Have you Future Proofed your Business?
And just like that, we are already in Autumn! During February, we saw some changes announced from the ATO to fixed rates for work from home expenses. The biggest change is that you will now need to record the total number of hours you work from home. If you’d like to read more about these changes and how they’ll affect your tax return, please do so here.We have several blogs this month around the topic of mergers and acquisitions and transition planning. I penned an article about ensuring you have an exit strategy for your business and another about what you need to do to prepare your business for sale. We also have a guest blog from Jane Toohey, at Outsource2Us who has written an informative article about how to market your business so as to make it more attractive for sale or acquisition. I also just want to remind everyone that STP Phase 2 comes into effect on the 31st of March, so make sure you transition before this date to avoid any complications.Also, don’t forget to take odometer readings for all work vehicles for FBT reporting on this date.Remember, if you are looking to maximise the performance of your business, the Advivo team is always available. Please don’t hesitate to reach out if you have any questions about managing your finances as we move further into 2023.
Leon StephanPartner
From the very day we think about starting our business we should also be thinking ‘what is our exit strategy?’ As Steven Covey said, ‘start with the end in mind’.
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41% of business owners expect to leave their businesses in the next 5 years. Advivo’s Managing Partner, Leon Stephan, outlines to do to prepare your business for sale.
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Depending on the stage your business is at, it may be faster, easier, and cheaper to grow by acquiring a competitor than it is to grow organically or considering licensing.
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Whether you are actively wanting to sell your business or are wanting to get your business looking its best for future mergers or acquisitions, there are a few things to keep in mind.
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Our Next Event
How to Save Time & Money for your Business
Date: Tuesday 21st MarchTime: 1 – 2 pmLocation: Online via Zoom
There’s still time to register for our first Business Booster event for 2023 where we will be giving you some practical ideas and direction about how best to save some of your well-earned dollars, preserve your cash deposits and manage the cashflow within the business.
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[/ultimate_heading]
- Lodge and pay February 2023 monthly business activity statement.
31 March
- Take Odometer reading of all work vehicles for FBT reporting.
- Lodge tax return for companies and super funds with a total income of more than $2 million in the latest year lodged (excluding large and medium taxpayers), unless the return was due earlier.
Payment for companies and super funds in this category is also due by this date.
- Lodge tax return for the head company of a consolidated group (excluding large and medium), with a member who had a total income in excess of $2 million in their latest year lodged unless the return was due earlier.
Payment for companies in this category is also due by this date.
- Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large and medium trusts.
Payment for individuals and trusts in this category is due as advised on their notice of assessment.
- Transition to STP Phase 2 to avoid any delays in filing pay runs.
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We would love to hear your feedback and would be grateful if you could write us a Google review. This will allow us to continually improve our service and let others recognise the value we provide.[/ultimate_heading]