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.
Bookkeeping Guide for Construction Businesses
For construction businesses in Australia, effective bookkeeping is essential for managing day-to-day financials and staying compliant with Australian Taxation Office (ATO) guidelines. In a sector known for its complex projects, fluctuating cash flow, and extensive...
How the 2024 NSW Rental Law Changes Impact Landlords
On October 24, 2024, the NSW Parliament passed the Residential Tenancies Amendment Act 2024, introducing significant changes to rental laws. While these updates aim to balance the needs of renters and landlords, they also place new responsibilities on you as a...
Guide to Division 293
Division 293 tax was introduced in 2012 by the Australian Taxation Office (ATO) that applies to individuals with income above a certain threshold. It imposes an additional 15% tax on concessional (pre-tax) superannuation contributions for those exceeding the...
Is Your Rent Competitive? Find Out with the NSW Rent Check
As a landlord, you’ve likely felt the pressure of rising interest rates and personal cash flow challenges. These financial strains can make it difficult to service your investment properties. You may be considering increasing rent to alleviate some of this burden but...
Tips to Protect Your Personal Assets from Business Lawsuits
As a business owner, protecting your personal assets from potential lawsuits is crucial to maintaining your financial security. The Australian Taxation Office (ATO) provides clear guidelines on how you can safeguard your wealth. In this article, we will explore seven...
Understanding Tax Rules on Business Losses for Sole Traders
What is a Non-Commercial Loss? The tax provision for a non-commercial business loss was designed to address a sole trader’s, or a partner in a partnership’s, loss from a secondary business that isn’t the person’s main source of income. Generally, these losses...
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...
5 BAS Mistakes Small Businesses Make and How to Correct Them
Accurate Business Activity Statement (BAS) reporting is crucial for your small business. It's not just about meeting regulatory requirements but also ensuring sound financial management. However, navigating BAS requirements can be complex, and errors in reporting can...
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...
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...
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...
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...
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...
A Comprehensive Guide to Employee Share Scheme for Business Owners
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...
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...
Maximise cash flow from Spring clean and maintenance costs
Spring has sprung and many Australians are looking to freshen up their homes or investment properties. Property investors have the added benefit of claiming their Spring maintenance and cleaning costs as immediate tax deductions. But how does this work and what do...
What is the 2022 Property Market Outlook?
House Prices – Where are they heading House prices have continued to rise throughout 2021, however this trend could be set to end due to expectations that the Reserve Bank could lift interest rates sooner than anticipated. National property prices rose again in...
5 Lessons for the Property Investor
Tips for Property Investors In 1949 the book 'The Intelligent Investor' was published by Benjamin Graham, an iconic book on investment psychology and long term gratification - both key traits for astute investors. The book focuses on longer-term and more risk-averse...
How you can claim thousands in tax deductions
Claim thousands in tax deductions off your property tax bill Just because June 30 has been and gone, property investors don’t need to wait another financial year to get a tax depreciation schedule. Even if a schedule is ordered after the end of a financial year (FY),...
Property Investors fail to claim Depreciation Deductions
BMT still finding an average of $8,940 in depreciation deductions Many of Australia’s property investors are still missing out on thousands of dollars in tax deductions each year by failing to maximise or claim depreciation for their investments. While changes to...
Property Settlement- Here is what happens
What Is Property Settlement? Property settlement is a legal process that occurs after the price of the property has been negotiated and agreed on between buyer and seller, and the contracts have been signed and exchanged between both parties. The process for...
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...
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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...
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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