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.
9 Holiday Cashflow Tips for Small Businesses
The holiday season can be a boom for small businesses, but it also brings cash flow challenges. With increased demand, you'll need to manage expenses for inventory, staffing, and more. Here are some key tips to help you maintain a healthy cash flow during this busy...
When Are Employers Required to Pay Super?
Superannuation (super) is a crucial aspect of financial security for employees in Australia. It ensures that workers have a safety net for their retirement, helping them maintain a comfortable lifestyle when they stop working. As an employer, it is your responsibility...
Guide to Christmas Party Tax Deductions for Small Businesses
As the holiday season approaches, many small business owners begin organising their Christmas parties to celebrate with their teams. But while the festive spirit is in the air, it’s important to consider the tax implications of your celebration. In Australia, hosting...
2024 Tax Guide for IT Professionals
With work-related expense claims high on the ATO radar, the Australian Taxation Office is stepping up to help and provide advice for taxpayers who aren’t quite sure what they can and cannot claim. The ATO have already flagged that over claiming of deductions is a big...
Common Tax Deductions for Tradies
As a tradesperson—whether you’re an electrician, carpenter, plumber, mechanic, or in any other trade—understanding your eligible work-related deductions is crucial for reducing your taxable income. Tradies can claim deductions for tools, vehicle expenses, protective...
Understanding Fringe Benefits Tax (FBT) for Employers
What is Fringe Benefits Tax (FBT)? Fringe Benefits Tax (FBT) is a tax that you, as an employer in Australia, must pay when you provide certain benefits to your employees or their associates, such as family members. These benefits, known as "fringe benefits," are...
Essential Guide to Single Touch Payroll Phase 2 for Small Businesses
What is Single Touch Payroll (STP)? If you're an employer in Australia, you might have heard of Single Touch Payroll (STP). Single Touch Payroll is a system introduced by the Australian Government to make payroll reporting easier and more efficient for business...
Cash Flow Strategies for Small Businesses
Cash flow is the lifeblood of any business, especially for small businesses where financial margins are often tight. Effective cash flow management is crucial to ensuring that your business can meet its financial obligations, invest in growth, and ultimately succeed....
Guide to GST for Non-Resident Businesses in Australia
In Australia, the Goods and Services Tax (GST) is a broad-based tax of 10% on most goods, services, and other items sold or consumed. If you're a non-resident business supplying goods or services to Australia, it's crucial to understand your GST obligations to stay...
Understanding the Latest 2024 Changes to NALI for SMSFs
What is NALI? Non-Arm’s Length Income (NALI) refers to income earned by an SMSF that is derived from non-arm’s length transactions. In simple terms, if an SMSF earns income from a transaction that is not conducted on commercial terms—as if the parties involved were...
Does Your Small Business Need to Lodge a TPAR?
What is TPAR? The Taxable Payments Annual Report (TPAR) is a report that certain businesses in Australia must lodge with the Australian Taxation Office (ATO). The TPAR is used to report payments made to contractors for services they provide. This requirement aims to...
Essential Tips When Lodging Your SMSF Annual Return
When collating information to submit to your accountant for lodging your 2024 SMSF annual return, there are a few common mistakes to avoid that can save you time, effort, and potential penalties. 1. Correct Information Double-check all personal and financial details...
9 Holiday Cashflow Tips for Small Businesses
The holiday season can be a boom for small businesses, but it also brings cash flow challenges. With increased demand, you'll need to manage expenses for inventory, staffing, and more. Here are some key tips to help you maintain a healthy cash flow during this busy...
When Are Employers Required to Pay Super?
Superannuation (super) is a crucial aspect of financial security for employees in Australia. It ensures that workers have a safety net for their retirement, helping them maintain a comfortable lifestyle when they stop working. As an employer, it is your responsibility...
Guide to Christmas Party Tax Deductions for Small Businesses
As the holiday season approaches, many small business owners begin organising their Christmas parties to celebrate with their teams. But while the festive spirit is in the air, it’s important to consider the tax implications of your celebration. In Australia, hosting...
2024 Tax Guide for IT Professionals
With work-related expense claims high on the ATO radar, the Australian Taxation Office is stepping up to help and provide advice for taxpayers who aren’t quite sure what they can and cannot claim. The ATO have already flagged that over claiming of deductions is a big...
Common Tax Deductions for Tradies
As a tradesperson—whether you’re an electrician, carpenter, plumber, mechanic, or in any other trade—understanding your eligible work-related deductions is crucial for reducing your taxable income. Tradies can claim deductions for tools, vehicle expenses, protective...
Understanding Fringe Benefits Tax (FBT) for Employers
What is Fringe Benefits Tax (FBT)? Fringe Benefits Tax (FBT) is a tax that you, as an employer in Australia, must pay when you provide certain benefits to your employees or their associates, such as family members. These benefits, known as "fringe benefits," are...
Essential Guide to Single Touch Payroll Phase 2 for Small Businesses
What is Single Touch Payroll (STP)? If you're an employer in Australia, you might have heard of Single Touch Payroll (STP). Single Touch Payroll is a system introduced by the Australian Government to make payroll reporting easier and more efficient for business...
Cash Flow Strategies for Small Businesses
Cash flow is the lifeblood of any business, especially for small businesses where financial margins are often tight. Effective cash flow management is crucial to ensuring that your business can meet its financial obligations, invest in growth, and ultimately succeed....
Guide to GST for Non-Resident Businesses in Australia
In Australia, the Goods and Services Tax (GST) is a broad-based tax of 10% on most goods, services, and other items sold or consumed. If you're a non-resident business supplying goods or services to Australia, it's crucial to understand your GST obligations to stay...
Does Your Small Business Need to Lodge a TPAR?
What is TPAR? The Taxable Payments Annual Report (TPAR) is a report that certain businesses in Australia must lodge with the Australian Taxation Office (ATO). The TPAR is used to report payments made to contractors for services they provide. This requirement aims to...
Strategies to Reduce Capital Gains Tax
Whether you're a seasoned investor or a small business owner looking to reduce your Capital Gains Tax (CGT), understanding the available options is crucial. The Australian Taxation Office (ATO) provides several ways to legally lower the CGT you owe when selling a...
10 Common Payroll Mistakes Small Business Owners Make
As a small business owner, managing payroll accurately is crucial for the smooth operation and financial health of your business. Payroll management can be complex, and mistakes can lead to serious consequences, including legal issues, financial penalties, and...
Strategies to Reduce Capital Gains Tax
Whether you're a seasoned investor or a small business owner looking to reduce your Capital Gains Tax (CGT), understanding the available options is crucial. The Australian Taxation Office (ATO) provides several ways to legally lower the CGT you owe when selling a...
Top Things to Know Before Investing Overseas with Your SMSF
When thinking about investing overseas with your Self-Managed Super Fund (SMSF), it's essential to perform detailed research upfront. As an SMSF trustee, you have the autonomy and duty to decide on your investment strategies. Determining Asset Allocation As a...
Avoid These Common Tax Scams in Australia This 2024
As Australians handle their financial duties, including filing tax returns and meeting various obligations, they face the ongoing threat of tax scams. However, there is a persistent threat of tax scams, as fraudsters continually develop more sophisticated methods to...
2024-25 NSW Budget: Impact on Property Investors
The recently announced 2024-25 NSW Budget has made headlines due to a dramatic shift from a projected surplus to a $3.6 billion deficit, revealed on Tuesday, June 18th. With the State’s AAA credit rating at risk, the Government is turning to land taxes for quick cash...
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...
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...
10 Tax Mistakes to Avoid When Buying Your First Property Investment
Congratulations on taking the exciting step towards property investment – a venture with the potential to shape your financial future! Amid the enthusiasm of acquiring a significant investment asset, it's crucial to address a less glamorous yet integral aspect: taxes....
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...
Softer refinancing policies available as fixed-rate mortgage terms expire
Almost 880,000 borrowers will need to find hundreds or thousands of dollars more each month when their fixed-rate periods expire this year. And for many, refinancing loans with a new lender (and a cheaper rate) has proven impossible due to strict criteria from the...
The 2023-2024 Federal Budget Updates – Key Tax Measures
The 2023-2024 Federal Budget was introduced amid daunting economic challenges, including high inflation, escalating interest rates, a persistent housing supply crisis, and an unstable global financial market. Nevertheless, the budget offers a glimmer of hope as it...
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...
Small Business Owners and Property Investors Trust “PIT™”
If you are a Small Business owner then you should seriously consider purchasing your residential or commercial investment property in a Property Investors Trust. Some of the questions you may be asking: What is the best entity to own a property in? There are many...
Common Tax Deductions for Tradies
As a tradesperson—whether you’re an electrician, carpenter, plumber, mechanic, or in any other trade—understanding your eligible work-related deductions is crucial for reducing your taxable income. Tradies can claim deductions for tools, vehicle expenses, protective...
Small Business Owners and Property Investors Trust “PIT™”
If you are a Small Business owner then you should seriously consider purchasing your residential or commercial investment property in a Property Investors Trust. Some of the questions you may be asking: What is the best entity to own a property in? There are many...
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...
To TRUST or not to TRUST for Property Investments
There are a lot of comments made that are either untrue or wrong or made due to a misunderstanding but they evolve into rumours that confuse. Just as its wrong to say that everyone needs a Trust it’s also wrong to say that no one needs a TRUST. There are many...
Hybrid Trust
What is a 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...
When Are Employers Required to Pay Super?
Superannuation (super) is a crucial aspect of financial security for employees in Australia. It ensures that workers have a safety net for their retirement, helping them maintain a comfortable lifestyle when they stop working. As an employer, it is your responsibility...
Understanding the Latest 2024 Changes to NALI for SMSFs
What is NALI? Non-Arm’s Length Income (NALI) refers to income earned by an SMSF that is derived from non-arm’s length transactions. In simple terms, if an SMSF earns income from a transaction that is not conducted on commercial terms—as if the parties involved were...
Essential Tips When Lodging Your SMSF Annual Return
When collating information to submit to your accountant for lodging your 2024 SMSF annual return, there are a few common mistakes to avoid that can save you time, effort, and potential penalties. 1. Correct Information Double-check all personal and financial details...
Top Things to Know Before Investing Overseas with Your SMSF
When thinking about investing overseas with your Self-Managed Super Fund (SMSF), it's essential to perform detailed research upfront. As an SMSF trustee, you have the autonomy and duty to decide on your investment strategies. Determining Asset Allocation As a...
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....
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...
Federal Government Announces Changes to Superannuation Contribution Caps
Discover the latest updates in superannuation contributions brought to you by Chan & Naylor. The Federal government has just announced significant changes to contribution caps, set to take effect from July 1, 2024. Let's explore these changes and their potential...
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...
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...
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...
What’s all the fuss about a Self-Managed Superannuation Fund (SMSF)?
Despite recently proposed changes announced by the Government, your superannuation (super) fund will most likely be the primary vehicle for achieving your retirement goals and if managed properly, it should end up being one of your largest assets – more than enough to...
Public Super or Self Managed Super Fund – It Is All About Performance
The whys of poor super funds performance always boil down to one reason and mostly one reason alone: the fees are too high. While it's a good idea to have your super managed by a fund if you don't have the time nor the expertise to manage it, staying in control of...
Essential Guide to Single Touch Payroll Phase 2 for Small Businesses
What is Single Touch Payroll (STP)? If you're an employer in Australia, you might have heard of Single Touch Payroll (STP). Single Touch Payroll is a system introduced by the Australian Government to make payroll reporting easier and more efficient for business...
Cash Flow Strategies for Small Businesses
Cash flow is the lifeblood of any business, especially for small businesses where financial margins are often tight. Effective cash flow management is crucial to ensuring that your business can meet its financial obligations, invest in growth, and ultimately succeed....
Tax Planning Strategies for Small Business Owners
Effective tax planning is crucial for the success and sustainability of your small business. Properly managing your tax obligations can significantly impact your business’s financial health, helping you maximise profits and support growth. Without a solid tax...
2024 ATO Audit Focus: 3 Key Areas
The Australian Taxation Office (ATO) has identified three main areas of focus for this tax season to ensure compliance and accuracy in tax returns. These key areas include work-related expenses, rental property income, and capital gains from cryptocurrency...
2024 Federal Budget: Tax Reforms, Small Business Support, and Social Initiatives
On 14 May 2024, the Australian Federal Government presented the 2024/25 Federal Budget. This budget outlines a comprehensive plan to strengthen the country's economy and provide more support to its citizens. Announced in a time of changing economic conditions, the...
Essential Qualities to Look for in Your Property Accountant
Searching for the ideal property accountant is similar to discovering a trusted ally for your financial path. It’s about partnering with someone who shares your commitment to success. In this guide, we'll unveil the 10 essential qualities your property accountant...
Revised Stage 3 Tax Cuts in Australia: What You Need to Know
Key Points Prime Minister Anthony Albanese announced significant changes to Australia's Stage 3 tax cuts on 25 January 2024. The lowest tax rate is reduced from 19% to 16% for incomes under $45,000. Adjustments made to tax brackets to provide relief for middle-income...
The 2023-2024 Federal Budget Updates – Key Tax Measures
The 2023-2024 Federal Budget was introduced amid daunting economic challenges, including high inflation, escalating interest rates, a persistent housing supply crisis, and an unstable global financial market. Nevertheless, the budget offers a glimmer of hope as it...
Private health insurance rebate income thresholds are changing
Are you A taxpayer who has private health insurance? At a glance: On 1 July 2023 (for the 2023-24 income year), the income thresholds for the calculation of the private health insurance rebate will change. You should Contact us if you require clarification or advice....
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...
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...
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...
Understanding the Latest 2024 Changes to NALI for SMSFs
What is NALI? Non-Arm’s Length Income (NALI) refers to income earned by an SMSF that is derived from non-arm’s length transactions. In simple terms, if an SMSF earns income from a transaction that is not conducted on commercial terms—as if the parties involved were...
Maximise Your Tax Deductions with the Small Business Skills and Training Boost
As a small business owner, you likely invest in employee training to keep your team skilled and competitive. What you might not realise is that these training expenses spent could qualify you for additional tax deductions under the Small Business Skills and Training...
Small Business Energy Tax Boost: Maximise Your Tax Deductions
If you are a business owner who invested in energy-saving measures during the past financial year, you may qualify for additional tax savings through the Small Business Energy Incentive. Designed for businesses with an annual turnover under $50 million, this...
Avoid These Common Tax Scams in Australia This 2024
As Australians handle their financial duties, including filing tax returns and meeting various obligations, they face the ongoing threat of tax scams. However, there is a persistent threat of tax scams, as fraudsters continually develop more sophisticated methods to...
Cindy Su Wins Partner of the Year at the 2024 Australian Accounting Awards
We are immensely proud to announce that our managing partner, Cindy Su, has been awarded the prestigious title of Partner of the Year at the recently held 2024 Australian Accounting Awards. This accolade is a testament to Cindy's exceptional leadership, dedication,...
2024-25 NSW Budget: Impact on Property Investors
The recently announced 2024-25 NSW Budget has made headlines due to a dramatic shift from a projected surplus to a $3.6 billion deficit, revealed on Tuesday, June 18th. With the State’s AAA credit rating at risk, the Government is turning to land taxes for quick cash...
2024 ATO Audit Focus: 3 Key Areas
The Australian Taxation Office (ATO) has identified three main areas of focus for this tax season to ensure compliance and accuracy in tax returns. These key areas include work-related expenses, rental property income, and capital gains from cryptocurrency...
2024 Federal Budget: Tax Reforms, Small Business Support, and Social Initiatives
On 14 May 2024, the Australian Federal Government presented the 2024/25 Federal Budget. This budget outlines a comprehensive plan to strengthen the country's economy and provide more support to its citizens. Announced in a time of changing economic conditions, the...
Ed Chan and Cindy Su Finalists for 2024 Australian Accounting Awards
Edit: We are very proud to announce that Cindy Su has won the highly coveted 2024 Partner of the Year Award. This achievement highlights her exceptional leadership and dedication to the accounting profession. - We are thrilled to announce that our co-founder and...
Recent ATO Focus: Payment Plans and Rental Property Deductions
In a time of increased oversight and stricter regulations, the Australian Taxation Office (ATO) is emphasising that tax reliefs like payment plans should be accessed only by those who truly need them. Additionally, the ATO is keeping a close watch on deduction claims...
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...
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...