Bentleys BulletinWelcome to the latest edition of Bentleys Electronic Bulletin. Thank you for taking the time to read the articles included in this edition. |
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. |