Bentleys Bulletin

Welcome to the latest edition of the Bentleys Bulletin

WARNING - Advertising Laws

The Australian Competition and Consumer Commission (ACCC) has announced "clarity in pricing" changes to the Trade Practices Act which came into effect on 25th May 2009 and which may affect businesses offering products and services that come with extra fees and surcharges.

Investment Allowance

Small Businesses (with turnovers under $2M) can claim an investment allowance of 50% for the purchase of eligible assets ordered between 13th December 2008 and 31st December 2009, subject to the eligible asset being installed by 31st December 2010. The Investment Allowance does not affect the amount of depreciation that can be claimed on the asset; the Investment Allowance is in addition to depreciation.

Taxpayer Alerts

The Tax Office has issued five Taxpayer Alerts warning taxpayers of arrangements that it is currently reviewing. These alerts relate to:

Superannuation Rates and Thresholds

The Tax Office has released key superannuation rates and thresholds for the 2009/10 income year.

Data Matching Projects

The Tax Office has released details of three data matching projects it will carry out. The information collected from the projects will be electronically matched with the Tax Office’s data holdings to identify non-compliance with lodgment and payment obligations.

PAYG Instalments

The Federal Government has announced that it will cut the quarterly PAYG instalments for the 2009/10 income year for taxpayers who calculate their instalments using the Gross Domestic Product method.

Self Managed Superannuation Funds Warning

Broadly, the in-house assets rules restrict a regulated superannuation fund from having more than 5% of the total market value of its assets in a related party of the fund.

Small business CGT concessions

A taxpayer who holds a passively held CGT asset which is used in a business by the taxpayer’s affiliate or a connected entity to will be allowed access to the small business CGT concessions, subject to certain conditions. Furthermore, aspects of the existing small business CGT concessions have been refined and clarified including:

Contact details

Phone
61 (02) 8249 4478

Fax
61 (02) 8249 4915

Email
Email us

Address
Bentleys MRI Australia Limited
Level 3
3 Spring Street
Sydney NSW 2000

Please contact our nearest office if you would like more information on this topic.

Bentleys Chartered Accountants and Business Advisors has offices in:

Australian capital cities Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra

Regional and suburban Dubbo, Gosford, Ipswich, Maroochydore, Newcastle, Tamworth

This publication is provided to you by Bentleys Australia Pty Ltd (Bentleys) on a complimentary basis. The information provided is a general guide only and Bentleys accepts no responsibility for the accuracy of the information or opinions contained herein. The contents do not constitute business, accounting, taxation or financial advice and should not be relied upon as such.

Bentleys is a national association of independent accounting firms in Australia. The member firms of the Bentleys association are affiliated only and not in partnership.
Bentleys participates in the Praxity AISBL International Alliance of accounting firms.

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