Testamentary Capacity – The Right State of Mind to Write a Will
Written by Andrew O'Donnell, Director - Edney Ryan LegalFor a Will to be valid there is a fundamental requirement that the Will maker is in the right state of mind. This is legally referred to as having ‘testamentary capacity’. Willmakers and their loved ones should understand the issues surrounding capacity to avoid disputes and ensure that assets will be distributed according to a person’s wishes. It is presumed... Read more
Why House Prices are Unlikely to Fall
Written by Tricia Williams, Manager - Edney Ryan Mortgage & FinanceHome prices in Sydney have increased by 10.6 per cent over the last 12 months with a median dwelling price now more than $1.1 million (CoreLogic, March 2024). Whilst Shane Oliver argues that property in all cities is currently overvalued on the basis of the average 2.7% rental returns, he also acknowledges that house prices are unlikely to correct in... Read more
Tax Cuts for All Taxpayers from 1 July 2024
Written by Evelyn Christian, Director - Edney Ryan Chartered AccountantsFrom 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
After the Mortgage Cliff – Is Your Rate Competitive?
Written by Tricia Williams, Manager - Edney Ryan Mortgage & FinanceInterest 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 LegalFirst 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 AccountantsAirbnb 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 LegalIt 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 & FinanceWith 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 ManagementSustainable 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 LegalDuring 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