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.
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...
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...
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 is Management Accounting and Why It Matters
Management accounting is the method of putting together administration reports and accounts to promptly provide precise financial information to business managers so that they can make informed short-term and long-term decisions. It determines, examines, interprets,...
COVID-19 – Will There Be a Tsunami of Insolvencies?
COVID19 Insolvency Wave – To be or not to be? On March 12 2020 the World Health organisation declared Covid19 a pandemic. In May 2020, Australia had 7,195 active cases of COVID nationally and Australian businesses were facing an uncertain future. Various media...
Preparing Your Business For The End of Jobkeeper
Preparing Your Business For The End Of JobKeeper Whether or not you are currently receiving JobKeeper payments, the winding back of JobKeeper in recent months, and its eventual end in the next few weeks has the potential to affect the entire economy and all...
Franked Dividends and Franking Credits Explained
What is a franked dividend and what does it mean to have a franking credit? Obviously there are advantages in receiving dividends from your share investments, but there is a huge difference between getting dividends that are franked and dividends that are not franked....
How to claim company loses from other assets | Chan & Naylor
Business taxpayers operating as sole traders or partners in a partnership should know that special rules relate to business losses. These rules apply equally to Australian and foreign taxpayers. Taxpayers may claim business losses against other taxable income, only...
Tax return: Working out your income tax as a sole trader
For many Australian sole traders, understanding your tax return and how your income is taxed will help you to make informed decisions about your money. The Australian income tax system is based on the self-assessment principle. This means the Australian Taxation...
The Advantages of Unfranked Dividends
What are Dividends? Dividends are a significant component of investment returns, representing a portion of a company's earnings distributed to its shareholders. They provide a steady income stream and are a crucial factor in assessing the overall profitability and...
What is a Franked Dividend versus an Unfranked Dividend?
Dividends are sums of money paid regularly (ideally on a quarterly basis) by a company to its shareholders out of their profits. But do you know that there are 2 types of dividends? What is a Franked Dividend versus an Unfranked Dividend? Here are 2 types of...
JobMaker Hiring Credit | 2020-21 – How you can apply
JobMaker 2020-21 | Does your business qualify? On 6 October 2020 as part of the 2020–21 Federal Budget, the Morrison Government announced a new incentive for businesses to employ additional young job seekers called the JobMaker Hiring Credit. The JobMaker Hiring...
Federal Budget 2020 | Personal Income Tax Changes
Key insights Bringing forward personal income tax cuts should result in an immediate cash increase for most employees. Low income earners will receive additional support through the increase to the Low Income Tax Offset and maintaining the current Low and Middle...
Federal Budget 2020 | Aged Care Updates
Enhanced access, quality and safety in aged care The 2020-21 Budget provides a record level of $2.0 billion support into aged care over four years to progress reforms to deliver improved outcomes for consumers and providers. Support for consumers includes: $1.6...
Federal Budget 2020 | Business Tax Changes
The Budget has introduced temporary measures intending to stimulate business investment and deliver further cash flow benefits. Key insights To assist eligible businesses impacted by COVID-19, temporary tax loss carry-back measures have been introduced to offset...
Melbourne House Price Trends At A Time Of COVID-19
Melbourne house prices are proving to be stable even in the midst of the pandemic. But it’s not without rhyme or reason that, while other sectors and even other property markets across Australia have declined, Melbourne house prices are holding. Property market...
New Property Investment Benefits
The BMT Tax Depreciation 2019 investor survey revealed that 63 per cent of investors prefer to invest in second-hand property. While second-hand properties are a valuable and more affordable investment, it’s important to consider the additional benefits of buying...
Appreciate the Benefits of Claiming Property Depreciation
Did you know that property depreciation is the second biggest tax deduction for investors, after interest? Despite this fact, 80 per cent of property investors are failing to take advantage of property depreciation and are therefore missing out on thousands of dollars...
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