EOFY is nearly here!
As we near the end of the financial year, the team here at Advivo is busy preparing Strategic Tax Plans and Forecasting for many of our clients in preparation for the new financial year. We have put together some reminders and highlights to help you in preparation for 30 June and also post 30 June here. Last month, the Federal Budget was announced. It was fairly positive news for small businesses with the focus on the workforce, growing the economy, and delivering jobs as well as a deregulation package for business. In case you missed it, read our budget review here.
This month we outline tax strategies you should know for your business, don’t miss this article, it could make all the difference to your end of FY tax planning! We also discuss how accurate and efficient bookkeeping contributes to the understanding of how your business is performing and then assists with decision-making in order to grow your business. Small business grants have been a topical discussion point recently and we have provided insights into why grants can work and how to find and apply for the ones that suit you. Read it here.
Now is also a good time to review your current casual employment arrangements, especially as stricter provisions for Casual Employment became effective from 27th March 2021. To see if your business is required to comply with these provisions, read our article from Business 360 here. The Advivo team is here to provide suggestions on how to maintain a compliant casual workplace relationship.
Enjoy reading this month’s articles and see you next (financial) year!
Essential tax planning tips for EOFY
On Wednesday 9th June, we hosted our Essential Tax Planning webinar where we discussed essential tax planning strategies you can implement before 30 June to set up you for the new financial year ahead.
We shared insights on opportunities that may be available and tips on how to adapt and position you and your business for success in the highly competitive market.
See the event insights here.
Tax planning strategies for your business
Is your bookkeeping and payroll accurate and efficient?
Grow your business with grants
Stricter provisions for casual employment
Advivo’s Charity of the Month!
Advivo’s commitment to the community includes our monthly charitable donation! Last month we donated to Active Opportunities who allowpeople with a barrier to employment to gain essential life skills and experience to gain a stable place in their lives.Read more here.
Don’t forget if you would like us to include a charity of your choice, just drop us a line at email@example.com
Key Events / Dates:
- Lodge tax return for all entities with a lodgement due date of 15 May 2021 if the tax return is not required earlier and both of the following criteria are met:
- non-taxable or a credit assessment in the latest year lodged
- non-taxable or receiving a credit assessment in the current year.
Note: This includes companies and super funds but excludes large/medium taxpayers and head companies of consolidated groups.
- Lodge tax returns due for individuals and trusts with a lodgement due date of 15 May 2021 provided they also pay any liability due by this date.Note: This is not a lodgement due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.
- Lodge and pay May 2021 monthly business activity statement.
- Lodge and pay 2021 Fringe benefits tax annual return for tax agents if lodging electronically.
- Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2020–21 financial year. Note: If any of your clients receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, the client and their partners must lodge their 2019–20 tax return by 30 June 2021, regardless of any deferrals in place. See Services AustraliaExternal Link for more information.