Families

After the Mortgage Cliff – Is Your Rate Competitive?

Written by Tricia Williams, Manager - Edney Ryan Mortgage & Finance

Interest rates fell to record lows during the pandemic, which lead to a dramatic rise in fixed rate borrowing and refinancing. Many borrowers who locked in low rates for two to three years, are now coming off their fixed term onto the now much higher variable rate. This is the so called “mortgage cliff” that we are hearing about frequently... Read more

Changes to the First Home Buyer Assistance Scheme

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

First home buyers in NSW may be eligible for a full or partial exemption of transfer duty, with some changes to the purchase price thresholds and residence requirements effective from 1 July 2023. Individuals over 18 who are purchasing a new or existing home or vacant land in NSW for the first time are eligible for the assistance scheme. The... 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

Helping Children – Should I Give them a Gift or a Loan?

Written by Ranu Jas, Solicitor - Edney Ryan Legal

It is not uncommon for parents to want to help their adult children financially. This help may be in the form of an asset, or as cash, for example a deposit so their child can purchase their first property. Whilst some clients talk about giving their children an “advance on their inheritance” it is important to be aware of some... Read more

Interest Rates Rising – Is Your Loan Still Competitive?

Written by Tricia Williams, Manager - Edney Ryan Mortgage & Finance

With expectations that the Reserve Bank will continue to increase interest rates given inflationary pressures, now is the time for borrowers to reassess their existing loans. At the time of borrowing, loans are assessed for serviceability based on interest rates well above the rates we’ve experienced over recent years. The RBA suggests that most households are ahead on mortgage repayments,... Read more

An Introduction to Sustainable Investing

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

Sustainable investing has become a major focus for investors globally, with a third of all investable assets predicted to be managed with this approach by 2025. Environmental, Social & Governance Otherwise known as ESG investing, sustainable investing is the practice of considering environmental policies, social implications and corporate governance in addition to the traditional financial and operational metrics, when making... Read more

Cybercrime Surges: How to Protect your Business

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

During the pandemic, businesses, schools and families turned to the internet to communicate and access services required for daily life. Unfortunately, cybercriminals have used this opportunity, with the Australian Cyber Security Centre (ACSC) receiving over 67,500 cybercrime reports last financial year, a significant increase on the prior year. The increased frequency of crimes was also associated with increased complexity and... Read more

Fixed vs. Variable. Is it Time to Reassess?

Written by Tricia Williams, Manager - Edney Ryan Mortgage & Finance

Following years of ultra-low interest rates, discussion is rising amongst economists about a sooner-than-expected interest rate rise. The Reserve Bank of Australia has indicated that if economic recovery continues faster than expected, then the timing of interest rate rises would be brought forward from the RBA’s previous suggestion of 2024. Which raises the question, for the six million home loans... Read more

Additional Covid-19 Support Measures for 2022

Written by Evelyn Christian, Director - Edney Ryan Chartered Accountants

The NSW Government recently announced additional programs to support businesses following the Omicron wave. The following measures have been introduced/expanded. The 2022 Small Business Support Program For businesses with a turnover of $75,000 – $50 million that experienced a minimum 40% decline in turnover due to the impacts of Covid in January 2022 (compared to January 2021 or 2020) and... Read more

2021 Federal Budget Superannuation Legislation Passed

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

Legislation has finally been passed to give effect to the key superannuation changes proposed in the 2021 Federal Budget. The legislated changes include: Removal of the work-test requirement for non-concessional contributions and salary sacrifice contributions, for individuals aged between 67 and 75. Extending eligibility to make non-concessional contributions under the bring-forward rule to individuals aged under 75 at the beginning... Read more