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.
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...
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...
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....
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
How to Buy Christmas Gifts for Employees and Customers Without Falling Into Tax Traps
Tax on Christmas Party / Should you pay tax if you get a cash gift? Christmas is a busy time for small businesses - amongst other things, many may be thinking about giving gifts to employees to boost morale for a successful start to the New Year. Perhaps a loud and...
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...
Cryptocurrency Regulations are on its way
Australia will create a licencing framework for cryptocurrency exchanges and consider launching a retail central bank digital currency as part of the biggest overhaul of its A$650 billion-a-day ($463 billion) payments industry in a quarter of a century There has been...
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...
Microgrants and JobSaver Update – NSW
Ongoing Support for NSW Businesses | JobSaver and Micro Grants New South Wales businesses will still be able to obtain financial support from the NSW Government as a result of the Covid-19 lockdown but there are important changes to the grants system that business...
NSW Government COVID-19 Support Payments
NSW Government COVID-19 | Lockdown Support Payments The NSW Government is offering 3 types of financial support to businesses across NSW as part of the COVID-19 support package: JobSaver payment COVID-19 micro-business grant COVID-19 business grant. Comparison of the...
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...
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...
Single Touch Payroll Changes
Single Touch Payroll Reporting | ATO changes The Tax Office has laid out some of the major changes to reporting for businesses under Phase 2 of Single Touch Payroll (STP). The federal government said in the 2019–20 budget that Single Touch Payroll would be expanded to...
End of JobKeeper – Undertaking a Business Health Check
On March 29th the JobKeeper scheme, came to an end. JobKeeper represented the largest direct stimulus the federal government provided Australia during the coronavirus pandemic with a total cost of $101billion over the 12-month period the scheme operated. In tandem,...
PPSR – Personal Property Securities Register | Protecting your credit history
What is the PPSR ? The PPSR is a national online register that provides searchable information on security interests held in personal property. Its role is to protect suppliers and lenders when a customer becomes insolvent by clarifying any confusion about ‘apparent...
NSW’s Land Tax Relief And Tenancy Support Payments | COVID-19
NSW's Land Tax Relief And Tenancy Support Payments | COVID-19 Two new support programs will be available to property investors in NSW. The NSW government recently announced a land tax relief scheme for residential landowners who provide rental reductions to their...
What is my Property Worth?
What is your Property Worth? In a bullish market where dwelling values are rapidly increasing, investors and homeowners alike are eager to figure out the amount their property has grown in value. There are two simple steps to provide an indication as to the value of...
10 Tips for Saving for a Home Deposit
Ten Tips for Saving a Home Deposit Trying to get into the property market in Australia is not always easy, let alone trying to save 20% to get into the market without having to pay Lenders Mortgage Insurance (LMI). Read more about LMI here. Thankfully, with the...
Immediate Tax Deductions for Property Investors
Immediate deductions are available for property investors Depreciation is the natural wear and tear of property and assets over time. It’s normally thought of as a high-value, slow-burn deduction as it takes up to forty years for an entire property to depreciate. But...
How to Find The Perfect Investment Property in 2021
Property Investments Tips - 2021 Are you wanting to buy your first investment property this year? Or maybe, you’re looking to grow your portfolio. Whatever your 2021 plan is, here are some tips to help finding the perfect investment property for you. Research,...
Why Property Prices Keep Rising
The Reason Why Property Prices Keep Rising As we come to the end of the financial year, improving economic conditions; supported by economic stimulus and effective containment and management of the COVID-19 health response have served as a strong catalyst for...
SMSF Investment Strategy
SMSF Investment Strategies – Dealing with increased scrutiny With the 2020/21 financial year entering the last quarter, it is timely for SMSF Trustees to consider the currency of the Fund investment strategy, in light of the increased scrutiny being applied to the...
Housing Prices – Where To next?
Expecting the government to cool house prices? Don’t hold your breath Last month saw bumper returns in the housing market, prompting some to ask whether the government will intervene to cool things down as has recently happened in NZ? But those who are expecting a...
Rental Tips for Property Investors
Six Things To Do Before Renting Out Your Home Are you thinking about moving to a new house but want to hold onto your current property? Turning it into an investment for the short or long-term can be a good option while increasing your cash flow. But before you do,...
Depreciation Terms every residential investor needs to know
Depreciation terms every residential investor needs to know Residential investors don’t need to be depreciation experts but understanding some of the key concepts surrounding this complex topic can help your ongoing investment strategy. Capital works deduction This is...
Top 10 Aussie cities foreign buyers are enquiring about.
The Top 10 Australian cities foreign property buyers have their eye on. According to JUWAI IQI’s Top Countries 2020 report, the Australian market is the second most popular destination for Asian property buyers, accounting for 13.7 per cent of buyer activity. “Asian...
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...
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Perth Property Outlook 2020
The Perth Property Market Outlook - Update It’s been a unique year for Perth’s property market as WA has navigated the impacts of COVID-19. While garnering national attention in early 2020 when four consecutive months of price growth indicated the progression of...
NSW Discretionary Trusts: Surcharge Land Tax & Purchaser Duty for Foreign Beneficiaries
Recently enacted changes to purchaser duties and land tax arrangements will expand surcharges for trusts which include foreign persons as beneficiaries. Legislation passed to amend the Land Tax Act 1956 (NSW) and the Duties Act 1997 (NSW) provides that if a trust has...
Absentee Owner Surcharges | Duties Act 2000 (Victoria)
Absentee Owner Surcharges | Duties Act 2000 (Victoria) From the 2020 land tax year, an absentee owner surcharge of 2% applies to Victorian land owned by an absentee owner. The surcharge was 1.5% from 1 January 2017 and 0.5% for the 2016 land tax year. The absentee...
How Comprehensive Credit Reporting Will Boost Your Credit Score
The Comprehensive Credit Reporting has improved credit scores of many Australians since 1 July 2018. In fact, recent data show that almost half of Australians have improved their credit scores with the new reporting scheme. But what is Comprehensive Credit Reporting...
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...
Has your business made a tax loss this year?
An understatement is that this has certainly been a difficult year, and we are certainly seeing that many businesses have made a tax loss. A tax loss is when the total deductions you can claim, excluding gifts and donations, are greater than your total income for any...
JobKeeper Extension: What this means to business and employees
JobKeeper extension has been announced by the government. Payment for JobKeeper is now extended until 28 March 2021 for businesses and not-for-profit organisations severely affected by the COVID-19 pandemic. The payment extension, however, will be reduced and paid at...
ATO Employer Reminder – STP Data Needs to Be Finalized for 2020
A reminder has been issued by the ATO to employers reporting through STP (Single Touch Payroll). That applies to just about every employer, assuming that deferral or exemption isn’t involved. Employers need to have payroll information finalized for the income year of...
Tax Depreciation and Covid-19 Reports – Will Physical Inspections Be Required?
Businesses and property investors will sometimes hire a professional quantity surveyor, who will put together an updated tax depreciation report. This will provide depreciation and capital works deductions for revenue-producing properties they own. These places may...
JobKeeper Reporting Guidance Via STP
Guidance is available from the ATO if employers require assistance reporting qualified employees and/or topping-up JobKeeper payments through STP (Single Touch Payroll). Employers need to inform the ATO for every employee that qualifies: when a qualified employee...
Free Download: 2021 Financial Year Tax Calendar
Need a Tax Calendar to help you keep track of tax deadlines and meet other tax compliance obligations for the next Financial Year? Get your FREE Tax Calendar for 2021 Financial Year here! This Tax Calendar highlights important dates that are applicable for the...
Income Tax Return Assistance
Preparation and lodgement of Income Tax Returns and Financial Statements take some form of urgency with the conclusion of the Financial Year. To help assist you with gathering the necessary documents and information, we have created a tailored checklist for your...
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