Level Up Your Business Planning
A message from our Managing Partner,
I hope everyone has hit the ground running into 2024 – it has certainly been a busy start to the year. This month we will be focusing on business planning. Planning is the cornerstone of any successful business, so we have penned a number of blogs to help you through this process.
Firstly, I help you determine if you have the right people to grow your business. Next, Advivo Partner Chris Morris weighs up the pros and cons of planning to buy your business’s premises. Advivo Partner Dale Edwards also explains how you can effectively forecast your business’s cash flow. Finally, we also outline how Advivo can help you grow your business’s commercial value.
If you need any help with your business planning and strategy, please contact me to discuss how we can support you through this process. We have a whole range of tools that we can draw on to provide the financial insights that support an effective business strategy. Before I sign off, I wanted to bring to your attention that Stage 3 tax cut changes come into effect in a few months on 1 July 2024. There will be no change to the tax-free threshold, but the following changes will occur for various tax brackets…
$18,201 – $45,000…16% $45,001 – $135,000… 30% $135,001 – $190,000… 37% $190,001+… 45%
The Medicare levy threshold is also increasing – so if you have any questions about the above, or how it will impact your business, please don’t hesitate to get in touch.
Kind Regards,
Leon Stephan Managing PartnerAdvivo's Charity of the Month
Key Dates:
- Lodge and pay December 2023 monthly business activity statement for business clients with up to $10 million turnover who report GST monthly and lodge electronically.
- Lodge and pay January 2024 monthly business activity statement.
28 February
- Lodge and pay tax return for non-taxable large and medium entities as per the latest year lodged (except individuals).
- Lodge and pay tax returns for new registrant (taxable and non-taxable) large or medium entities (except individuals).
- Lodge tax return for non-taxable head company of a consolidated group, including a new registrant, that has a member who has been deemed a large or medium entity in the latest year lodged.
- Lodge tax return for any member of a consolidated group who exits the consolidated group for any period during the year of income.
- Lodge tax return for large or medium new registrant (non-taxable) head company of a consolidated group.
- Lodge and pay Self-managed superannuation fund annual return for new registrant (taxable and non-taxable) SMSF, unless they have been advised of a 31 October 2023 due date at finalisation of a review of the SMSF at registration.
Note: There are special arrangements for newly registered SMSFs that do not have to lodge a return – see Super lodgment.
- Lodge and pay quarter 2, 2023–24 activity statement for all lodgment methods.
- Lodge and pay quarter 2, 2023–24 Superannuation guarantee charge statement if the employer did not pay enough contributions on time.
Note: Employers lodging 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.
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