Edney Ryan Chartered Accountants

From 1 July 2024, all 13.6 million Australian taxpayers will receive a tax cut, as rates have reduced and thresholds changed. The 19 per cent tax rate will reduce to 16 per cent The 32.5 per cent tax rate will reduce to 30 per cent The threshold above which the 37 per cent tax rate applies rises from $120,000 to... Read more

An individual can claim an exemption from land tax on a property if it is their principal place of residence (the exemption does not apply to land owned by a company or held in a Special Trust). The general requirements for the exemption include: You can only claim one exemption per family. You can only claim one principal place of... Read more

Since 1 July 2022, electric vehicles have been exempt from fringe benefit tax (FBT). A fringe benefit is a payment to an employee not in the form of salary or wages, for example provision of a car that includes for personal use. The fringe benefit tax is paid on the value of this benefit. For a $55,000 car the FBT bill could... Read more

Airbnb reports that as inflation in an area rises, so too does the number of Airbnb hosts, as homeowners seek to cover rising mortgage repayments. Whilst additional income may be welcome, it is important for homeowners to be aware of the tax implications of renting out their primary residence. Income Tax and Deductions Income generated by rental of your home... Read more

Last night the Treasurer handed down his second budget in seven months. My assessment of his first budget in October ’22 was “solid, nothing brilliant, but sound and steady”. At that time, the forecast included a 22/23 deficit and increasing unemployment. Albeit with the benefit of hindsight it is hard to comprehend how Treasury and the Reserve Bank could be... Read more

Cessation of employment has been removed as a deferred taxing point for Employee Share Schemes from 1 July 2022. Employee Share Schemes (ESS) are often used by employers to attract, retain and motivate staff by issuing interests such as shares, rights (including options) or other financial products to their employees, usually at a discount to their market value. ESS interests... Read more

The NSW Government recently announced additional programs to support businesses following the Omicron wave. The following measures have been introduced/expanded. The 2022 Small Business Support Program For businesses with a turnover of $75,000 – $50 million that experienced a minimum 40% decline in turnover due to the impacts of Covid in January 2022 (compared to January 2021 or 2020) and... Read more

All company directors now need to verify their identity with a unique identification number, in order to help prevent the use of false or fraudulent director identities. Company directors must apply for their own director ID, only once, which will be their unique identifier forever. Existing directors have until 30 November 2022 to apply. Directors appointed before 4 April 2022... Read more

As the financial year draws to a close, there are some changes worth highlighting which are likely relevant for a number of clients. Compulsory Superannuation Rate Increases The superannuation guarantee rate will increase to 10% from July 1, 2021 and rise by 0.5 per cent per year thereafter until it reaches 12 per cent by 2025. 2021-22: 10% 2022-23: 10.5%... Read more

There has been much talk about the potential fiscal cliff after JobKeeper ends, however we have a more optimistic view. Strong indicators of economic recovery in combination with the commencement of the vaccine roll-out, allows us to see a light at the end of the pandemic tunnel. In fact we have been amazed at the strength of businesses and the... Read more