Taxation

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.

NSW Home Affordability Measures The NSW Government has announced a number of measures designed to improve housing affordability across NSW from 1 July 2017. Some of changes in the housing affordability package will affect foreign residents purchasing residential property in NSW. Stamp Duty Surcharge Increases: Foreign residents already pay a 4% surcharge on stamp duty. This will double to 8%.... Read more

With the EOFY just days away it’s time to get your tax affairs in order. Here are our top 10 tax planning tips to get you started. 1. Small Business Assets Now might be a great time to purchase a new computer or work car. The 2017 Federal budget gave small businesses (with a turnover less than $10 million) a 12-month... Read more

From the 2016–17 income year, the small business company tax rate has been reduced to 27.5%. This lower rate now applies to small businesses with a turnover less than $10 million. The company tax rate will remain at 30% for all other companies. The maximum franking credit that can be allocated to a frankable distribution paid by a small business... Read more

Each year it is fascinating to observe how the Budget is received. Most commentators subjectively assess the Treasurer’s efforts by how they, or their interest group, is expected to be impacted. But is it possible to assess a budget more objectively? According to the stock market and rating agencies the Treasurer has done a reasonably good job. The ASX is... Read more

Super Changes #1: New Cap on Tax-Free Super From 1 July 2017, the Government will introduce a $1.6 million cap on the total amount of superannuation that can be transferred into a tax-free retirement account. Superannuation Balance Greater than $1.6 million? If you are planning to retire after July 2017 and you have a superannuation balance greater than $1.6 million... Read more

This information about the new Backpacker Tax will be relevant for employers who currently employ holiday makers on 417 and 462 visas. The changes mean that these working holiday makers will no longer be classified as residents for tax purposes from 1 January 2017. Action Required by Employers Use Visa entitlement verification online to check if your worker has a... Read more

Special Professional Income Averaging (SPIA) allows individuals in certain professions to average their income over a four-year rolling period. SPIA is likely to result in lower tax rates for special professionals whose income tends to rise and fall. This concessionary tax treatment ensures an individual is not paying additional tax due to the irregular nature of their work or income.... Read more

NSW joins Queensland and Victoria in imposing specific taxes on foreign investment for residential property purchases. Additional land tax to be paid 0.75% from start of 2017 and additional 4% stamp duty from 21 June 2016. Foreign investors will no longer be entitled to the 12 month deferral for the payment of stamp duty for off-the-plan purchases of residential property.... Read more

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