What a Month!
Since our last newsletter we’ve had an election that confirmed the measures announced in the April Federal Budget are now more likely to become a reality, subject to the cross-bench. It’s important to note that the Low and Middle Income Tax Offset changes are not yet law (and won’t be until post-30 June). When combined with the more widespread rollout of Single Touch Payroll (STP) and cessation of submitting PAYG Payment Summaries for businesses on STP (causing the perfect chance for the ATO to stuff things up) it creates a perfect storm of challenges for anyone planning on lodging their personal tax return very early this year. Lodge early and risk errors! It may be better to wait until late July until things are sorted out.
Speaking of Single Touch Payroll, this should be a focus of everyone with employees before the end of this month. More information is available here, and Advivo have also introduced an implementation service. This is also a good time to review your internal HR processes to make sure everything is working the way it should. Don’t just assume everyone is being paid correctly as awards and rules change. If you’re not on top of this regularly it’s easy to get it wrong by accident. You can read more on this in our article this month from Business 360.
At the moment all of the team at Advivo are busy running through end of year planning for our clients. Read more about some tips for business and superannuation this month below.
We ran a great event on the 23rd May called Going for Growth, all about growing businesses. See some footage from the evening here. Look out for details of our next event coming in August on Family Businesses.
Until next time…. enjoy the read and see you next (financial) year!
Go For Growth – Thank You
Five Tax Planning Strategies for Every Business
Here at Advivo, we inspire our clients, this quote from Winston Churchill says it all – “If you fail to plan, you are planning to fail”.
It’s the end of the financial year and many businesses are thinking about that five-letter word: taxes. Fortunately, there are some tax planning strategies that your business can use to avoid panic and prepare for the next financial year. Remember: it’s not always about tax! These strategies can be implemented at any point, as they are also good business practices.
Click Here to discover our top 5 strategies!
Superannuation – What You Should Know
If you have a Self-Managed Superannuation Fund you might be aware that the rules are constantly changing. Over the past few years there have been many significant changes made and many proposed but never legislated.
Risk Assessment – Payroll Accuracy
Many companies rely on their payroll provider and software to make sure their employees pay calculations are correct, only to find out that their payroll system relies on them for data accuracy.
Click Here to read more and to complete your free checklist and see how you stack up!
Advivo Tip of the Month
Support A Charity with your “Gift of Giving”
Advivo’s commitment to the community includes our monthly charitable donation and we want you to help!
Last month we contributed to Little Legs Dog & Cat Rescue Qld thanks to your input. Little Legs Dog & Cat Rescue Qld Inc is a small rescue; dedicated to rescuing and rehoming at risk small dogs and cats from pounds or in need of private surrender.
Click Here and have your say and help us decide here 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 firstname.lastname@example.org
Key Events / Dates:
- 21 June – Lodge and pay May 2019 monthly business activity statement.
- 25 June – Lodge 2019 Fringe benefits tax annual return if lodging electronically via Advivo. Payment (if required) is due 28 May.
- 30 June – Super guarantee contributions must be paid and received by recipient fund by this date to qualify for a tax deduction in the 2018–19 financial year.
- 14 July – Payment summaries issued to all employees if not on Single Touch Payroll prior to 30 June.