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 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...

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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...

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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...

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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...

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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....

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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...

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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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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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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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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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Fair Work Ombudsman focuses on payslips

Fair Work Ombudsman focuses on payslips

Are you an Employer At a glance: The Fair Work Ombudsman is currently focusing on payroll governance including ensuring pay slips requirements are met. You should Payroll governance measures are important to ensure that you comply with requirements. Contact us if you...

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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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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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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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Should I invest in a House or Apartment?

Should I invest in a House or Apartment?

Property Investors have always asked the age-old question:  House or Apartment, which is the better investment? Let’s take a closer look. Capital Growth Land is the most valuable asset and a rare commodity. If you own a substantial plot of land in a highly...

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How to deal with interest rate rises | Chan & Naylor

How to deal with interest rate rises | Chan & Naylor

Whether it’s a mortgage against the house you live in or the money you borrowed to acquire your first/second/tenth investment property, you’re probably starting to wonder, “when will my interest rate stop going up???” Unfortunately, I don’t have the answer, but it...

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What to do when your fixed rate interest period ends

What to do when your fixed rate interest period ends

Fixed interest terms on home loans don’t last forever, so it’s inevitable that you’ll have to decide what to do when yours ends. Do you want to opt for another fixed term? Switch to a variable interest rate? How about a split rate home loan? If your fixed term is...

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Should you buy property now or later

Should you buy property now or later

After the Reserve Bank raised the cash rate for the first time in a decade, everyone who has an interest in property is now wondering what happens next? Will the housing market crash? Will inflation create a recession? Should I buy a property now? Above all, the key...

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How to prepare for a rise in interest rates

How to prepare for a rise in interest rates

There is no way to accurately predict when interest rates will rise, but there are signs that a hike may be coming as soon as August 2022. The question on every homeowner, property investor and first home buyers mind are: When  will official interest rates rise and...

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A Guide To Buying an Investment Property

A Guide To Buying an Investment Property

Buying an investment property can be an effective strategy for building wealth and securing your future. It can help improve cash flow, offers tax benefits and is seen as more stable than other investments. Many Australians don't take the first step towards purchasing...

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Housing prices | Stock Diversity and Affordability

Housing prices | Stock Diversity and Affordability

Australian housing values were 1.3% higher in November marking the 14th consecutive month where CoreLogic’s national home value index recorded positive value growth. The November update takes national housing values 22.2% higher over the past 12 months, adding...

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Have you considered setting up a SMSF?

Have you considered setting up a SMSF?

Reasons for setting up an SMSF Most people invest their Superannuation in Retail or Industry Superfunds with their employers making contributions of Super guarantee contributions and sometimes salary sacrifice. Fund managers then make investment selection on behalf of...

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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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Tax Tips for Investors – Tax Accountants

Tax Tips for Investors – Tax Accountants

Many Australians invest in property, financial markets and other assets, both in Australia and overseas. Managing the tax on your investments can help you increase your wealth. The ATO’s data matching and information-gathering capabilities are significant and cover...

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Tax Tips for Employees & Contractors | Chan & Naylor

Tax Tips for Employees & Contractors | Chan & Naylor

Staying on top of your taxes and constant changing rules can be time consuming for employees and contractors. The impact of Covid-19 on business and taxpayers along with data matching technology employed by the ATO, taxpayers need to be more aware of checking work...

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Get Ready for EOFY – Tax Planning Strategies

Get Ready for EOFY – Tax Planning Strategies

As we head into the new financial year, we have curated a list of facts that you should consider, when planning your EOFY tax returns. If you are considering tax planning issues for 30 June 2022 and beyond, the following information will provide you with some...

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Are Financial Advisers Worth It?

Are Financial Advisers Worth It?

Deciding whether to get a financial adviser or manage your own investments is a big decision. Not everyone needs an ongoing relationship with a financial planner or adviser. Financial advisers are professionals who can help you plan and manage bigger financial...

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How to choose the right accountant

How to choose the right accountant

Choosing an accountant is like choosing a new business partner. The right accountant will become a trusted colleague and advisor you can depend on, who offers advice and guidance as your business or personal investments grow. Once you’ve decided it’s time to hire an...

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Director Identification Number

Director Identification Number

Company directors need to verify their identity as part of a new director identification number (director ID) requirement. A director ID is a unique identifier that a director will apply for once and keep forever – which will help prevent the use of false or...

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Business Tax Planning Tips

Business Tax Planning Tips

While planning of any kind has been challenging over the past 12 months, tax time remains a certainty for all businesses and individuals who are working from despite the easing of Covid-19 restrictions. Tax planning should be a key element of your business and...

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Income Tax Planning – EOFY 2021

Income Tax Planning – EOFY 2021

Preparing Your Income Tax Returns for EOFY – June 30, 2021 Now is a great time to review tax planning opportunities and consider where you might stand to benefit. Tax Planning for Individuals We have produced a comprehensive Tax Planning Guide for Individuals to...

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What is Financial Accounting and Why It’s Important

What is Financial Accounting and Why It’s Important

What is financial accounting and why is it important to a business? Sometimes called the “language of business”, financial accounting is the method of finalising financial accounts. It generally follows the three-step process which are: Review – accountants review the...

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Are Your Melbourne Cup Gambling Winnings Taxable?

Are Your Melbourne Cup Gambling Winnings Taxable?

Every year, the Melbourne Cup or the race that stops a nation, as is locally known, the question of whether the Australian Taxation Office (ATO) considers gambling winnings taxable often crop up. The Melbourne Cup is always expected to draw a big crowd of spectators...

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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...

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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...

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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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Federal Budget 2021 – Business Owners

Federal Budget 2021 – Business Owners

A  number of important measures  were announced to more broadly support business taxpayers. These measures will support businesses to invest and grow, remove unintended consequences and reduce compliance costs.  Extension of temporary full expensing measure A one year...

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Federal Budget 2021 – Benefits for Individuals

Federal Budget 2021 – Benefits for Individuals

Many individuals will also directly benefit from the 2021-22 Federal Budget with reduced taxes for low and middle income earners, support for child care, greater access to voluntary superannuation contributions under the Government’s First Home Super Saver Scheme and...

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2020-21 Victorian Budget

2020-21 Victorian Budget

The Highlights The Victorian Government will offer stamp duty discounts and spend close to $50 billion on other concessions, subsidies and projects in a bid to get hundreds of thousands of people back to work and breathe new life into a State economy battered and...

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