Taxation

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

Written by Matthew Stewart, Director - Edney Ryan Chartered Accountants

In February, the Federal Government passed legislation to extend Single Touch Payroll reporting to include all small employers (those with 19 employees or less). What Is Single Touch Payroll? Single Touch Payroll (STP or One Touch Payroll) is an ATO initiative that encourages more frequent salary reporting. Through this initiative, employers will report: Payments (salaries and wages) PAYG withholdings; and... Read more

The 2019 Federal Budget and the Government’s Great Irony

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

There’s never been a budget delivered as close to a Federal Election as that presented last night by Treasurer Frydenberg. Credit where its due – the nation is forecast to return a budget surplus for the first time in more than twelve years. The government’s sound economic management has the nation back in the black (with recent help from the strengthening... Read more

Alert for Foreign Residents – Changes to the Main Residence CGT Exemption

Written by Matthew Stewart - Director, Edney Ryan Chartered Accountants

For Australian residents, your home is generally exempt from Capital Gains Tax (CGT) subject to meeting the ATO’s requirements. Australians living abroad have also been able to claim the CGT exemption on the family home. This exemption has been available to foreign residents, so long as the home was rented out for no more than six years at a time.... Read more

Changes to Residential Investment Property Deductions

Written by Matthew Stewart, Director - Edney Ryan Chartered Accountants

As we reach the end of another financial year, there are a number of legislative changes worth recalling which took effect from 1 July 2017. Here we highlight the changes to residential investment property deductions, which will be relevant for many of our clients. Changes to Residential Rental Property Travel Expenses Under legislation that took effect 1 July 2017, travel... Read more

Downsize Your Home and Contribute to Super

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

For many Australian retirees selling the family home can be an effective way to release equity to fund retirement. Following legislation passed in December, homeowners aged 65 years or over are able to downsize their family home and invest the surplus into the tax effective environment of superannuation. Key Points The sale of the property must be from 1 July... Read more

If you are a foreign person who owns residential land in NSW, you must pay a land tax surcharge in addition to any land tax you already pay. The surcharge will be 0.75% for the 2017 land tax year and 2% from the 2018 land tax year onwards. You may be required to pay the surcharge even if you do... Read more

Cloud Accounting: Greater Efficiency for Your Business

Written by Sam Gebara, IT Systems Administrator - Edney Ryan Group

If you are still using traditional accounting software in your business, it might be time to consider cloud accounting. With more clients using cloud accounting each year, Edney Ryan has witnessed first-hand the time and productivity efficiencies it creates for business owners, their staff, bookkeepers and accountants. The biggest problem with traditional accounting software is it limits you to one... Read more

Each year we compile current tax rates and key superannuation data in our handy quick reference guide. You can request a hard copy by phoning (02) 9908 9888, email marketing@edneyryan.com.au or view the booklet online here.