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.

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...

Revised Stage 3 Tax Cuts in Australia: What You Need to Know

Key Points Prime Minister Anthony Albanese announced significant changes to Australia's Stage 3 tax cuts on 25 January 2024. The lowest tax rate is reduced from 19% to 16% for incomes under $45,000. Adjustments made to tax brackets to provide relief for middle-income...

10 Tax Mistakes to Avoid When Buying Your First Property Investment

Congratulations on taking the exciting step towards property investment – a venture with the potential to shape your financial future! Amid the enthusiasm of acquiring a significant investment asset, it's crucial to address a less glamorous yet integral aspect: taxes....

2024 Tax Planning Tips for Property Investors

As the new year unfolds, seizing the opportunities of owning an investment property in Australia still tops the list of many seasoned investors' New Year’s Resolution. To pave the way for financial success in the fresh year, adeptly navigating the complexities of...

Ed Chan: Finalist in the 2023 Australian Accounting Awards | Chan & Naylor

Update: Ed Chan has been awarded the 2023 Thought Leader of the Year. We invite our clients and colleagues to join us in congratulating Ed on this significant achievement. Your support and encouragement are highly appreciated by Ed, and the entire Chan & Naylor...

Softer refinancing policies available as fixed-rate mortgage terms expire

Almost 880,000 borrowers will need to find hundreds or thousands of dollars more each month when their fixed-rate periods expire this year. And for many, refinancing loans with a new lender (and a cheaper rate) has proven impossible due to strict criteria from the...

Business Survival & Adaptation Package

Welcome to Part Three of The Business Support Fund – Expansion. If small business has a choice, I am sure that they would prefer to have not been affected over the past six months by COVID-19 and would like to operate under normal circumstances like many other small...

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...

Have you received a government payment or grant?

IF your business has received a grant or payment from the Australian Government or a State or Territory Government, you may need to include it in your tax return. Some grants and payments are assessable income and so need to be included in your tax return. Grants and...

Marketing vs Selling – What is the Difference?

During these unprecedented times, I have had many questions from small business owners around what they can or should be doing? My answer to that is to do marketing, and then do more marketing. It will pay massive dividends down the track. It’s a bit like planting...

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...

3 Smart Ways To Manage Personal and Business Cash Flow

Managing your personal or business cash flow is the cornerstone of any financial plan. Even without COVID-19, poor cash flow management can lead to expensive failure not just in business but also in your personal wealth creation journey. Now that we’re all facing...

ASIC Company Fees From 1 July 2020

Each year, ASIC Company Fees, consistent with the value of Consumer Price Index (CPI), increase effective 1 July. This year, the ASIC has advised of the increase. Below is the comparison of current ASIC Company Fees and the fees that will apply from 1 July 2020. ASIC...