What do Amy Winehouse, Abraham Lincoln, Barry White, and Bob Marley have in common? They all died intestate; meaning they died without leaving a valid Will. A Will is a legal document that sets out how you want your assets to be distributed when you die. It allows you to make your own choices about your estate and gives... Read more
By Andrew O’Donnell, Director – Edney Ryan Legal In the era of longer life expectancy, marriage, divorce, de-facto relationships and blended families, it is important to be aware of the law around family provisions from estates, both for Willmakers and potential applicants. A Family Provision claim is a legal application by an eligible person for a share (or larger share) of... Read more
As house prices rise across Australia, more and more clients seek advice on ways they can help their children enter the property market. In fact, reports suggest up to 80 percent of parents are prepared to provide some sort of financial support. But What is the Best Way to Help? There are several ways parents can give their children a... Read more
As we reach the end of another financial year, there are a number of legislative changes worth recalling which took effect from 1 July 2017. Here we highlight the changes to residential investment property deductions, which will be relevant for many of our clients. Changes to Residential Rental Property Travel Expenses Under legislation that took effect 1 July 2017, travel... Read more
Homeowners aged 65 years or over are now able to downsize their family home and invest the surplus into the tax effective environment of superannuation. The sale of the property must be from 1 July 2018 and the property must have been owned for at least 10 years and be the principal place of residence (hence eligible for the main... Read more
By Kate O’Brien, Director – Edney Ryan Wealth Management Australian dwelling values slipped 0.1 per cent lower in May, according to the latest CoreLogic housing market update. The fall marked the eighth consecutive month-on-month fall and took the annual change (-0.4%) into decline for the first time since October 2012. CoreLogic Head of Research, Tim Lawless, said the biggest declines... Read more
Cybercrime impacts the lives of many Australians and is expected to increase as our reliance on technology grows. Common types of cybercrime include hacking, online scams, fraud, identity theft and attacks on computer systems. In recent months we have been made aware of several instances where clients have been targeted by cybercriminals. Here we share these examples as a warning... Read more
By Shane Oliver, Head of Investment Strategy & Chief Economist from Oliver’s Insights, AMP Capital, 27 March 2018 Key points Worries about the Fed, trade wars (the risk of which has been significantly exaggerated) and President Trump generally have increased the risk around the global outlook but are unlikely to drive a major bear market. The key issue is whether the... Read more
For many Australian retirees selling the family home can be an effective way to release equity to fund retirement. Following legislation passed in December, homeowners aged 65 years or over are able to downsize their family home and invest the surplus into the tax effective environment of superannuation. Key Points The sale of the property must be from 1 July... Read more
Single Touch Payroll is a new electronic method for reporting employees’ payroll information to the ATO at the same time as employees are paid. Employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their payroll solution. As a result, businesses will no longer be required to... Read more