Get the Ball Rolling This New Financial Year!
Welcome to the brand new financial year! Now that the 1st of July has come and gone, I want to encourage you to start thinking about how you can set your business up for a prosperous year. This time of year is the perfect opportunity to get a head start in further streamlining your current business practices.
Thus, this month’s blogs encompass this topic to give you the tools you need to get started on the right foot this financial year. I penned a guide for how you can make the most out of your finances in the new financial year. We also outline 5 New Year’s resolutions you should take on board starting this month, and provide ways you can accelerate the growth of your business. Finally, we also have a guest blog from our financial advice partner, Virtual Financial, who explains how to plan thoroughly to enjoy flexibility in your retirement.
Our next Business Booster event, Forecasting & Ensuring the Success of Your Business is on the 24th of August. You can find the full details and how to register below. This is a topic that applies to all businesses and we have some fantastic tips to share, so make sure you register.
Finally, there are also a few updates I want to make you aware of that came into effect on July 1st. Low and middle-income tax offsets (LMITO) were discontinued on June 2022, meaning they don’t apply for the 2022-23 income year. Thus, your tax return will be $1500 less this year – something to keep in mind when preparing your returns.
Also, super contributions from employers have increased to 11%, so you need to make sure your payroll and accounting systems are up-to-date to accommodate this change.
Please remember, if you have any questions regarding tax or your business’s finances as the new financial year gets underway, please don’t hesitate to get in touch.
Happy New Year!
Kind Regards, Leon StephanManaging Partner
Upcoming Events
Forecasting & Ensuring the Success of Your Business
Date: Thursday, 24th August
Time: 1-2 pm
Location: Online via Zoom
An event dedicated to providing everything you need to know about reviewing your business’s financial position and providing the tools needed to forecast and ensure your financial future.
- The fundamentals of budgeting, your budget is a living working document, essential to the management of your business.
- Aligning your business goals and objectives with your financial forecasting
- Tools for reviewing your current financial position and what often gets missed
- How to budget and track specific strategic projects and other aspects of your business
- Important KPIs to track and measure
- Technology for implementing and tracking your budget
Submit a question that you’d like to ask before the event, and you could win a great prize! Simply email advice@advivo.com to submit your questions.
Advivo's Charity of the Month
Key Dates:
- Lodge and pay June 2023 monthly business activity statement.
28 July
- Lodge and pay quarter 4, 2022–23 activity statement if electing to receive and lodge by paper and not an active STP reporter.
- Pay quarter 4, 2022–23 installment notice (form R, S, or T). Lodge the notice only if you vary the installment amount.
- Make super guarantee contributions for quarter 4, 2022–23 to funds by this date.
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