Set yourself up for a great start to the new financial year
Welcome to the 2021/2022 financial year. There’s no better time than the start of a new financial year to help you focus on the finances for your business. 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 with us before we can start your work. We appreciate your assistance in gathering everything we need.
Here are a few tips to help start the new financial year on the right foot – review your investment portfolio, revisit your financial goals, rethink risk, reassess insurance needs and coverage, and review super contributions. We have also put together some reminders and highlights to help you in planning for post 30 June.
This month we discuss the most recent legislative updates you need to be across for the new financial year, and also what you need to organise for your business in regards to the recent superannuation changes. We also highlight the challenge of digital transformation and how it is imperative for all businesses in 2021. The road to transformation is different for each business, and we all have a valuable opportunity, to leverage technology to deliver a cutting-edge user experience for our customers. Read how here.
Setting up your own business is exciting, but can also be challenging if you’re not prepared or have not sought the correct legal and accounting advice. The team at Results Legal, together with Advivo, will discuss what businesses need to look at to ensure the business is set up correctly, and once established, how to expand or check in to ensure your business grows with the correct structure. Importantly we will identify common problems that an early set up may have missed and should be corrected for both tax effectiveness and risk management.
Here’s to a successful 2022 financial year!
Sincerely
Leon Stephan
Managing Partner
Events
When: 25th August 2021, 5.45pm (for a 6.00pm start)- 8.00pm
Where: The Coffee Commune, 82 Abbotsford Rd, Bowen Hills
Cost: FreeSetting up your own business is exciting but can also be challenging if you’re not prepared. Join us at our next panel discussion with the team at Results Legal and Outsource2Us, as we discuss what businesses need to look at to ensure the business is set up correctly, and once established, how to expand or check in to ensure your business grows with the correct structure. Importantly we will identify common problems that an early set up may have missed and should be corrected for both tax effectiveness and risk management.
We would like to hear your thoughts on what is important when you think about setting up, scaling up and checking up on your small business. This will help facilitate insightful content for our upcoming event in August. Tell us here.
Annual minimum wage increase of 2.5% effective 01 July 2021
Are you across the superannuation changes for FY21/22?
Is your business ready for digital transformation?
Best way to avoid business relationship disputes
Advivo’s Charity of the Month!
Advivo’s commitment to the community includes our monthly charitable donation! Last month we donated to the Global Medical Foundation Australia who provide free medical, surgical and dental care and sponsor education of children in underprivileged communities.Read more here.
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:
07 July
Employee share scheme (ESS)
ESS statements to be sent to employees.
14 July
PAYG withholding
Payers must issue PAYG withholding payment summaries to payees (that is, employees and other workers).
21 July
Activity statements
- Quarter 4 (April–June) PAYG instalment activity statement for head companies of consolidated groups – final date for lodgment and payment.
- June monthly activity statements – final date for lodgment and payment.
Finalising all your PAYG instalments before you lodge your tax return will ensure you receive the correct amount of credit in your income tax assessment.
28 July
Activity statements
- Quarter 4 (April–June) activity statements – final date for lodgment and payment.
Finalising all your PAYG instalments before you lodge your tax return will ensure you receive the correct amount of credit in your income tax assessment.
PAYG instalments
- Quarter 4 (April–June) instalment notices (forms R and T) – final date for payment and, if varying the instalment amount, lodgment.
Finalising all your PAYG instalments before you lodge your tax return will ensure you receive the correct amount of credit in your income tax assessment.
GST instalments
Quarter 4 (April–June) instalment notices (forms SA and T) – final date for payment and, if varying the instalment amount, lodgment.
Superannuation
- Due date for payment of super guarantee contributions for quarter 4 (1 April – 30 June) in the previous financial year – contributions to be made to the fund by this date.
- If you do not pay minimum super contributions for quarter 4 by this date, you must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly with us by 28 August. The super guarantee charge is not tax deductible.
31 July
TFN report
Quarter 4 (April–June) TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries – final date for lodgment.
Foreign Account Tax Compliance Act (FATCA) Report
Due date for 1 January xxxx to 31 December xxxx report.
Common Reporting Standard (CRS) Report
Due date for 1 July 2017 to 31 December 2017 report.
