Addressing the Gender Retirement Savings Gap
Written by Kate O'Brien, Financial Adviser - Edney Ryan Wealth ManagementDespite an increasing number of women participating in the workforce, there are still significant differences between men and women in terms of superannuation balances at retirement – the so called gender retirement savings gap. As superannuation contributions are largely linked to employment or business income, those who have lower income, work part-time, or have time out of the workforce, will... Read more
Insurance Requirements for Home Building Work in NSW
Written by Andrew O'Donnell, Director - Edney Ryan LegalA builder must take out job-specific insurance for home building work valued over $20,000, under the Home Building Compensation Fund (previously known as Home Warranty Insurance). If you are a home owner, check that a valid insurance certificate has been obtained for the work you want done. Do this before work starts and before paying any money. Without it, you... Read more
CGT Withholding Tax: Important Changes From 1st July 2016
Written by Andrew O'Donnell, Director - Edney Ryan LegalNew 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 AccountantsUnder 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 ManagementThere 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
Deposit Guarantee Can Take the Place of Cash
Written by Tricia Williams, Manager - Edney Ryan Mortgage & FinanceWhen you have found the right property and need a deposit to secure the purchase, a deposit guarantee may assist buyers whose funds are currently tied up. A deposit guarantee is a substitute for the cash deposit. The deposit guarantee is issued by a guarantor, for a fee based on its value and duration of cover. At the time of... Read more
Costs of a Retirement Village Lifestyle
Written by Angela Boyd, Senior Associate - Edney Ryan LegalRetirement villages can provide an appealing self-contained environment, physically and socially geared to the needs of retired people. It has been said that ‘retirement villages are not a financial investment, but rather an investment in a lifestyle’. There are certainly costs of a retirement village lifestyle and it is vital to be fully informed. Retirement village contracts are diverse, with... 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
Are You a Resident or Non-Resident for Tax Purposes?
Written by Timothy Quinn, Edney Ryan Chartered AccountantHave 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
Highlights of the Federal Budget 2015
Written by Stephen Ryan, Director - Edney Ryan Chartered AccountantsThere 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