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
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
As the financial year draws to a close, there are some changes worth highlighting which are likely relevant for a number of clients. Compulsory Superannuation Rate Increases The superannuation guarantee rate will increase to 10% from July 1, 2021 and rise by 0.5 per cent per year thereafter until it reaches 12 per cent by 2025. 2021-22: 10% 2022-23: 10.5%... Read more
Superannuation Pension – Minimum Drawdown Relief Extended The temporary 50% reduction to the minimum income drawdown from superannuation pensions has been extended until 30 June 2022. This measure helps to minimise the need to sell down assets in depressed markets, and has been extended due to the impact of the Covid-19 crisis on some retirees’ superannuation account balances. For the... Read more
Property prices remain strong with the median price of a house in Sydney now $1.186 million, while the median unit price is $782,000, according to CoreLogic. Prices increased during May on the back of earlier growth this year. We are offering Edney Ryan Group clients a free Property Profile Report. Produced by CoreLogic, the report provides a comprehensive view of... Read more
There has been much talk about the potential fiscal cliff after JobKeeper ends, however we have a more optimistic view. Strong indicators of economic recovery in combination with the commencement of the vaccine roll-out, allows us to see a light at the end of the pandemic tunnel. In fact we have been amazed at the strength of businesses and the... Read more
From 1 July 2021, superannuation contribution caps will increase due to indexation – a positive change that allows for greater superannuation amounts. The concessional contribution cap is set to increase from $25,000 p.a. to $27,500 p.a. The standard non-concessional contribution cap is calculated as four times the concessional contributions cap, so is set to increase from $100,000 to $110,000. The... Read more
Best Interests Duty New legislation affecting mortgage brokers was introduced following the Royal Commission into banking. The new ‘Best Interests Duty’ means that as mortgage brokers, we have to choose a loan, rate, product and lender that is in the best interests of our client. What Changes for Our Clients? Since our establishment, Edney Ryan Mortgage & Finance has always... Read more
It is estimated that 185,000 older people in Australia experience some form of abuse or neglect each year. Abuse of older people can happen both inside and outside the home. It can also involve those who we love and trust. It can be challenging to identify abuse, as there is no single type of older person who is at risk,... Read more
Tuesday’s Budget from the Federal Government, in which it continues its robust effort to deal with the fallout of the Covid-19 pandemic, has been followed by an abundance of commentary. In this note, I add my thoughts, with the key issues for our clients in mind. Last year’s Budget was delivered shortly before the 2019 election. At the time I... Read more