Business Innovation & Digitisation Reinvented
It’s been a busy start to the new financial year, and it’s hard to believe we are already in August! While the COVID-19 pandemic is having a profound impact on Australia’s economy and many businesses, we take faith in the fact that Australia has so far outperformed most other countries in both health and economic outcomes.
In our budget update article below you can read about the two major announcements made by the Federal Government, the first being an extension to the JobKeeper and JobSeeker wage subsidy through to 28 March 2021. Most importantly to note from this is that you must re-qualify for these payments. Like last time, the details are going to be tweaked and until there is legislation and ATO guidance people should not be forming a firm opinion about whether they do/don’t qualify. I refer you to our recent article on these updates. The second announcement on 23 July 2020 was the economic and fiscal update. There were no surprises here and it was largely what businesses expected, not good news with a lot of uncertainty on the outlook. Further forecasts and projections are scheduled to be delivered on 6th October 2020.
Moving forward it’s a long road for both government and businesses to work smarter towards a positive future, and as more and more businesses move to operating completely online in the current environment, innovation is key to setting yourself apart from your competitors. Our second Lunch & Learn online event will take place on 27 August 2020 and will give you insights into getting that digital edge for your business. During the session will we introduce you to innovative ways to improve your businesses efficacy and financial performances through the implementation of new technologies, AI and digitisation. If you’re interested in attending please register here.
In response to COVID-19 and the stimulus packages the government has implemented, were you aware that audit activity is prevalent and can affect you? The ATO has increased their compliance lockdowns and investigations on businesses, and organisations can be selected at random. Read the article below on how Audit Shield may be relevant for your business.
In other articles this month, we look at ways to help your business save money with monthly accounting and business support. We also look at the benefits of automating your processes to increase productivity and client engagement.
Our team is here to help you navigate through these interesting and ever-changing times that we are finding ourselves in, to ensure your business continues to prosper.
Sincerely
Leon Stephan
Managing Partner
Upcoming Events
Innovation in Accounting and Business Planning
When: 27 August 2020, 12.30pm – 1.30pm
Where: Online
Cost: Free
Looking for the digital edge for your business?
Join us for our second Lunch & Learn online event that will introduce you to innovative ways to improve your business efficacy and financial performance through the implementation of new technologies, AI and digitisation. In the new business environment that we now operate in, it is more important than ever to drive innovation in your business, reduce costs and beat the competition.
This will be a panel discussion with:
- Leon Stephan, Managing Partner, Advivo Accountants and Advisors
- Dale Edwards, Partner, Advivo Accountants and Advisors
- Chris Morris, Partner, Advivo Accountants and Advisors
- Xero representative
Budget 2020-21 Outlook
The Morrison Government is continuing to take decisive actions to protect Australians and the economy from the effects of COVID-19.
Click here to find out more.
Business Growth Post COVID-19
Welcome to the second instalment of this small blog series discussing the 4 key phases of the coronavirus business cycle.
Read the full blog here.
Work Smarter With Accessible Data in the Cloud
COVID-19 has seen businesses fast track the way they embrace change, enabling workers to work remotely, to digitise and automate the payments processes and to market their offerings online.
Read more here.
Are You Covered for Audit Insurance?
In response to COVID-19 and the stimulus packages the government has implemented, were you aware that audit activity is prevalent and can affect you?
Read how you can prepare your business.
Advivo’s Charity of the Month!
Advivo’s commitment to the community includes our monthly charitable donation! Last month we donated to Story Dogs. A great charity and initiative to assist children in reaching confidence and their full potential in literacy.
Have your say – HERE, to help us choose a local charity to support and we will announce the winner in next month’s newsletter
Don’t forget if you would like us to include a charity of your choice, just drop us a line at info@advivo.com.au
Key Events / Dates:
- 14 August – Lodge PAYG withholding payment summary annual report for:
- Large withholders whose annual withholding is greater than $1 million
- Payers who have no tax agent or BAS agent involved in preparing the report
- 21 August – Lodge and pay July 2020 monthly business activity statement
- 25 August – Lodge and pay quarter 4, 2019-20 activity statement if you lodge electronically
- 27 August – Advivo Lunch & Learn online event
- 28 August – Lodge and pay quarter 4, 2019-20 Superannuation guarantee charge statement – quarterly if the employer did not pay enough contributions on time
Lodge Taxable payments annual report (TPAR)
Staff Spotlight: Michael Agius
Introducing Michael Agrius, Advivo’s Practice Manager, as an integral part of our business. Not only does he take care of billings, process mapping and workflow, but Michael drives the vision of Advivo and keeps everything on track.
Michael is a commercially minded and qualified Chartered Accountant with exposure to Audit and Insolvency as a practitioner. After moving into a role running a small healthcare clinic, it ignited a passion for supporting small to medium enterprises by focusing on processes and teams. Recently joining the Advivo team, Michael brings with him his passion for optimised team work and looks forward to continuing to explore this specialisation. Read here to find out more.
