Tax time ahead!
As we near the end of the financial year, we’ve prepared a newsletter chock-full of important information that you won’t want to miss.
Read about our top tax planning strategies to help you cruise through the EOFY, and please do make use of our Checklists as these contain important tasks and reminders to help get you sorted Pre- and Post- 30 June. Please note that there are some transactions that need to be done several weeks before 30 June to claim the tax deduction, so don’t delay!
If you’re feeling frazzled with how much you still need to do before 30 June, it might be time to look into Advivo’s Monthly Service Programs. You can learn about their tax planning and forecasting benefits in this month’s newsletter.
We also discuss the old chestnut of NETWORKING and how you can make the most of networking opportunities to connect with other local small business owners and build a valuable pool of resources to leverage.
Since our last newsletter, we have had a federal election and a change of government. Whether we like it or not, this will mean a change in strategies and policies as well as question marks over some budget announcements not yet gazetted. We know some industries will benefit from the change and some not, however, we are pleased to see some positive comments on overdue tax reform on issues such as stamp duty, which was meant to be abolished 22 years ago when GST was introduced.
No matter who is in government, they face challenges with the economy and rising inflation, which is now also affecting interest rates, with 2 rises in the last month. On this note, please take the time to read our article on how to manage your business costs and remain profitable during these times of inflation.
We are also experiencing continued labour shortages and major issues in supply and logistics affecting many industries – most notably construction – with corporate failures increasing. Adding to this, the ATO has increased recovery action, which was significantly stalled during the Covid peak, and directors’ penalty notices are now on the rise. Make sure you are up to date with your lodgements and have formal payment arrangements in place if you are not current.
Don’t forget that the Super Guarantee (SG) rate is increasing to 10.5% from 1 July. Make sure that your systems are updated so that salary and wage payments made on or after 1 July incorporate this SG increase.
Lastly, thank you to everyone who came along to our Business Booster Event last week. We had a great turnout, and we appreciate all the questions we received, which led to a very active and insightful discussion. If you couldn’t make it and want some useful tax planning strategies to set your businesses up for the new financial year ahead, I encourage you to watch the event recording.
Until next time… enjoy reading this month’s articles and see you in the new (financial) year!
Sincerely,
Leon Stephan
Managing PartnerDon't Tax Your Brain This End of Financial Year!
With another year-end approaching, Advivo shares our top 5 tax planning strategies to help you cruise through EOFY.
Read more here.
A Business Owner's Guide to Networking
Make the most out of networking opportunities and connect with other small, local businesses just like yours with these top tips!
Click here to read.
Managing Your Business Costs During Times of Inflation
Dale Edwards, explains how you can make sure your small business remains profitable during this period of rising costs.
Find out here.
Tax Planning and Forecasting Benefits of MSPs
Want to minimise your hassles for EOFY? Chris Morris explains how you can with Advivo’s Monthly Service Program!
Read about it here.
Advivo's Charity of the Month!
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 Dates:
- Lodge tax return for all entities with a lodgment due date of 15 May 2022 if the tax return is not required earlier and both of the following criteria are met:
- non-taxable or a credit assessment in 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 lodgment due date of 15 May 2022 provided they also pay any liability due by this date. Note: This is not a lodgment 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.
21 June
- Lodge and pay May 2022 monthly business activity statement.
25 June
- Lodge and pay 2022 Fringe benefits tax annual return for tax agents if lodging electronically.
30 June
- Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2021–22 financial year. Services Australia External Link for more information. 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 2020–21 tax return by 30 June 2022, regardless of any deferrals in place. See
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