Edney Ryan Chartered Accountants

Under ordinary circumstances the sale of a property that you purchased after 20 September 1985 would attract Capital Gains Tax (CGT). Any gain made on the sale is included in your assessable income in that financial year.  The gain from the sale of a CGT asset can be reduced by 50% when you have held the asset for more than... Read more

There is some speculation that the Turnbull government will consider some tax reform for superannuation. Whilst we wait to see what super changes actually occur in the coming months or years, it is important to remain confident in the tax advantages of investing your wealth in the superannuation environment. Helping our clients plan for the future every day, we are... Read more

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

Have you recently left Australia to live overseas, or are you planning a move in the future? You will be considered either an Australian resident or non-resident for tax purposes, and this will have a substantial impact on the amount of tax you will pay on both your Australian and overseas-sourced income. Some careful planning prior to leaving Australia will... Read more

From 1st July 2015, the first home saver accounts scheme is abolished. All first home saver accounts will be treated like any other account held with a provider. Restrictions on withdrawals will be removed from 1 July 2015. You can withdraw and use the balance of your account however you like from this date. More information available from the ATO... Read more

By Shane Oliver, Head of Investment Strategy & Chief Economist from Oliver’s Insights, AMP Capital, Edition 21 2015 Key Points This note focuses on the debate around the four major “tax concessions” in Australia: negative gearing, the capital gains tax discount, dividend imputation and superannuation. Removing negative gearing for property investment and dividend imputation will only add to distortions in... Read more

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

If you have an SMSF, and you are an employee, you have an obligation to meet the SuperStream requirements for standards of contributions to your fund. As such you are required to provide your employer with the following information:  Your SMSF’s Australian Business Number (ABN)  Your SMSF’s bank BSB and account number for receipt of contribution payments  An electronic service... 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