between inventory, paperwork, and taxes, having your own business can sometimes feel like an uphill battle. But don't let the confusion of filing tax returns get you down, small business owners can take advantage of plenty of...

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A New Compliance Storm – Director Penalties

A New Compliance Storm – Director Penalties

New figures from the ATO reveal that it issued 18,500 Director Penalty Notices (DPNs) in 2022 and disclosed the tax debts of almost 500 businesses to credit referral agencies. This new weapon waved in $714 million tax debt payment for the Government agency, and an...

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Rate rises, when will they end?!

On the first Tuesday in December Phillip Lowe and the RBA announced their 8th consecutive increase to the Reserve Bank Cash Rate. This takes us to the highest cash rate (3.1%) in over 10 years, and this has and will have, a significant impact on the housing and...

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Unwrapping the joys and pitfalls of giving

Christmas is a time of  giving, when thoughts turn to family and to helping  those less fortunate. To gift in a meaningful way that maximises the benefits, it’s important to consider tax. While Australia doesn’t have a gift tax, there are tax considerations...

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Tax Tips for Small Business owners

Tax Tips for Small Business owners

Small business owners often interact with the ATO and their tax agent throughout the year. Tax time provides an added opportunity to ensure your tax affairs are in order, obtain essential tax advice and see if you can improve your tax position. You should speak to you...

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The ATO’s Legal Win Over SingTel

The ATO’s Legal Win Over SingTel

The Australian Tax Office (ATO) has secured a noteworthy win in court against SingTel regarding its purchase of Optus, marking a significant moment for tax compliance among multinational corporations. This victory underscores the necessity for companies to adhere to...

read more
FBT Exemptions for Electric Vehicles

FBT Exemptions for Electric Vehicles

What is Fringe Benefits Tax (FBT)? Fringe Benefits Tax, commonly known as FBT, is a tax employers pay on certain benefits they provide to their employees, including their employees' family or other associates. The benefit may be in addition to, or part of, their...

read more
Protecting consumers from Cryptocurrency scams

Protecting consumers from Cryptocurrency scams

In the past few months, the Australian government and regulators have placed a strong focus on protecting consumers from cryptocurrency scams, especially in light of the recent collapse of well-known crypto businesses. One effective strategy to achieve this goal could...

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Superannuation guarantee percentage about to increase

Superannuation guarantee percentage about to increase

Are you An employer? At a glance: The super guarantee (SG) rate will increase from 10.5% to 11% on 1 July 2023. You should Update your payroll systems to align with the increase; the new SG rate applies to payments made to workers on or after 1 July 2023. Contact us...

read more

New paid family and domestic violence leave

Employees will soon be able to access 10 days of paid family and domestic violence leave in a 12-month period. All employees in the Fair Work system (including part-time and casual employees) will be entitled to 10 days of paid family and domestic violence leave in a...

read more

Rate rises, when will they end?!

On the first Tuesday in December Phillip Lowe and the RBA announced their 8th consecutive increase to the Reserve Bank Cash Rate. This takes us to the highest cash rate (3.1%) in over 10 years, and this has and will have, a significant impact on the housing and...

read more