Professionals

Fringe Benefit Tax Exemption on Electric Cars

Written by Olena Shepetukhina - Edney Ryan Chartered Accountants

Since 1 July 2022, electric vehicles have been exempt from fringe benefit tax (FBT). A fringe benefit is a payment to an employee not in the form of salary or wages, for example provision of a car that includes for personal use. The fringe benefit tax is paid on the value of this benefit. For a $55,000 car the FBT bill could... 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

Change to Taxing Point for Employee Share Schemes

Written by Robert Cameron, Accountant - Edney Ryan Chartered Accountants

Cessation of employment has been removed as a deferred taxing point for Employee Share Schemes from 1 July 2022. Employee Share Schemes (ESS) are often used by employers to attract, retain and motivate staff by issuing interests such as shares, rights (including options) or other financial products to their employees, usually at a discount to their market value. ESS interests... Read more

Upcoming Superannuation Changes

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

There are a number of superannuation changes that will take effect from 1 July, 2022. Superannuation Guarantee: Increase in super guarantee percentage – Super Guarantee (SG) increases from 10% to 10.5%. It will continue rising 0.5% each year until it reaches its final rate of 12% on 1 July 2025. Removal of the $450 monthly superannuation guarantee threshold – The... 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

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

New Company Directors ID Requirement

Written by Matthew Stewart, Director - Edney Ryan Chartered Accountants

All company directors now need to verify their identity with a unique identification number, in order to help prevent the use of false or fraudulent director identities. Company directors must apply for their own director ID, only once, which will be their unique identifier forever. Existing directors have until 30 November 2022 to apply. Directors appointed before 4 April 2022... Read more

Foreign Person Surcharge on Residential Property Purchases

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

If you are classified as a foreign person and purchase residential property in NSW, you will have to pay an eight percent surcharge on the value of the property. This is in addition to any applicable stamp duty. It is important to note that you are generally classified as a foreign person, unless: You are an Australian citizen, or You... Read more

JobKeeper Information for Businesses

Written by Stephen Ryan, Managing Director - Edney Ryan Chartered Accountants

If your business has been significantly impacted by the coronavirus shutdowns you will be able to access a wages subsidy to continue paying your employees and to set businesses up for a speedy recovery after the crisis has been resolved. Businesses and NFP’s with Employees To be eligible, employers must meet the following criteria: Turnover is less than $1 billion... Read more