Premium Property Stamp Duty
Written by Andrew O'Donnell - Director, Edney Ryan LegalSome clients that we have assisted with property transactions have been unaware of the Premium Property Stamp Duty payable on residential property transactions in excess of $3 million. The duty payable is calculated as $150,490 plus $7 for every $100 that exceeds $3 million. In comparison, the rate for properties less than $3 million pay duty at the lower rate... Read more
Avoiding Mistakes in Wills: Ademption
Written by Andrew O'Donnell - Director, Edney Ryan Legal‘Ademption’ is a legal term that describes what happens when something that is left as a gift in a Will is no longer owned by the Will-maker at the time of their death. Consider these examples of how this can occur. Example 1: The gifted property has been sold, for example the family home has been sold to fund aged... Read more
Protection for Parents: Helping Children Buy Property
Written by Angela Boyd, Senior Associate - Edney Ryan LegalFor parents who are willing and able to help their adult children buy their first property, here are a number of options with varying degrees of risk and control. Gift – A simple option if you have spare cash and are happy to hand it over as an unconditional gift. Tenants in Common – By buying a property with your... Read more
Retiring From Your Own Financial Affairs
Written by Carolyn Griffin, Director - Edney Ryan Chartered AccountantsMany of my clients belong to the wealthiest generation in history. Over almost thirty years I have served as their chartered accountant, sounding board and I’m proud to say their trusted advisor. For well-off individuals with a long history of managing the strategic and practical aspects of their financial affairs, there are some challenges to overcome to achieve a time... 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
Federal Budget 2014
Written by Stephen Ryan, Director - Edney Ryan Chartered AccountantsThis update comes to you the morning after Joe Hockey delivered the Abbott Government’s first Federal Budget. By last night most of the headline issues had been telegraphed in leaks to the media over recent days. Here is a link to the detailed budget bulletin released by the Institute of Chartered Accountants and running for 56 pages. Here I highlight... Read more
Don’t Waste Your “Career-Years”
Written by Brendon Vade, Financial Planner - Edney Ryan Wealth ManagementYounger is better Financial advice is not just for baby boomers on the verge of retirement. If you are career oriented, in your 30’s or 40’s and have high hopes for yourself financially, then you would benefit from talking to a financial adviser. It’s not just about superannuation Superannuation is important, but for you it is also 20 years or... Read more
Executors of Wills – A Word of Caution
Written by Andrew O'Donnell, Director - Edney Ryan LegalExecuting a Will Can Be Personally Taxing If you have been named as an Executor in a Will, following a person’s death there are legal procedures that must be followed. This is a serious task with considerable responsibility, and you can be held personally liable for incorrect administration of the estate. In almost all cases, consulting with a lawyer would... Read more
If you earn less than $48,516 per year (before tax) and make after-tax super contributions, you are eligible to get matching contributions from the government. The amount of the co-contribution reduces the more you earn over $33,516. To work-out how much co-contribution you are eligible for, try MoneySmart’s Calculator.
All swimming pools and spas must be registered by 29 October 2013. This includes any temporary swimming pools which have a depth greater than 300mm. There will be a penalty for owners who fail to register a swimming pool. Swimming pool owners will be required to provide a valid swimming pool compliance certificate before being able to sell or lease... Read more