Bentleys e-NewsletterWelcome to the new edition of the Bentleys e-Newsletter. We hope that you find this newsletter informative. If you would like more information, or to discuss how Bentleys can assist you, please contact us Bentleys is committed to protecting your privacy. To see our privacy policy, click here Best regards Your team at Bentleys
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Culture Is Important!There are many attributes to creating a successful long-term business. No one attribute makes a successful business, but a combination of attributes will significantly contribute to long-term successful business performance. Compliance MattersSome important compliance information from the tax office. The cash economy and businesses, excess superannuation contributions, minors and the tax-free threshold and overpaid income tax instalments. Business Establishment CostsIn two separate but related Interpretative Decisions, the Tax Office states the deductibility of business establishment costs for a proposed business to be carried on. The latest on SMSFThe latest rulings from the Tax Office on self managed super funds. Trustees giving financial assistance to a member of a fund and the application of the sole purpose test in the superannuation legislation. Bonuses and Superannuation GuaranteeIn a recent case, the AAT has affirmed the Commissioner’s decision that bonus payments paid by an employer to its employees should be taken into account when calculating the employees’ superannuation guarantee. Tax Compliance Program 2008/09The Commissioner has released the Tax Office Compliance Program 2008/09, which sets out the Tax Office’s compliance priorities for individuals, micro enterprises, small businesses and superannuation for that year. Survival In Difficult TimesMany business operators have already taken steps to ensure that their businesses will survive these difficult times. Suggestions on implementing planning for survival in difficult times include:- Review Your Unique Selling Proposition!How can you deliver outstanding service to your customers/clients each time you are dealing with them? Medicare Levy SurchargeThe Tax Laws Amendment (Medicare Levy Surcharge Thresholds) 2008 received Royal Assent on 31 October 2008. The Bill, after the Senate’s amendments, increased the Medicare levy surcharge threshold: Abolishing Trust CloningTrust cloning is a common practice used for succession planning and asset protection purposes. The Government has announced that it will remove the ‘trust cloning’ exception which disregards any capital gains arising when a taxpayer: Superannuation GuaranteeThe Tax Office has released a Draft Superannuation Guarantee Ruling in which it states the Commissioner’s preliminary view on whether payments to employees are ordinary time earnings (OTE) and/or ‘salary or wages’. SMSFs and In-house AssetsThe Tax Office has also released a Draft SMSF Ruling in which it explains the Commissioner’s preliminary view on the core concepts in the definition of ‘in-house asset’. |