Dobbie Financial Services in The Rocks, Sydney | Accountant

Dobbie Financial Services

Locality: The Rocks, Sydney

Phone: +61 2 9970 5753

Address: Suite 807, 109 Pitt Street 2000 The Rocks, NSW, Australia

Website: http://www.dobbieservices.com.au

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22.01.2022 Federal Budget 2016 - Superannuation: The Federal budget 2016 foreshadows changes to the superannuation system: The threshold at which high income earners pay additional contributions tax will be lowered to $250,000 from 1 July 2017. The annual cap on concessional superannuation contributions will also be reduced to $25,000. The tax exemption on earnings of assets supporting Transition to Retirement Income Streams will be removed from 1 July 2017. A lifetime non-concess...ional contributions cap of $500,000 will be introduced. The current restrictions on people aged 65 to 74 from making superannuation contributions for their retirement will be removed from 1 July 2017. Individuals with a superannuation balance less than $500,000 will be allowed to make additional concessional contributions where they have not reached their concessional contributions cap in previous years, with effect from 1 July 2017. From 1 July 2017 all individuals up to age 75 will be allowed to claim an income tax deduction for personal superannuation contributions. A low income superannuation tax offset (LISTO) will be introduced to reduce tax on superannuation contributions for low income earners from 1 July 2017. The income threshold for the receiving spouse (whether married or de facto) of the low income spouse tax offset will be increased to $37,000 from 1 July 2017. A balance cap of $1.6m on the total amount of accumulated superannuation an individual can transfer into the tax-free retirement phase will be introduced from 1 July 2017. See more

19.01.2022 ATO RELEASES LRBA SAFE HARBOUR GUIDELINE: ATO has published PCG 2016/5 providing guidance on what are arms length terms for Limited Recourse Borrowing Arrangements established by self-managed superannuation funds

17.01.2022 No ban on LRBA: In its newly-released response to the Financial System Inquiry's recommendations, the government has disagrdee with the recommendation to prohibit limited recourse borrowing arrangements (LRBA) by superannuation funds

14.01.2022 Work-related car expenses: Work-related car expenses ... New legislation will will change the methods for calculating work-related car expense deductions. Currently, taxpayers have an option of using one of four methods to determine their work-related car expense deductions, namely: 12% of original value method one-third of actual expenses method cents per kilometre, and logbook method. The 12% of original value method and the one-third of actual expenses method will be repealed. Calculating deductions using the cents per kilometre method will be stra single rate of deduction which more accurately reflects the actual running expenses of a vehicle. In the 2015-16 income year the cents per kilometre rate will be set at 66 cents per kilometre.

04.01.2022 No ban on LRBA: In its newly-released response to the Financial System Inquirys recommendations, the government has disagrdee with the recommendation to prohibit limited recourse borrowing arrangements (LRBA) by superannuation funds

04.01.2022 Division 7A calculator and decision tool: Today, ATO has released a Division 7A calculator and decision tool: https://www.ato.gov.au//Division-7A-calculator-and-decis/