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.

Understanding the Latest 2024 Changes to NALI for SMSFs

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...

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Does Your Small Business Need to Lodge a TPAR?

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...

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Essential Tips When Lodging Your SMSF Annual Return

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...

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Strategies to Reduce Capital Gains Tax

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...

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10 Common Payroll Mistakes Small Business Owners Make

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...

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Avoid These Common Tax Scams in Australia This 2024

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...

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Tax Planning Strategies for Small Business Owners

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...

read more
Strategies to Reduce Capital Gains Tax

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...

read more
10 Common Payroll Mistakes Small Business Owners Make

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...

read more
Avoid These Common Tax Scams in Australia This 2024

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...

read more
Tax Planning Strategies for Small Business Owners

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...

read more
Bookkeeping Guide for Hotels and Restaurants

Bookkeeping Guide for Hotels and Restaurants

Proper bookkeeping is crucial for your restaurant or hotel's financial health. It's all about keeping track of your money accurately. But it's not just about numbers; it's about following the rules too. The Australian Taxation Office (ATO) has guidelines you need to...

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Bookkeeping Best Practices for Small Businesses

Bookkeeping Best Practices for Small Businesses

What is Bookkeeping?  Bookkeeping is the process of recording all the financial transactions of your business in an organised and systematic way. These transactions include sales, purchases, receipts, and payments made by an individual or an organisation.  Bookkeeping...

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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...

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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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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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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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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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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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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

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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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...

read more
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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