Edney Ryan Chartered Accountants

Super Changes #1: New Cap on Tax-Free Super From 1 July 2017, the Government will introduce a $1.6 million cap on the total amount of superannuation that can be transferred into a tax-free retirement account. Superannuation Balance Greater than $1.6 million? If you are planning to retire after July 2017 and you have a superannuation balance greater than $1.6 million... Read more

Late last year a number of superannuation changes passed parliament and take effect from 1 July 2017. These changes are likely to significantly impact a number of our clients, particularly; Individuals in Transition-to-Retirement, Retirees with more than $1.6 million in superannuation already, Individuals under 65, with significant assets outside superannuation who have not triggered the 3-year NCC bring-forward rule in... Read more

This information about the new Backpacker Tax will be relevant for employers who currently employ holiday makers on 417 and 462 visas. The changes mean that these working holiday makers will no longer be classified as residents for tax purposes from 1 January 2017. Action Required by Employers Use Visa entitlement verification online to check if your worker has a... Read more

Special Professional Income Averaging (SPIA) allows individuals in certain professions to average their income over a four-year rolling period. SPIA is likely to result in lower tax rates for special professionals whose income tends to rise and fall. This concessionary tax treatment ensures an individual is not paying additional tax due to the irregular nature of their work or income.... Read more

As part of the NSW Government’s Jobs Action Plan, eligible NSW businesses can receive a payroll tax rebate when they employ new workers. This scheme has been in place for some time, however has recently been amended to increase the total rebate available from $4000 to $6000. Employers must be registered as an employer and paying payroll tax in NSW.... Read more

NSW joins Queensland and Victoria in imposing specific taxes on foreign investment for residential property purchases. Additional land tax to be paid 0.75% from start of 2017 and additional 4% stamp duty from 21 June 2016. Foreign investors will no longer be entitled to the 12 month deferral for the payment of stamp duty for off-the-plan purchases of residential property.... Read more

Stamp duty has been a significant barrier to business owners wanting to restructure their business assets. There were many instances where the costs of transferring from one business entity into another (e.g. from a sole trader or partnership to a trust or company structure) were prohibitive because of the amount of stamp duty that was involved. From 1 July eligible... Read more

Starting a new business, or expanding an existing one usually requires significant funds. Securing a bank loan to enable cash flow is one option, however in our experience the banks are so risk averse that their requirements for real estate security to cover their exposure can make this option unpalatable. Consequently business owners often fund start-ups using their personal financial... Read more

New rules will apply to sellers of certain taxable Australian property under contracts entered into from 1 July 2016. The new legislation imposes a 10% non-final withholding obligation on the purchaser of certain taxable Australian assets when they believe the vendor is a foreign resident. Purchasers will be required to pay 10% of the purchase price to the ATO which... Read more

Until recently people with a HELP loan who moved overseas did not have to repay their debt as long as they remained offshore residents. From 1 January 2016 no matter where you live, the requirements for repayment of a HELP debt are the same. All people with a HELP debt who exit Australia with the intention to work overseas for... Read more