Duncan Dovico - The Bottom Line

IT’S ALMOST 30th JUNE…AGAIN!

It’s hard to believe the 30th June is almost upon us yet again.
For some important and handy tax time tips refer to the lift out contained in this edition.

For greater detail and prior to implementing any pre 30 June 2013
tax strategies contact us on 1300 883 122 and or visit us at www.ddvic.com.au


DD Equine

We are pleased to announce the formation of our specialist Equine Taxation and Accounting Services division. For more details click on the equine link on our home page at www.ddvic.com.au.

You can also like us on Facebook and follow us on Twitter and LinkedIn.


Below The Bottom Line

EDUCATING AND INFORMING OUR CLIENTS

The 2013-14 Budget Key Highlights is a recent edition to our video library.

Visit our video library


Federal Budget 2013/14 Highlights

  • The Medicare levy will be increased from 1.5% to 2.0% from 1 July 2014
  • The medical expenses tax offset will be phased out
  • There will be a cap of $2,000 on deductions for work-related self-education expenses
  • Superannuation funds will be entitled to an exemption for only $100,000 (per pension recipient) of current pension income (income earned on assets supporting the payment of a pension to a member)
  • A $35,000 concessional contributions cap (the limit on the amount of deductible contributions that can be made to a superannuation fund) will apply to anyone who meets certain age requirements
  • Changes will be made to the way excess concessional contributions will be taxed
  • The Baby Bonus will be replaced with an additional family payment, but only for those eligible for Family Tax Benefit (FTB) Part A
  • Increases to FTB Part A promised in last year’s Budget will not go ahead
  • Changes will be made to address profit-shifting by multi-nationals
  • The Government will introduce a 10% non-final withholding tax to the disposal by foreign residents of real property holdings (both direct and indirect).
  • The ATO will receive a funding boost to allow it to extend its data matching activities and to set up a trusts task force.


Important Changes to the Superannuation Guarantee Rate

To help grow Australian workers’ savings for retirement, the compulsory super guarantee rate will gradually increase from 9% to 12% from 1 July 2013 to 1 July 2019. You will need to increase the rate on which you base your calculations to 9.25% on 1 July 2013.

What you need to do

  • Update your payroll and accounting systems to apply the appropriate increase to the super guarantee rate
  • From 1 July 2013, increase the rate you use to work out the super guarantee payments you make for your employees from 9% to 9.25%
  • Continue to increase the rate you use to work out the super guarantee payments you make for your employees each year until 1 July 2019

For further information please contact Amanda Castricum or Gamini Balasooriya
on 1300 883 122.


Business: Do You Have Management Liability Insurance?

What is Management Liability insurance?

Management Liability protects the individuals and privately owned companies in relation to the Directors personal and Corporate Liability exposures associated with managing a company. 

A Management Liability Policy provides Business Owners with peace of mind that the Insurers expert legal teams will represent you if a case is brought against you by: Shareholders; Employees; Competitors; Creditors; Regulators; Customers; Liquidators Administrators.

Read More 


Reminder To Self Managed Superannuation Trustees of the Minimum Pension Requirements for the 2012-13 Financial Year

Trustees of Super Fund’s should ensure that the Minimum amount must be paid from Account- Based Pensions (ABP) or Transition to Retirement Income Streams (TRIS) to the members before 30th June 2013 as shown below:

Read More 


Structuring Your Business - What Are Your Available Choices

The question of how to structure a business is a complex affair, and many and varied factors may need to be taken into account, such as:

  • asset protection requirements
  • planning for retirement
  • estate planning
  • tax minimisation
  • the possibility of family disputes
  • any applicable regulatory requirements

Read More 


The 9 Great Walks of New Zealand

There are so many magnificent landscapes to explore around the
world for walkers/hikers/trekkers - but New Zealand has more than
its fair share with about one third of the country set aside as
National Parks.

Of the vast network of walkways, the Department of Conservation
has identified nine destinations as significant - these are the Great Walks of New Zealand.

Read More 


Out and About with Duncan Dovico

Mark Benett

North Eastern Business Forum

On Wednesday May 8th 2013 Duncan Dovico -
Accountants and Advisors continued its founding
sponsorship of this business forum with this evening
held at the Watsonia RSL club.

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Property & Tax Seminar

On Wednesday 22nd May 2013 DD was represented by Brad Purvis as Guest Speaker at a Property and Self Managed Super information evening.

Hosted by Fletchers Real Estate, Westpac Bank and DD, the presentation covered an update on the local Diamond Valley and surrounding property markets and the bank’s current self managed super lending products.

Brad then took the guests through an update on the current tax and related matters impacting on Self Managed Super Funds, property and the borrowing rules.

For more information on property and tax matters contact Richard Russell.


Meet the Team

Gamini Balasooriya
Taxation Manager (Ringwood Office)

Married to: Janani (Jenny)
Children: 2 girls (17 & 20)
Sports: Walking club, social golf, social cricket
Other interests: Reading novels, watching movies, listening to music – particularly the “old rock classics”
and Travel




Rory Wood
Self Managed Superannuation Accountant (Heidelberg Office)

Married to: Asha
Sporting interests: Golf - I am a member of Rosanna
GC, and play off a zero handicap.
Do you support an AFL team? I am a passionate Richmond Supporter. Go Tigers!
Other Interests? I love my music – in particular electronic/dance music
And? Travel - Asha and I are off to Europe later in the year and I can’t wait.


DD Equine - At the Inglis Sales

Anna was at the Inglis Great Southern Sale on Wednesday 22nd May 2013 meeting with some of the Inglis team and assisting a client with their breeding selections.

The sale showcased some of the markets new up and coming stallions and the weanlings attracted an average of around $11K, up some 20% on last season with the highest price weanling sold for $110K.

For all of your Equine related tax and accounting requirements contact Anna Beard on 1300 883 122 or email anna.beard@ddvic.com.au.