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.
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...
Protecting consumers from Cryptocurrency scams
In the past few months, the Australian government and regulators have placed a strong focus on protecting consumers from cryptocurrency scams, especially in light of the recent collapse of well-known crypto businesses. One effective strategy to achieve this goal could...
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...
News update- SMSF mortgage
Do you own property and hold a mortgage in your Self-Managed Super Fund? If so, it might be a good idea to review your current interest rate. At Chan and Naylor Finance, we have had countless clients coming to us with existing Superfund lending products, paying...
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...
SME Recovery Loan Scheme | Does your Business Qualify?
SME Recovery Loan Scheme | Does your Business Qualify? The Government’s SME Recovery Loan Scheme is designed to support the economic recovery, and to provide continued assistance, to firms currently on JobKeeper. The Government will work with lenders to ensure that...
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...
66 per cent of investment properties have one thing in common
BMT Tax Depreciation has been helping property investors claim thousands of dollars in depreciation deductions for decades. A look into the schedules they have completed in the last three years has revealed an interesting statistic: 66% of these investment properties...
Have you missed the Tax lodgement deadline 2021?
The 2021 tax deadline has come and gone, with the Australian Tax Office (ATO) now urging late lodgers to file and pick up their refunds. The tax deadline was Monday, 1 November, but overdue returns can still be lodged through the ATO’s myTax service or via your...
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...
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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...
Franking Credits: How does it function and who profits?
Franking refers to tax credits, and the process that eliminates or reduces the taxation of cash payouts to its shareholders is referred to as dividend imputation. The tax credits are beneficial to individuals on high tax rates and to individuals on lower tax rates, as...
The Advantages of Unfranked Dividends
An unfranked dividend represents company profits paid to shareholders which have no tax credits attached to the dividend. Ed Chan of Chan & Naylor accounting firm in Sydney talks about its advantages in detail. All dividends whether franked or unfranked are not a...
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...
Do You Have to Pay Tax on Lottery Winnings?
Ever wondered if you have to pay tax on lottery winnings? Well, guess what, if you win tomorrow’s mind-blowing $100M Powerball draw, you can have all the winnings to yourself! Yay! According to the Australian Taxation Office (ATO), if you win in prize draws, raffles,...
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...
COVID-19 – Post-recession: How house prices will rise in the next 5 years
COVID-19 - Post-recession: How house prices will rise in the next 5 years Real estate investment has proven its resilience once again as prices have risen over the past 12 months and forecasts point to further strengthening, the Property Investment Professionals of...
How to save $17,000 on your mortgage – It’s time to talk to your lender!
Australians who are on older loans & mortgages, are being advised that simply switching to a better rate could see them pocket thousands of dollars over the life of a loan. A report collated by the Australian Competition and Consumer Commission (ACCC) found that,...
Are you Thinking about Building a New Investment Property?
Are you thinking about building a new investment property? With the numbers proving that new properties hold the most depreciation deductions, building new is a popular choice. Understanding construction costs can provide a ballpark figure of what to expect when...
This Renovation Tip can Save you Thousands
This renovation tip can save you thousands Renovating an investment property is different to renovating your own home. Whether the renovation is big or small, you will be taking a head over heart approach and doing what will help you improve your return on investment....
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...
Discretionary Trusts (NSW): Foreign Persons – Surcharge land tax & purchaser duty
Discretionary Trusts in NSW: Foreign Persons – Surcharge land tax & purchaser duty 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...
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