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.
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
5 Ways to Minimise Land Tax
Land Tax is a state impost and different states have different rules and thresholds. For every property investor, it represents a significant cost to owning an investment property. But there are smart things you could do to legally minimise land tax (in conjunction...
5 Tips for Property Investors
As you start your property investing journey, you will find different opinions in every corner and an overwhelming amount of information. The secret to getting on the front foot is keeping it simple. Determine your investment strategy It’s important to establish your...
Rental property sale expenses – deduct or capitalise?
Are you a taxpayer buying or selling a rental property? When a taxpayer buys or sells a rental property the question that often arises is which expenses must be capitalised and which can be claimed immediately. Its important for an property investor to understand how...
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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...
Fringe Benefits Tax Exemptions
Fringe Benefits Tax exemptions are now available for Australian businesses affected by the COVID-19 pandemic. To provide certainty and relief to businesses at this time of pandemic, the Australian Taxation Office (ATO) has introduced various tax measures, and of these...
Superannuation Guarantee Amnesty, Act now! | Chan & Naylor
Have you applied for the Superannuation Guarantee Amnesty yet? Australian employers only have until 7 September 2020 to disclose, lodge, and pay to the Australian Taxation Office (ATO) unpaid superannuation guarantee or they’ll face penalties for their shortfalls. So...
Home Office Running Expenses: The Busy Person’s Guide to Tax Deductions
Home office running expenses became one of the top concerns of many since work-from-home became the new normal for corporate Australia. With the COVID-19 threat and the global focus shifting to health and safety, a large number of the employee populace have been...
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