Ready to Improve Your Business Structure?
A message from our Managing Partner,
We’re already over a month into the new financial year! Whilst it is a busy time with preparing end-of-year financial accounts and tax returns one can not help but wonder when it comes to taxation matters and issues of estate planning and risk mitigation – do you have the optimal structure for you and your business for now, and to satisfy your plans for the future?
As time marches on our circumstances and objectives change or new possibilities arise, just like a health check-up with your doctor, I want to encourage you to turn your attention to another incredibly important facet of your business: its structure. An efficient business structure can help your business thrive, expand, minimise tax and exposure to risk or better facilitate appropriate estate planning, while an ill-advised one can lead to complications down the track.
To help you out in this area, I, and the other Advivo partners, have written a number of blogs to educate you on how to establish an effective business structure. Advivo Partner, Dale Edwards, explains how you can weigh up if your business needs with the help of an advisory board. We also go into depth about how you can determine the best business structure for your particular needs. Advivo Partner Chris Morris also weighs in on how you can correct your business’s structure if you feel it is incorrect. Finally, I have penned a blog to instruct you on whether you should review your business’s capital structuring.
I understand that business structuring is a complex arena to delve into, and no one size fits all, so please ensure to reach out for assistance if you have any questions or run into any roadblocks.
Finally, I’d like to bring your attention to our August charity donation choice. Our client, Michael Toohey, is completing the Gold Coast Cycle for Cancer Challenge to raise money for cancer research. We would greatly appreciate it if you considered joining us and donating to Michael’s efforts towards this important cause. To donate, please click here.
I hope you have a prosperous and enjoyable rest of August, and I look forward to touching base again in our next newsletter.
Kind Regards,
Leon Stephan
Managing Partner
Advivo's Charity of the Month
To donate to Michael’s ride, please click 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 Dates:
- Lodge and pay July 2024 monthly business activity statement.
25 August
- Lodge and pay quarter 4, 2023–24 activity statement if you lodge electronically.
28 August
- Lodge and pay quarter 4, 2023–24 Superannuation guarantee charge statement if the employer did not pay enough contributions on time
Note: Employers who lodge a Superannuation guarantee charge statement 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.
Lodge Taxable payments annual report (TPAR).
Note: 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.
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