July was an exciting and busy month here at Advivo with the end of financial year and hosting our first free seminar on Accessing Global Markets. This event was such a great success that we have decided to host another seminar…except this time it will be on Successful Family Business Transition as we focus on the crucial area of Estate and Transition Planning during the month of August.  Full details on the event can be found below and I encourage all family businesses to come along and gain valuable insights into this important area.

At first glance, estate and transition planning might seem like a gloomy topic to discuss this month, however, it does not have to be! A good succession plan will help your business transition smoothly to the new owner. More importantly, by planning your exit early, you can maximise the value of your business and use it to meet future needs. In this sense, estate and transition planning is a life saver!

In this month’s Thomson Reuters feature article we also discuss the complexity of small business CGT provisions and why it is not made easier by the tax law’s interaction with other areas of law.

Leon Stephan

Managing Partner

Have you heard about our seminar on Successful Family Business Transition?

On 25 August we’re hosting a seminar on Successful Family Business Transition. Presented by our very own Leon Stephan, come along and learn about the three key elements that are critical in the transition of a business.

Too often these elements are not addressed, leaving succession decisions undiscussed and unresolved among families. That is why the aim of this seminar is to help families with businesses develop a comprehensive Family Business Transition Plan.

Presenting on the night will be CEO of Families in Transition, Susanna Bransgrove and CEO of Transition Planning Australia, Peter McKnoulty. Susanne will share her personal and professional experience, and the knowledge she has gained through researching and collaborating with family business specialists across Europe, the US and Australia. Peter will provide many insights on successfully transitioning family businesses given his extensive experience in advising families on intergenerational transfers of business and wealth.

It is sure to be a very informative night so we look forward to seeing you!

Event Details:                                     Venue:
Date: August 25th                                                  United Service Club Queensland
Time: 5:45pm                                       183 Wickham Terrace, Spring Hill QLD 4000

Happy (Accounting) New Year!

For 364 days of the year we work hard here at Advivo. But when the 1st July comes around, we party. Why? Because it marks the end of one financial year and the beginning of another!

This might sound silly, but the end of the financial year is like Christmas for anyone who works at an accounting firm. This is because the weeks leading up to June 30 is a heady mix of excitement, adrenaline and high stress. It’s when our work is most visible. So when the clock strikes 12 and July 1st rolls in, we celebrate the end of a great financial year over a few champagnes and great food!

This year the Advivo team cooked their own lunch at the fabulous Golden Pig Cooking School.  As you can see from the team photo, we all enjoyed our cooking endeavours and some well-deserved wine! Not to mention, the actual cooking class was delightful and got us all feeling like we could compete in the next season of Master Chef!

Did you miss our seminar on Accessing Global Markets?
Last month the Advivo team organised a free seminar for our clients and their associates about Accessing Global Markets. This seminar discussed a range of topics including the variety of incentives to help you access foreign markets and fund that expansion as well as the helpful hints and “traps” to be aware of when launching into foreign markets.

It was truly a great night and gave attendees the opportunity to network with like-minded business owners over some drinks and canapés. We would like to take this opportunity to thank our clients, associates and guest presenters for attendance at our recent Seminar on Accessing Global Markets.  We appreciate your time and the wealth of knowledge that came out of the event.

Monthly team member profile
Leon Stephan (Managing Partner)

Advivo’s expert in Estate and Succession Planning

Leon Stephan - Advivo Accountants and AdvisorsLeon joined the Advivo team two years ago, bringing with him a wealth of financial experience as an accountant and corporate advisory specialist, senior banker, CEO/ fund manager and owner of multiple business providers.

Previously the partner responsible for a second tier firm’s corporate advisory division Leon has extensive experience in large and small project valuations, due diligence, funds management, asset and investment monitoring, succession planning, mergers, acquisitions and divestments.

Over time, Leon has developed a strong track record for turning around struggling businesses and assisting clients to successfully hand the reins of the business over to the next generation.

In this week’s blog Leon offers his expert opinion about the importance of succession planning in a business. As a business owner himself, Leon believes that succession planning should be considered a high priority for all businesses. You can read more about it here.

Coupled with a passion for leadership and management, Leon is a highly skilled and valued member of the Advivo team.

Succession and Estate Planning Survey: Update

We at Advivo want to give a huge thank you to our clients who recently participated in our Succession and Estate Planning Survey. Advivo is committed to making succession and estate planning a more prominent part of our service offering in this financial year. However, to ensure we deliver a tailored service that meets all your financial needs, we required your feedback – so thank you for providing your important input.

We sincerely appreciate your feedback as it is has provided a valuable snapshot of what you, as our client, needs are in relation to our new service offering and we are very excited to share some of the results with you:

  • 33% of respondents have no succession and estate plan for their business
  • 50% of respondents would highly value using an advisor they already know and trust through this process
  • 25% of respondents are concerned about the wrong people getting a hold of their estate
  • The majority of respondent would seek an estate planning specialist

We are also very excited to announce the winner of our Succession and Estate Planning Survey – Sue Bennett! Sue has won a free 1 hour consultation with Outsource To Us.

Key Events / Dates:

  • 21 August – Lodge and pay July 2016 monthly activity statement
  • 25 August – Lodge and pay quarterly activity statement for quarter 4 (If lodged by Advivo as your Tax Agent)
  • 25 August – Family Business Transition Seminar

Thomson Reuters Tips and Updates

Small Business Tax Concession Refused: Threshold Test Failed
The small business capital gains tax (CGT) provisions contained in the tax law allow eligible small business to access tax concessions on capital gains made from the sale of certain CGT assets. However, like most things, you have to prove yourself eligible to receive the tax concessions by passing the threshold tests. In the past, the application of the small business CGT concessions provisions have proven to be a complex area for taxpayers and this is not made easier by the tax laws interaction with other areas of law. Full Article

Investment Opportunities
In the past, the ATO has more often than not focused its attention on deductions relating to rental property. This year that focus is on holiday home investors who rent out their properties. If you own this type of property, it is particularly important that you are aware of the ATO guidelines and carefully consider whether the money you’ve spent on your property is eligible to be claimed as rental property deductions. Full Article

Taxing the Share Economy: A Whole New World?
In a Grattan Institute report published in April 2016, the rise of the sharing economy is expected to provide Australians with the opportunity to put underused homes, cars and other assets to use. This is particularly relevant when we consider platforms such as Uber and Airbnb. As the sharing economy continues to flourish, it is worth examining the relevant business model and the current taxing arrangements. Full Article

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Our firm provides the information in this e-newsletter for general guidance only and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.