Welcome to the new financial year. Unlike new calendar years most people tend not to make resolutions, however, resolutions are just simplified plans and here at Advivo we strongly encourage you to reflect on last year. From a business perspective, analyse how you went and plan for the forthcoming year to ensure you continue to grow and achieve your goals.
Included in this newsletter is a blog from staff member Nicholas Love providing a simplified insight into the balance sheet and profit and loss statement which are the first steps to analysing your past years’ performance. We can assist with further analysis if required and as Nick mentions, the Advivo Business Pulse Report™ and Future Fitness Report™ are excellent tools that can uncover the secrets within.
The old saying “if you fail to plan you plan to fail” need not necessarily be an absolute but if you want to grow and achieve your goals, it very rarely happens without analysis and planning.
Our newest recruit Trevor Holmes has also included his first blog “Top 5 tips to accelerate growth“ (a little bird told me there will be a follow up to this as well). Have a read of this and incorporate some of his tips into planning HOW YOU WANT TO TAKE YOUR BUSINESS TO THE NEXT LEVEL and don’t forget we are here to help with any of the analysis, planning or implementation phases of the above. Together, let’s ensure that when you sit down to repeat this process in July 2018 your business will have risen to new heights.
Corporate Advisor (role)Monthly team member profile
Advivo’s expert in Business Growth
After working alongside Advivo for a number of years now, Trevor has joined our team bringing with him over seventeen years’ experience of consulting, specifically in growth strategies, implementing commercialisation of new business models and products and sourcing private equity transactions through his extensive global network. He is the author of a highly successful Business Improvement Process where over 600 businesses have successfully implemented the mantra of “structure, systems and measurement”. Trevor’s SME diagnostic tool is a catalyst to many businesses identifying their strengths and weaknesses as a starting point to developing scalable businesses and we are excited to be offering this tool as part of the Advivo suite of tools now available to our clients.
Read Trevor’s latest blog here
Blog – The Magic of Accounting
Written By: Nicholas Love
Financial reporting is a crucial component of business management and helps to monitor your business performance against your goals and expectations. Read more
Are you effectively accessing your entitlements for Innovation and R&D?
Accessing the federal government’s research and development tax incentive is often considered too complicated by SME’s to be worth their while. However, if claims are able to be adequately substantiated the benefits available are generous.
In recent times our clients have had great success accessing their R&D entitlements by engaging experts to review their entitlements and assist with the preparation of the necessary documentation. That is, someone else has come in and done all the hard work for them which resulted in either a reduction in tax payable or a refundable tax offset.
To be eligible for R&D Tax Incentives you must be:
a) conducting an experimental activity where the outcome cannot be determined in advance; and
b) generating new knowledge by developing new or improved;
- Processes; or
c) applying a scientific (documented and systematic) approach to conducting your developments.
If you would like to review the eligibility requirements further please refer to the attached document prepared by Swanson Reed, specialist R & D tax advisers. We work with Swanson Reed to maximise your entitlements to the R&D Incentive in an efficient and timely manner.
Key Events / Dates:
- 21st July – ATO lodge and pay June 2017 monthly activity statement.
- 21st July – Lodge and pay quarter 4, 2016–17 PAYG instalment activity statement for head companies of consolidated groups
- 28th July – Lodge and pay quarter 4, 2016–17 activity statement if lodging by paper.
Pay quarter 4, 2016–17 installment notice (form R, S or T). Lodge the notice only if you vary the installment amount.
- 28th July – Make super guarantee contributions for quarter 4, 2016–17 to funds by this date. Employers who do not pay minimum super contributions for quarter 4 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 August 2017.
Note: The super guarantee charge is not tax deductible
- 31st July – Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 4, 2016–17.
- 31st July – Lodge Venture capital deficit tax return for June balances.
31st July – Lodge Franking account return for 30 June balances if there is an amount payable.
The Advivo team recently celebrated the end of the 2017 financial year with a team building experience at Escape Hunt, the event was a great success and we all worked together and took away the value of quality communication. We are all looking forward to a great 2018!
Disclaimer of Liability
Our firm provides the information in this e-newsletter for general guidance only and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.