Edney Ryan Chartered Accountants

$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

Changes to the Main Residence CGT Exemption for Foreign Residents

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

An important change to the CGT main residence exemption for foreign residents was recently passed. As this will significantly impact a number of our clients, we provide some detail below. Who is Impacted? This change will impact individuals who are foreign residents for tax purposes, and who will be selling their main residential property in Australia. Previously, these individuals were... Read more

Discretionary Trusts Should Be Reviewed for Foreign Person Surcharges

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

If you are a trustee of a discretionary trust, and you hold (or intend to hold) residential land in NSW in the trust, then it is important you are aware of foreign person surcharges which may inadvertently apply. Foreign Person Residential Property Surcharges in NSW In NSW, residential land held by foreign persons attracts an 8% surcharge purchaser duty and... Read more

Changes to Single Touch Payroll Now in Effect

Written by Evelyn Christian, Director - Edney Ryan Chartered Accountants

Mandatory Single Touch Payroll (STP) reporting for all Australian business owners commenced from July 1 of this year. While STP reporting for businesses with 20 or more employees has been in effect for over a year, from July 1st businesses that employ 19 or less employees also need to report via STP. While the way employees are paid won’t change,... Read more

Australians are set to lose a record amount to scams in 2019, with projections from losses reported to Scamwatch and other government agencies expected to exceed $532 million by the end of the year. It is important to be vigilant both in our personal lives, and in business. For Businesses – We have adopted the following measures and processes within... Read more

We’ve just published our latest Tax and Super Quick Reference Guide. If you’d like to receive a copy, please provide your mailing address to marketing@edneyryan.com.au.  

What’s New With Super – An Update on Recent Changes

Written by Kate O'Brien, Managing Director - Edney Ryan Wealth Management

The new financial year has heralded some big changes to superannuation legislation. New laws include several measures designed to better protect your retirement savings, so they aren’t eroded by fees and insurance premiums. They also include some significant opportunities for those in early retirement. To help you better understand what this means for your retirement savings, we’ve outlined some of... Read more