A New Financial Year With Advivo
Happy new financial year. Wow, wasn’t last year a game changer with the last few months impacted by COVID-19, and prior to that much of Australia affected by drought, fire and floods. Lets hope the 2021 financial year is a better one! The economic impacts of COVID-19 however will be with us for some time and it is very much a watch and see position; with concerning second wave influences and uncertainty to stimulus packages going forward as well as what the budget will bring. Hold on tight, think strategically, be cautious and monitor your trading performance and actual results against your budget, and look for any warning signs.
We touched on a few of the above points in our recent first online event in June. It was great to see the alternate format well received and attended by many clients. The ease of access and the midday “Lunch & Learn” time worked for many. From the success of the format we will look to continue online events, as well as our in person events when possible.
The new tax year has started and the work on end-of-year tax returns has begun. Our team will be in contact with information requirements to progress this essential activity and ensure we get your returns done in the most efficient manner. Remember we require you to have all your information to us, before we can start your work. We appreciate your assistance in gathering everything we need.
There is some important reading in the articles below so please make the time to read, learn and protect yourself. You will note the ATO has allocated a large amount of resources to check COVID-19 stimulus packages compliance. You will need to ensure your information is correct or contact our team who can provide advice for your situation. Still on COVID-19, we have included a general article from Troy at The Brokerage on the current lending environment. Continuing on the topic of compliance, new requirements for directors with registered identification numbers is coming. Also Fair Work award changes will not be made on uniform dates this year, we explain how it works.
Remember we are here to help and work alongside you to come out the other side of this challenging time in the best possible shape.
Let’s make FY 2021 a great year for us all!
Sincerely,
Leon Stephan
Managing Partner
Business Success in the New Post Pandemic World & Essential Tax Planning Tips for EOFY 2020
Thank you to everyone who attended our first online event ‘Business Success in the New Post Pandemic World & Essential Tax Planning’ it was a great success!
Read further insights from the event HERE.
Tax benefits of owning commercial property within your SMSF
Advivo Accountants do things differently with Self-Managed Super Funds. If you’re thinking about purchasing commercial property through your SMSF, it’s important that you understand exactly what’s involved. Click here to find out more.
ATO cracking down COVID-19 compliance issues
The ATO are cracking down on COVID-19 compliance issues. Advivo discuss why it is important to lodge correct and accurate information. Read full blog here.
What does the Fair Work Commission increase to minimum wages mean to your business?
The Fair Work Commission has announced that a 1.75% increase to minimum wages will apply to all award wages. Advivo explains the three groups of award increases here.
The current lending environment is tough – What can you do to ensure approvals?
COVID-19 is causing widespread over caution from lenders. Advivo helps clients navigate the new environment. Read more to see what the Bank’s main focus of questioning is for lenders.
Advivo’s Charity of the Month!
Advivo’s commitment to the community includes our monthly charitable donation! Last month we donated to our friend and CEO of Multicultural Australia Bill Gamick, who participated in the Vinnies CEO Sleepout to help break the devastating cycle of homelessness
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
This is a Conversation Starter (TIACS Foundation)
Last month Advivo donated to This Is A Conversation Starter who offer free on-going professional mental health support for tradies, truckies and blue collar workers. TIACS provide early intervention and mental heath education, helping individuals to understand their own mental health and equip them with the tools to practice mental wellness and be the best versions of themselves. Click HERE to find out more and how you can donate to this foundation.
