Edney Ryan Chartered Accountants

It is becoming increasingly popular to borrow to invest in real estate through a self-managed super fund. There are many clients for whom this strategy is beneficial, as long  as the financial plan addresses the limitations of this approach. Understand the restrictions: You’ll need to be very well read or well advised to ensure that you follow the strict rules... Read more

NEW Pocket Tax Guide Our handy booklet containing the most commonly used tax rates and superannuation information is now available. Submit your postal address and we’ll post one out to you.

A new scam is being reported. A phishing email claiming to be from the ATO is currently circulating. The email claims that the recipient is entitled to a tax refund and states they should click the embedded link and complete the online form. Do not click on the link in the email as it opens a fake webpage that will... Read more

Edney Ryan proudly supported the Sydney World Press Photo Event: Portraits of Mercy Ships Patients. Mercy Ships exists to address the critical shortage of health care services in the developing world. More than 10,000 free surgeries and other transformational health care services are performed for some of the poorest people on earth each year by Mercy Ships. Consider supporting this... Read more

If you earn less than $48,516 per year (before tax) and make after-tax super contributions, you are eligible to get matching contributions from the government. The amount of the co-contribution reduces the more you earn over $33,516. To work-out how much co-contribution you are eligible for, try MoneySmart’s Calculator.

Businesses that increase the number of employees in NSW could be eligible for a $5,000 payroll tax rebate, under the “Jobs Action Plan” which is designed to give businesses an incentive to employ new workers and expand their enterprises. To be eligible for the rebate, the new position can be full-time or part-time, where the role is performed mainly in... Read more

From this year, lost super accounts will be closed and transferred to the ATO more quickly than before.  Inactive accounts of “uncontactable” members will be transferred to the ATO if the balance is less than $2,000 (up from $200). Inactive accounts of “unidentifiable” members will be transferred to the ATO after 12 months of inactivity (down from 5 years). An... Read more

One would hardly think an election is to be held in September given last night’s Federal Budget and its focus on cost cutting, tightening of taxation collections and scaling back on incentives. Even with this fiscally austere approach the government is still forecasting a deficit in 2013/14 of $18b. The Australian economy’s rapid contraction and consequent fall in tax revenue... Read more

A number of tax changes aimed at reducing complexity, cutting red tape and providing tax relief for small businesses have been introduced this year. Following is an outline of the changes relevant for small businesses in this financial year. From the 2012-13 income year, small business can: immediately write-off of all assets valued at under $6,500 (up from $1,000 previously);... Read more

Tax Alert 1 Loss ‘Carry Back’ Provisions: Progress Update – The Government’s proposed  loss ‘carry back’ measure was introduced into Parliament in February.These provisions seek to allow ‘carry back’ of losses in the current financial year to offset prior year profits, to obtain a refund of tax previously paid.The intention of this measure is to assist corporate businesses facing pressures from... Read more