Give the Gift of Giving this Season

On behalf of the Partners and team at Advivo, we would like to take this opportunity to thank you for your business and support throughout an interesting 2020, and we wish you a very Merry Christmas. We hope you re-charge the batteries and get to enjoy a break over the festive season! We sincerely hope 2021 is a prosperous and fulfilling year for you, your families and your businesses.

With Christmas fast approaching, it is also a time for giving. There are many different ways in which you and your business can give. This month’s articles look at donating and supporting charities and those less fortunate. There are many ways to give, not just money, you can donate your time, your team can have a team-building project to help others – such as the Smith Family events, you can donate your product or service; even if it’s as small as the Christmas cards you choose with the proceeds going to a charity, every little bit helps someone in need. We will also explore more formal ways you can structure to donate your time and which of these ways are most beneficial from a tax deduction point of view. We will also take you through a case study of invoicing time for donations and explain the role of Private Ancillary Funds.

At Advivo, we extend our core value of empowering and educating people and providing value to the greater community to share our knowledge and expertise with others. In our monthly newsletter, we ask our clients to tell us which charity we should direct our monetary donation to, known as our ‘Charity of the Month’ Program. Each year, Advivo team members donate Christmas gifts to the Royal Children’s Hospital, to help make a difference to the spirit and morale of children and their families who are spending the festive season in hospital.

As we reach the halfway mark through the 2020/21 financial year, we are starting to see economic conditions slowly recover. As loan repayment deferrals, insolvency and recovery relief mechanisms cease and government income supports comes to an end, we will start to see the financial stress of small businesses come to light. As a number of COVID-19 measures announced earlier this year cease or further reduce, a range of measures designed to keep struggling businesses alive will disappear on 31 December. We want to highlight a warning that many zombie businesses are claiming they are financially viable when they actually aren’t, please make sure you know who you are dealing with and that your income, be it sales or rental income is safe.

This looming rise in corporate insolvencies will impact many other businesses, with suppliers owed money by failed businesses and also costing jobs. Beware the domino effect. Under the Federal Government’s proposed changes, after 31st December 2020, creditors will again be able to take action to wind up a company. Unfortunately, the courts will be busy and business failure rate will be high.

Our office will be closing over the Christmas period commencing from Thursday 24th December 2020 and re-open Monday 4th January 2021. If you have any urgent matters, please contact us before this time.

In early 2021 we are hosting a face-to-face panel event focusing on intellectual property including patents, brands and trademarks and their valuation. The panel will consist of industry experts who will provide examples and guidance on these topics. Watch this space!

We look forward to working with you in 2021 and taking your business to the next level.

Sincerely

Leon Stephan
Managing Partner

 

Upcoming Events

Brand, Intellectual Property, Trademarks and Valuations

In early 2021 we are hosting a face to face panel event focusing on intellectual property including patents, brands and trademarks and their valuation.

The panel will consist of industry experts who will provide examples and guidance on these topics.

Watch this space!

 

Donating Money That Lets You Continue to Give Each Year

Advivo Accountants and Advisors provide insight into the benefits of strategic long-term giving.

Click here to find out more.

 

How to Get the Biggest Bang for Your Donation Buck!

Advivo looks at the best ways to donate to your favourite charities.

Read the full blog here.

 

 

How Can I Donate Services and Receive a Tax Deduction?

Advivo Accountants and Advisors look at the best way to achieve this.

Read more here.

 

 

Important Update

Choice of super extends to more employees

From 1 January 2021, new workplace determinations and enterprise agreements must offer eligible employees a choice of super fund for employer contributions.Find out what you and your employer clients need to know, including how to identify eligible employees.

Advivo’s Charity of the Month!

Advivo’s commitment to the community includes our monthly charitable donation! Last month we donated to Movember. A great charity that is the leading charity changing the face of men’s health

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:

1 December

  • Pay income tax for taxable large/medium taxpayers, companies and super funds. Lodgement of return is due 15 January 2021.
  • Pay income tax for the taxable head company of a consolidated group with a member deemed to be a large/medium taxpayer in the latest year lodged. Lodgement of return is due 15 January 2021.
  • Pay income tax for companies and super funds when lodgement of the tax return was due 31 October 2020.

21 December

  • Lodge and pay November 2020 monthly business activity statement.

Advivo 2020 Holiday ClosureImage

The Advivo office will be closed from 5pm Wednesday 23rd December 2020 and reopen Monday 4th January 2021.

We will endeavour to assist our clients in preparing for the new year and respond at our earliest convenience when the office re-opens.