Edney Ryan Chartered Accountants

Additional Covid-19 Support Measures for 2022

Written by Evelyn Christian, Director - Edney Ryan Chartered Accountants

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

New Company Directors ID Requirement

Written by Matthew Stewart, Director - Edney Ryan Chartered Accountants

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

Accounting Update for a New Financial Year

Written by Stephen Ryan, Director - Edney Ryan Chartered Accountants

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

The Strength and Resilience of the Australian Economy

Written by Stephen Ryan, Director - Edney Ryan Chartered Accountants

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

The 2020 Federal Budget Commentary

Written by Stephen Ryan, Director - Edney Ryan Chartered Accountants

Tuesday’s Budget from the Federal Government, in which it continues its robust effort to deal with the fallout of the Covid-19 pandemic, has been followed by an abundance of commentary. In this note, I add my thoughts, with the key issues for our clients in mind. Last year’s Budget was delivered shortly before the 2019 election. At the time I... Read more

Special Alert: Jobkeeper Updates

Written by Matthew Stewart, Director - Edney Ryan Chartered Accountants

Changes to Employee Eligibility for Jobkeeper 1.0 There has been a recent change to the classification of eligible employees for Jobkeeper 1.0. Some businesses will now have more eligible employees: If a business has a full-time or part-time employee that commenced after 1 March 2020 up to 1 July 2020 then they will now be eligible for the remainder of Jobkeeper 1.0 that... Read more

$10,000 Grant for NSW Small Businesses Affected by COVID-19

Written by Matthew Stewart, Director - Edney Ryan Chartered Accountants

Applications are open now, until 1 June 2020 for the NSW Government Grant to assist small businesses affected by COVID-19. Eligibility To be eligible, NSW-based businesses will need to: have between 1-19 employees as at 1 March 2020 have a turnover of more than $75,000 a payroll below the NSW Government 2019-20 payroll tax threshold of $900,000 have an Australian... Read more

JobKeeper Information for Businesses

Written by Stephen Ryan, Managing Director - Edney Ryan Chartered Accountants

If your business has been significantly impacted by the coronavirus shutdowns you will be able to access a wages subsidy to continue paying your employees and to set businesses up for a speedy recovery after the crisis has been resolved. Businesses and NFP’s with Employees To be eligible, employers must meet the following criteria: Turnover is less than $1 billion... Read more

Economic Response to the Coronavirus: Measures to Support Businesses

Written by Stephen Ryan, Managing Director - Edney Ryan Chartered Accountants

Cash Flow Assistance to Businesses  This payment will assist small and medium businesses that employ staff with temporary cash flow support. In the latest update, not-for-profit entities (NFPs), including charities, with aggregated annual turnover under $50 million and that employ workers will now also be eligible, and the amounts have been increased. Eligible businesses are small and medium entities, and NFP’s with... Read more

Say Goodbye to AUSkey. Welcome to myGovID and RAM

Written by Sam Gebara, IT System Administrator, Edney Ryan Chartered Accountants

Business owners and operators will be familiar with AUSkey which has been used to date as a secure login that identifies you when you use government online services, for example, lodging your business activity statement (BAS). AUSkey has also allowed you to authorise others, for example your bookkeeper or accountant, to act on behalf of your business. After 27 March... Read more