Taxation

CGT Withholding Tax: Important Changes From 1st July 2016

Written by Andrew O'Donnell, Director - Edney Ryan Legal

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

Qualifying for the CGT Main Residence Exemption

Written by Olena Shepetukhina, Tax Adviser - 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

No Concern for Future Super Changes

Written by Brendon Vade, Financial Adviser - Edney Ryan Wealth Management

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

Are You a Resident or Non-Resident for Tax Purposes?

Written by Timothy Quinn, Edney Ryan Chartered Accountant

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

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

Highlights of the Federal Budget 2015

Written by Stephen Ryan, Director - Edney Ryan Chartered Accountants

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

Transition to Retirement Income Stream for Over 55’s Still Working

Written by Brendon Vade, CFP, Edney Ryan Wealth Management

If you are over 55, you are able to access your superannuation while still working via a Transition to Retirement income stream, to reduce tax and boost your superannuation balance. This enables two options: Reduce your work hours and use your superannuation income stream to top-up your income, or Continue to work full-time, boost your superannuation balance while maintaining your... Read more

Are you super ready for the year end?

Written by David Heyworth - Director, Edney Ryan Wealth Management

This year is already racing by. But before we get to the end of another financial year, take some time to think about how well you have looked after your superannuation savings this year. Australians have saved over $1.5 trillion in superannuation. That’s a lot of zeros. So how much belongs to you and are you saving enough to pay... Read more