Dobbie Taxation Services Pty Limited in The Rocks, Sydney | Tax preparation service

Dobbie Taxation Services Pty Limited

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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24.01.2022 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/

21.01.2022 Purchasing property with a market value of $2 million or above?: You will be required to withhold 10% of the purchase price and pay it to us unless the seller provides you with a clearance certificate. You may vary down the 10% non-final withholding tax if the seller has received a variation notice from us and provided it you prior to settlement. Purchasers must pay the amount withheld at settlement to the ATO.

20.01.2022 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

16.01.2022 Trust distributions to SMSFs: Tax Office is reviewing SMSFs that have received trust distributions for diversions that are non-arms length and utilise tax concessions.

16.01.2022 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.

15.01.2022 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

15.01.2022 Get free Mortgage Finance eBook: Our eBook on How Mortgage Finance Works is available here. You will need a password. If you do not have the password, ask for one by sending an email to [email protected] Like us on www.facebook.com/DobbieFinancialServices ... Check out our website at www.dobbieservices.com.au

10.01.2022 Disclose breaches of foreign investment rules: The ATO has issued a reminder that foreign investors in residential real estate have less than 30 days to disclose possible breaches of Australias foreign investment rules and take advantage of the reduced penalty period (RPP). The RPP is available only until 30 November 2015; new criminal and civil penalties will commence after this date. A person who voluntarily discloses a breach of the rules during the RPP may: ... be given a concessional period of 12 months to divest the property, rather than a shorter period not be referred for criminal prosecution. Foreign investors and advisers representing clients or investors who have purchased Australian properties should now review and report any possible breaches.

10.01.2022 Small business restructure roll-over: From 1 July 2016, small businesses will be able to change their legal structure without incurring any income tax liability for certain transactions. This applies when transferring active assets that are CGT assets, trading stock, revenue assets and depreciating assets...but dont forget to account for stamp duty!

08.01.2022 Capital expense deduction: You can claim a deduction for some business-related capital expenses you incur, as long as you cannot claim a deduction for them under any other part of tax law, such as the cost of setting up or ceasing a business (commonly known as blackhole expenditure) and project-related expenses. https://www.ato.gov.au//Depreciati/Other-capital-expenses/

03.01.2022 FBT exemptions for work-related electronic devices: A new FBT exemption allows small businesses to provide their employees with multiple work-related devices. https://www.ato.gov.au//FBT-exemptions-for-work-related-e/

03.01.2022 FBT exemption for work-related electronic devices: Your small business clients can now provide their employees with multiple work-related devices without incurring fringe benefits tax (FBT) liabilities. This applies even if the devices have similar functions. Devices can include laptops, tablets, mobile phones, calculators and GPS navigators. Items purchased prior to 1 April 2016 but supplied to the employee after this date are eligible for the exemption. Multiple devices bought and given to the employee before 1 April 2016 are not eligible. In these cases, the exemption only applies to one item for that FBT year.

02.01.2022 Time to logbook: Taxpayers using the logbook method to claim a car expense deduction need to start recording their trips now. If you are using the logbook method, you must record your motor vehicle usage in a logbook for a minimum continuous period of 12 weeks. This means if you have not already begun logging, you should start now.

02.01.2022 Tax incentives for early stage investors: The ATO has released a webinar on how they are implementing new tax incentives for early stage investors. It focuses on various issues for early stage innovation companies (ESIC) and their investors seeking access to such incentives.

01.01.2022 Selling property with a market value of $2 million or above?: Australian residents need to obtain a clearance certificate from us prior to settlement to avoid the 10% non-final withholding tax, and, provide it to the purchaser prior to settlement. Foreign residents may apply to us for a variation to the 10% non-final withholding tax, and provide this variation notice to the purchaser prior to settlement. Vendors can claim a credit for the withholding amount paid to the ATO against the final tax assessed in their income tax return.