Are You Ready For Tax Season?
This month we celebrate Queensland Small Business Month (QSBM) and the small businesses that make a vital contribiution to our state’s economy and play an important role in each region and community across Queensland. As part of this celebration, Queensland Government offer a calendar of events that provide advice and assistance to help small businesses learn new skills and increase your impact – Business events | Business Queensland.
In June we have our online tax planning event where we will be discussing essential tax planning strategies you can implement before 30 June to set up you for the new financial year ahead. We will share 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. Register today.
The team here at Advivo are busy preparing Strategic Tax Plans and Forecasting for many of our clients in preparation for the new financial year (EOFY). We have put together some reminders and highlights to help you in preparation for 30 June and also post 30 June here. This month we also outline why you need business forecasts and budgets; tips for tax planning and tax minimisation and we look at how COVID-19 has changed the way you run your business (for the better).
Fairwork have recently announced updates to the following agreements:
COVID-19 vaccinations and the workplace
Changes to casual employment – industrial relations reforms
Changes to unpaid parental leave entitlements.
For further information on these updates please refer to Fair Work Qld.
Last week, the Federal Budget was announced. It was fairly positive news for small business 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.
Essential tax planning tips for EOFY
When: 9th June 2021
The end of financial year is fast approaching and while you want to ensure you’ve covered all bases correctly, it doesn’t have to be a stressful time…paying tax is inevitable. But there are ways to minimise what you pay through maximising your deductions, in a correct and compliant manner.
If you’re looking for ways to reduce your taxable income, join us for our Lunch & Learn online event where we will be discussing the essential things you need to be across both pre and post 30 June to maximise your business and personal situation.
Are All of Your Ducks in a Row for EOFY?
Why Having a Budget Is Necessary For Your Business
How Has the Pandemic Changed the Way You Run Your Business (for the Better)?
Brisbane accounting firm, Advivo, share their insights on the ‘new normal’ of how we work.
Find out here.
Tax Planning & Minimisation for Your Business
Advivo Business Advisors and Accountants share their insights on what should be considered for this financial year.
Read more here.
Advivo’s Charity of the Month!
Advivo’s commitment to the community includes our monthly charitable donation! Last month we donated to WILVOS (Wildlife Volunteers Association Inc) who is one of Queensland’s longest running wildlife rescue organisations. Operating for over 25 year, their mission is to improve outcomes for all Australian native animals. Read more here.
Have your say – HERE, to help us choose a local charity to support 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 email@example.com
Key Events / Dates:
- Lodge 2020 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.Note: Individuals and trusts in this category pay as advised on their notice of assessment.
- Lodge and pay April 2021 monthly business activity statement.
- 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.Lodge and pay Fringe benefits tax annual return if lodging by paper.
- Lodge and pay eligible quarter 3, 2020–21 activity statements if you or your client have elected to receive and lodge electronically.
- Lodge and pay quarter 3, 2020–21 Superannuation guarantee charge statement – quarterly (NAT 9599) if the employer did not pay enough contributions on time.Employers who lodge a Superannuation guarantee charge statement – quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.Note: The super guarantee charge is not tax deductible.