Taxation

Tax Cuts for All Taxpayers from 1 July 2024

Written by Evelyn Christian, Director - Edney Ryan Chartered Accountants

From 1 July 2024, all 13.6 million Australian taxpayers will receive a tax cut, as rates have reduced and thresholds changed. The 19 per cent tax rate will reduce to 16 per cent The 32.5 per cent tax rate will reduce to 30 per cent The threshold above which the 37 per cent tax rate applies rises from $120,000 to... Read more

Changes to the Principal Place of Residence Exemption from Land Tax

Written by Ranu Jas, Solicitor - Edney Ryan Legal

An individual can claim an exemption from land tax on a property if it is their principal place of residence (the exemption does not apply to land owned by a company or held in a Special Trust). The general requirements for the exemption include: You can only claim one exemption per family. You can only claim one principal place of... Read more

Fringe Benefit Tax Exemption on Electric Cars

Written by Olena Shepetukhina - Edney Ryan Chartered Accountants

Since 1 July 2022, electric vehicles have been exempt from fringe benefit tax (FBT). A fringe benefit is a payment to an employee not in the form of salary or wages, for example provision of a car that includes for personal use. The fringe benefit tax is paid on the value of this benefit. For a $55,000 car the FBT bill could... Read more

Generating Income from Your Family Home – Tax Implications

Written by Matthew Stewart, Director - Edney Ryan Chartered Accountants

Airbnb reports that as inflation in an area rises, so too does the number of Airbnb hosts, as homeowners seek to cover rising mortgage repayments. Whilst additional income may be welcome, it is important for homeowners to be aware of the tax implications of renting out their primary residence. Income Tax and Deductions Income generated by rental of your home... Read more

Federal Budget Commentary 2023/2024

Written by Stephen Ryan, Director - Edney Ryan Chartered Accountants

Last night the Treasurer handed down his second budget in seven months. My assessment of his first budget in October ’22 was “solid, nothing brilliant, but sound and steady”. At that time, the forecast included a 22/23 deficit and increasing unemployment. Albeit with the benefit of hindsight it is hard to comprehend how Treasury and the Reserve Bank could be... Read more

Change to Taxing Point for Employee Share Schemes

Written by Robert Cameron, Accountant - Edney Ryan Chartered Accountants

Cessation of employment has been removed as a deferred taxing point for Employee Share Schemes from 1 July 2022. Employee Share Schemes (ESS) are often used by employers to attract, retain and motivate staff by issuing interests such as shares, rights (including options) or other financial products to their employees, usually at a discount to their market value. ESS interests... Read more

Accounting Update for a New Financial Year

Written by Stephen Ryan, Director - Edney Ryan Chartered Accountants

As the financial year draws to a close, there are some changes worth highlighting which are likely relevant for a number of clients. Compulsory Superannuation Rate Increases The superannuation guarantee rate will increase to 10% from July 1, 2021 and rise by 0.5 per cent per year thereafter until it reaches 12 per cent by 2025. 2021-22: 10% 2022-23: 10.5%... 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