Business

For those individuals earning more than $180,001 p.a. you will see your tax rate reported as 45%. However in reality this rate is incomplete. Once you have added in the 2% Temporary Budget Repair Levy and the 2% Medicare Levy your real tax rate becomes 49%. Further, for individuals in this highest tax bracket without adequate Private Health Insurance, your... Read more

The Luxury Car Tax Thresholds effective from July 1, 2015 and applicable for the 2015/16 financial year are as follows: • ‘Standard’ motor cars $63,184 • ‘Fuel efficient’ motor cars $75,375 (unchanged) A fuel efficient motor vehicle has a fuel consumption that does not exceed 7 litres per 100 km. This is as a combined rating under the vehicle standards... Read more

Avoid Commercial Litigation – Sound Contracts

Written by Andrew O'Donnell, Director - Edney Ryan Legal

Commercial litigation often occurs as a result of common and recurring mistakes that are made during the drafting and negotiation of contracts. Businesses that are conscious of these can significantly reduce their risk of litigation. While a good lawyer should be doing all this for you in the background, as a business owner or manager it is worth understanding the... Read more

Highlights of the Federal Budget 2015

Written by Stephen Ryan, Director - Edney Ryan Chartered Accountants

There were many positives in Treasurer Hockey’s second federal budget, the tone of which was a stark contrast to his grave warnings, severe spending cuts and austerity messages a year earlier. However one must question the optimistic forward growth estimates on which treasury base their calculations – I hope they are correct. We attach a paper issued by the Institute... Read more

A business registration certificate no longer needs to be on display, following legislation in 2012. However, some businesses may choose to display the ASIC record of registration that is issued upon successful business name registration and renewal. Businesses are still required to display their business name prominently in places they are open to the public. If you need to check... Read more

Recently one of our clients received an unannounced visit from a Fair Work Inspector for a compliance audit. For the benefit of all business managers and owners, note the following information about the role and powers of these inspectors. Fair Work Inspectors are appointed by the Fair Work Ombudsman under the Fair Work Act 2009. Fair Work Inspectors have powers... Read more

A one-off grant of $2000 will be paid to businesses that create a new full-time NSW-based job and maintain the increase for at least 12 months. For part-time positions, the grant will be pro-rated based on hours of employment. A business will receive the grant if all the following employment conditions are met: A person is employed in a position... Read more

Intellectual Property Myths Clarified

Written by Andrew O'Donnell, Director - Edney Ryan Legal

Myth 1: Registration is a pre-requisite for copyright protection. Fact: Copyright arises automatically as soon as a ‘work’ is recorded in material form – you do not have to do anything to obtain copyright protection for a ‘work’ that you create.   Myth 2: Copyright protection lasts forever. Fact: The duration of copyright protection depends on the type of ‘work’.... Read more

How Does Your Loan Rate Compare?

Written by Tricia Williams, Manager - Edney Ryan Mortgage and Finance

Now while loan rate are low is a great time to pay off as much as you can on your loan. Skipping coffees and bringing lunch from home may save you hundreds of dollars per year, but getting a better deal on your loan could save you thousands. Give me a call to discuss and I’ll be able to instantly... Read more

The Art of Buying a Business

Written by Stephen Ryan, Director - Edney Ryan Chartered Accountants

We have been involved in countless sales and purchases of businesses over many years. The financial analysis and objective “on-paper” review of a business is relatively straight forward. In my experience, there are some non-financial issues that warrant as much or more attention when buying a business. Here I share some commonalities of business purchases that were set up for... Read more