What's the best structure for your business?
As I write this from my home office having recently come out of lockdown, I sincerely hope that our valued clients and associates are well and that their families and staff are also keeping safe and well.
The current business environment is uncertain and volatile due to the impacts of Covid-19. While there are many businesses fighting through these tough times, we know that there are many others struggling to survive. Smaller businesses have been hit the hardest, so please think of these business owners, and buy local where you can to support them.
We have our next event ‘Setting up, Scaling up, Checking up’ approaching on the 25th of August, where we will be presenting alongside Results Legal and Outsource2Us to share our insights on how to set your business up for success. It’s important to get your documentation and structures right from the start, to pave the way for effective business dealings through smart partnership structures, considered shareholder agreements, branding hierarchies and much more. The first two articles included in this month’s newsletter provide a great insight into some of the subject matter to be discussed on the night. If you are starting a new business, expanding your current business, or introducing a new partner, then this event is for you.
The other two articles provide very important information on some of the ATO’s upcoming changes. I recommend reading through them to ensure you are up to date with the upcoming STP expansion and that you stay on top of the ATO’s correspondence changes.
Stay safe and see you soon on the 25th of August.
Sincerely,
Leon Stephan
Managing Partner
Events
When: 6th October 2021, 5.45pm (for a 6.00pm start) – 8.00pm
Where: The Coffee Commune, 82 Abbotsford Rd, Bowen Hills
Cost: Free
Setting up your own business or a new part of your current business is exciting but can also be challenging if you’re not prepared. Join us at our next panel discussion with the team at Results Legal and Outsource2Us, as we discuss what businesses need to look at to ensure the business is set up correctly, and once established, how to expand or check-in to ensure your business grows with the correct structure. Importantly, we will identify common problems that an early setup may have missed and should be corrected for both tax effectiveness and risk management.
How effective is your business structure?
Advivo Business Advisors and Accountants share their insights on how to structure your business to ensure it is set up for success.
Find out here.
Credit agreements: a key element in setting up and scaling up your business
Brisbane business law and commercial dispute specialists Results Legal share their insights on the importance of credit agreements in setting your business up for success.
Read more here.
Get ready for Single Touch Payroll (STP) Phase 2
The team at Advivo Business Advisors and Accountants explain what you should expect from the expansion of STP.
Click here to read.
Are you across the ATO correspondence changes?
Advivo Business Advisors and Accountants explain the new changes to ATO correspondence.
Read about it here.
What's the risk?
Our friend Phillip Di Bella, Managing Director of The Coffee Commune and one of Australia’s brightest entrepreneurs, shares his learnings about how to manage risks and how small businesses need to be agile and adaptive to succeed in today’s evolving landscape. Click here to watch.
Advivo's Charity of the Month!
Advivo’s commitment to the community includes our monthly charitable donation! Last month we donated to Open Minds who support people with mental illness, psychosocial and physical disabilities to achieve their goals. Read more here.
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 2021 monthly business activity statement.
25 August
- Lodge and pay quarter 4, 2020–21 activity statement if you lodge electronically.
28 August
- Lodge and pay quarter 4, 2020–21 Superannuation guarantee charge statement – quarterly if the employer did not pay enough contributions on time.Employers who lodge a Superannuation guarantee charge statement – quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.Note: The super guarantee charge is not tax-deductible.Use our Super guarantee charge statement and calculator tool to work out the super guarantee charge and prepare the Superannuation guarantee charge statement – quarterly.
- Lodge Taxable payments annual report (TPAR).The TPAR tells us about payments that are made to contractors for providing services. Some government entities also need to report the grants they have paid in a TPAR.
