Get ahead of the game this tax season
Welcome to May and Queensland Small Business Month (QSBM)! It’s that time of year when we celebrate the vital contribution small businesses like yours make in driving our state’s economy, creating local jobs, and building strong communities. We recommend you take a look at the events calendar provided by the Queensland Government, which gives small business owners opportunities to network, connect and learn new skills.
In this month’s newsletter, we share our tips for tax planning and outline why your business needs a budget. We also share insights on when it may be time for your business to get a valuation, as well as how to minimise the amount of tax you pay during key taxation points, such as the sale of your business or the exit of a partner. Also, as we edge closer to EOFY, we have put together some handy Checklists with important tasks and reminders to help get you sorted Pre- and Post-30 June.
If you really want to get ahead of the game and position yourself and your business for extraordinary success in the new financial year, come along to our next Business Booster Event – ‘Minimise Your Business Tax’. You can find out more about this here.
Thank you to everyone who attended our last Business Booster Event on Mergers and Acquisitions. The turnout was fantastic and the discussions we had were very insightful, with participants from various relevant industries, as well as a client of ours who is currently selling his business, all sharing their perspectives. Special thanks to Andrew Young, Craig Batchelor, and Owen McGuigan for their insights. If you missed it, I encourage you to take a look at the event recording – it has some really great information!
Happy reading and until next time.
Sincerely,Leon StephanManaging Partner
Tax Planning and Minimisation for Your Business
Want to get ahead of the game? Advivo Business Advisors and Accountants share their insights on what your tax planning should consider this financial year.
Read more here.
Don't Pay More Tax Than You Have To!
Chris Morris explains Small Business Tax Concessions and how Advivo’s specialist tax advice could help you save money during your business’ key taxing points.
Click here to read.
Take Charge of Your Business Through Budget Planning
Dale Edwards discusses the importance of having a budget in place to understand the key drivers of your business.
Find out here.
Should I Get a Business Valuation?
One of our most frequently requested services, Advivo’s Managing Partner, Leon Stephan, discusses the occasions when you should consider getting a valuation for your business.
Read about it here.
Events
Minimise Your Business Tax Essential tax planning tips to avoid getting caught with a big bill!
There’s a lot to do in the lead-up to EOFY. As a business owner, not only do you have your business’ tax to take care of, but you also have your personal position to consider. The good news is there are ways to get ahead of the game, and if you’ve done your tax planning correctly, you’ll be in prime position to take the actions needed to put yourself, your business, and your family in the best position before and after 30 June.If you’re looking for ways to minimise your business’ tax, please join us for our next Business Booster Event! Hosted by Dale Edwards and Chris Morris, we’ll be discussing essential tax planning strategies you can implement before 30 June to position you and your business for success in the new financial year.This interactive Zoom event is a great chance to get all your questions answered! Submit a stimulating and thought-provoking question, and you could be chosen to win a $100 Visa digital gift card! This is a free event but spaces are limited. For more information and to secure your place, register below:
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
Staff Spotlight: Stephanie Kleinhans
Steph has been with us for three years now and was recently promoted to Advivo’s Practice Manager!She is an integral part of our business; not only does Steph take care of billings, business processes, workflow, and the support team, but she drives the vision of Advivo and keeps everything on track. She also delivers exceptional client service and understands the needs of the clients during each step of the process.Steph leads with passion, is always willing to lend a helping hand with a positive and enthusiastic attitude. She spends her spare time with her husband and two children or catching up with friends.
Get to know Steph:
Where is your favourite place in the world?Scotland, particularly Inverness.What was the best concert you ever attended?Really hard to pick but probably seeing Lacuna Coil at Gigantour.If you could have a superpower what would it be?Time travel or Multipresence so that I will never have the problem of not enough hours in the day.Who inspires you?I think I take a little inspiration from a lot of people but probably my Mum. Seeing her become an adult student to study, work full time and raise a family was amazing.Any interests?Reading as much as possible, drawing, always listening to music and fantasizing about my cottage in the forest.
Key Dates:
15 May
- Lodge 2021 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.21 May
- Lodge and pay April 2022 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.26 May
- Lodge and pay eligible quarter 3, 2021–22 activity statements if you or your client have elected to receive and lodge electronically.
28 May
- Lodge and pay quarter 3, 2021–22 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.Use the Super guarantee charge statement and calculator tool to work out the super guarantee charge and prepare the Superannuation guarantee charge statement – quarterly.
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