News

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

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

Superannuation Changes

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

1. Super Guarantee Rate Increase From 1 July 2023 the new super guarantee (SG) rate is 11%, increased from 10.5% last financial year. Business owners will need to ensure that payroll and accounting systems are updated. The ATO’s SG calculator helps employers work out the correct amount of super payable to their staff. Employees can utilise the ATO’s super estimator... 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

Federal Budget Commentary 2023/2024

Written by Stephen Ryan, Director - Edney Ryan Chartered Accountants

Last night the Treasurer handed down his second budget in seven months. My assessment of his first budget in October ’22 was “solid, nothing brilliant, but sound and steady”. At that time, the forecast included a 22/23 deficit and increasing unemployment. Albeit with the benefit of hindsight it is hard to comprehend how Treasury and the Reserve Bank could be... 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

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