What is Your Business's Succession Plan?
A message from our Managing Partner,
I hope that you all had a wonderful Easter and that you took the opportunity to rest, relax, and spend time with loved ones. On the topic of loved ones, this month our newsletter is centred around Business Succession Planning – with an emphasis on family businesses. Succession planning is an essential aspect of every business, even if you are planning to pass your business on to family members.
To provide some education about this important topic, we have prepared three blogs to help guide you through the Succession Planning process. I have penned a blog on the timing considerations you should make when writing your succession plan. Advivo Partner, Dale Edwards, has also written a blog on what to do if your children do not want to continue your family business. Finally, Advivo Partner, Chris Morris, outlines the fundamentals of successful CEO planning in small businesses.
Before I sign off, we have some housekeeping to pass on in regard to our client portal. In the next few weeks, you will see some changes to the way you upload your documents to the portal. There has been an upgrade to the software to provide greater security that we use to provide this service which should be completed at the end of April. Our clients will receive communications to provide new instructions on how to upload source documents and more information about how this will look.
We are looking forward to sharing our new look document portal with you on 1st May 2024. As always, please reach out if you have any other queries or require any other assistance in managing your business’s finances.
Kind Regards,
Leon Stephan
Managing Partner
Advivo's Charity of the Month
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Key Dates:
- Lodge and pay quarter 3, 2023–24 activity statement if electing to receive and lodge by paper and not an active STP reporter.
- Pay quarter 3, 2023–24 instalment notice (form R, S or T). Lodge the notice only if you are varying the instalment amount.
- Make super guarantee contributions for quarter 3, 2023–24 to the funds by this date.
Note: Employers who do not pay minimum super contributions for quarter 3 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement by 28 May 2024.
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