There's Light at the End of the Tunnel, But the Battle is Far From Over
Welcome to our May Newsletter. On behalf of the Advivo team I hope this newsletter finds you in good health and spirits as we all do our best to respond to the Covid-19 health and resulting economic crisis. As business owners we are faced with many challenges, few saw this one coming, but fortunately due to some tough decisions by the policy makers and various reliefs and stimuli packages, Australia has fared better than many countries. In a much shorter time than expected, we can now see a light at the end of the tunnel, but the battle is far from over.
Those that know me know I am an eternal optimist, every cloud has a silver lining. There have been some learnings on how we can do things better, embrace technology and encourage innovation for example: cementing the need for up-to-date financial records, learning the value of a budget and monitoring that budget, then understanding your breakeven point. These have always been important but now absolutely necessary for reporting to the ATO to obtain access to some of the relief packages.
Given it is that time of year, it is now time to think of your budget for next financial year and put some real effort in to setting a meaningful budget for the next financial year, as it could make a huge difference to the success of your business. Take advantage of our Monthly Service Programs (MSPs) to keep your financial reporting up to date and let’s get our heads together and see what we can do, using existing and some new incentives to minimise your tax before 30 June, We all need all the cash we can marshal until we get through this.
We are here to help!!!!!
Financial Well-being and Support for Small Business
We were recently approached by Multicultural Australia to speak at their online Community Information Session for ‘Financial Well-being and Support for Small Business.’ These sessions were arranged to provide clarity to the community around the Government’s coronavirus assistance available for businesses. A range of topics were discussed such as ATO deferrals and variations, temporary law changes for bankruptcy and insolvency, the National and Qld Government support packages available and much more. Read more here
How to Develop Resilience and Agility in 2020 Online Workshop.
When: 11am – 12pm (AEST) Thursday 21 May 2020
We are excited to partner with Dale Carnegie to run their How to Develop Resilience and Agility in 2020 Online Workshop. This workshop will support and inspire business professionals to embrace this opportunity of great change happening in our market right now.
For more information and to register today click here!
Tips to Navigate Through the COVID19 Business Cycle
This is the first of a small series of blogs discussing what I believe will be the 4 key phases of this coronavirus business cycle. I will discuss what we’ve seen so far, what we can expect to see in the coming months and tips to successfully navigate your business through these phases. Continue reading here.
Written by Chris Morris
Business Forecasts and Budgets – Why do I need them?
In these difficult times more than ever it is essential to have your finger on the pulse and know how your business is performing right now. Having a well-considered and well-prepared budget and monitoring actual performance on a monthly basis to that budget is one of the best ways to ensure a swift and managed recovery. Read more here
Let’s Get You and Your Business Ready for the EOFY
It’s that time of year again…. although these are unprecedent times, it is time to start preparing to finalise the financial year 2020 to complete budgets and scenario modelling for the new financial year. Read more here about the changes you need to be aware of this end of financial year and download our free pre and post 30 June checklists!
Don’t Tax Your Brain! Here’s 5 Stratergies you need to know!
Effective tax planning minimises tax payable meaning you’re not paying more tax than you should be. This so important in these times as it puts more money in the bank to help your business survive & grow. Whilst everyone’s situation is unique, we’ve compiled these general strategies which may be useful in your situation. Read our top 5 tips here!
Advivo’s Charity of the Month!
Advivo’s commitment to the community includes our monthly charitable donation! Last month we donated to Queensland Legacy to help provide hay, water and financial assistance to our farmers doing it tough!
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:
- 15 May – Lodge 2019 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession.
- Due date for companies and super funds to pay if required.
- 21 May – Lodge and pay April 2020 monthly business activity statement.
- 21 May – Final date to add new FBT clients to your client list to ensure they receive the lodgment and payment concessions for their fringe benefits tax returns.
- 26 May – Lodge and pay eligible quarter 3, 2019–20 activity statements if you or your client have elected to receive and lodge electronically.
- 28 May – Pay Fringe benefits tax annual return if lodging electronically.
- 28 May – Lodge and pay quarter 3, 2019–20 Superannuation guarantee charge statement – quarterly (NAT 9599) if the employer did not pay enough contributions on time.