Welcome to our March 2017 Newsletter.  Earlier this month we unveiled our new website, we have refreshed the content of the site to better articulate how we can take your business to the next level.  We welcome your suggestions for improvement, you can still find us at www.advivo.com.au.

A reminder to our clients and associates that companies seeking to register R&D activities conducted in the last financial year (30 June 2016), the deadline for this is 1 May 2017.  Contact our office for more information.

Important Update: The Australian Taxation Office (ATO) will soon have the ability to lodge a default on your credit file for not paying your tax, these changes from the ATO will come into effect as of 1 July 2017.  For an outstanding balance of $10,000 or more if you haven’t engaged the ATO to address your debt for 90 days or more, the ATO can lodge a default credit with the credit reporting agencies which will last as a mark on your credit file for five years.  Read More from Moody Kiddell & Partners.
Leon Stephan

Managing Partner


Superannuation Legislation Changes

There has been a lot of media updates surrounding the recent Super Changes, if you have concerns that recent changes may affect you, contact us. You will remember we addressed these changes in our seminar last year.  Given the importance of these changes, and that some action is required before 30 June 2017, we will be directly contacting our SMSF clients to discuss options moving forward.  If you are not a member of a SMSF and have concerns that these changes may still affect you we encourage you to contact our office.

We also note that the changes may affect your Estate planning and the two cannot be looked at in isolation, stay tuned next month when we will be discussing this in more detail on the topic of Estate Planning.


Simpler Depreciation for Small Business ends 30 June 2017

The immediate deduction for assets costing less than $20,000 ends on 30 June for small businesses, if you are considering replacing any plant & equipment in this category, remember to do so before 30 June 2017. More

FBT Wrap Up – Issues to be aware of for the end of the 2017 FBT year
The end of March brings the 2017 FBT year to a close, we have a final wrap up of FBT News from Ben Wright, Manager, who recently attended an NTAA FBT Seminar for 2017.

We will be contacting our clients at the end of this month to request FBT information. More

Key Events/Dates

  • 21 March – Lodge and pay February 2017 Monthly Activity Statement
  • 31 March:
    • Lodge and pay Tax Returns for companies and super funds with total income in excess of $2 million in the latest year lodged, unless due earlier;
    • Lodge and pay tax return for head company of a consolidated group without a member who has been deemed a large/medium entity in the latest year lodged but with a member who had total income in excess of $2 million in their latest year lodged, unless due earlier;
    • Lodge and pay tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts;
    • End of FBT Year

Tips and Updates

Aussie Online Business and Offshore Tax.  As online shopping is becoming increasingly more common and widely used, we have noticed more of our clients becoming involved in online business sales.  The following article goes into greater depth about offshore income tax ramifications. Full Article

Small business owners need to understand what being a director of a small business company entails and the risks that go with it. To help small businesses owners, the Australian Securities and Investments Commission (ASIC) has developed a guide setting out the role and responsibilities of company directors. The guide is particularly useful for small businesses seeking to change from a sole trader to a company business structure or existing directors of a company. Full Article

Travel costs for work can certainly add up, and with recent stories of travel allowance and tax deduction misdemeanours flavouring the news it is worth looking at what you can legitimately claim and some pitfalls to avoid. Full Article