Advivo Newsletter – October 2016

By March 2, 2017Newsletters

At Advivo we are practical and commercial in our approach to everything we do. One particular philosophy we follow is that of Stephen Covey’s – “Begin with the end in mind.”

We promote this philosophy to our clients and we also practise what we preach internally. That is why we have developed our own internal processes that are simple and easy to understand. We use our tools and processes consistently over many applications including:

  • Business Restructuring
  • Business Improvement
  • Business Sale Preparation
  • Business Acquisition
  • Due Diligence
  • Finance Applications
  • Equity Introductions

The two-stage process that we use involves an in depth analysis to fully understand the current situation and identify current and potential risks. Please click here for more information.

Our focus for the month of October is structuring your business correctly, not only for the optimum tax benefit, for operating income and capital gains on sale, but also for commercial reasons such as asset protection and accessing government grants and incentives. Any restructure has implications but fortunately, the federal government has introduced some new initiatives that can be very beneficial and provide substantial savings.

As your business grows, your current business structure may no longer be the most appropriate structure. As such, we have made business restructuring our focus for this month because we believe that, by fully understanding the implications of restructuring and taking advantage of the recently announced concessions available, you can bring your business to new heights.

Leon Stephan

Managing Partner

National Safe Work Month – Employsure QUIZ

October is National Safe Work Month – how well do you know your health and safety obligations?  For your chance to win a site safety audit for FREE, please complete the following Quiz provided by Employsure.

Navigating employee and workplace requirements can be confusing. Employsure is Australia’s leading workplace relations specialist, working directly with employers to build solid foundations for business success, starting with a fair and safe workplace. Whether it be dealing with a difficult employee, facing a tribunal claim or reviewing your work health and safety, you can rest assured we have you covered.

Call Employsure today on 1300 798 990.

 

Chris Morris - Advivo Accountants and AdvisorsMonthly Team Member Profile:
Chris Morris (Partner)

Chris has an extensive background in strategic tax accounting, business development, and business restructuring.  He’s been operating in public practice since 2008 and before that, he operated in the commercial sector at various levels within different organisations.

As a Partner, Chris manages the Business Services Department and prioritises helping his clients understand their business capabilities, financial drivers and ways to monitor success and growth.

In light of the recent changes to the small business restructure roll-over, Chris believes that all businesses should critically examine their current business structure and evaluate whether it provides the best possible outcome for their business.

Outside of work, Chris enjoys an active life of cycling, running and participating in fundraising events like the MS Brissie and Bay 100km bike ride.

Read Chris’ latest Blog here.

New Tax Withholding Rates to Apply from 1 October 2016

Employers should now be aware that the Australian Taxation Office has updated its tax withholding tables.  Please ensure that any payment to employees after the effective date above include the correct tax withholding.

Please ensure your software is up to date from the effective date, as New Tax Withholding Rates now apply.  If you are calculating your tax withholding manually, please visit the ATO website to view the Tax Withheld Calculator and refer to the new withholding tables.

Case Studies

Advivo is excited to share our most recent Case Study, for work completed for Xtra Insights!

Xtra Insights is a highly innovative company that provides a high standard of research, strategic methodology and advance technology.  Xtra Insights has been using Advivo for business management and corporate advisory for 12 months now, and Advivo has helped Xtra Insights grow and improve the way the company does business.  To read more, click here.

October Blogs

  • First Quarter Reflection– For Business Owners, October is a very important milestone as it marks the start of the second quarter.  The start of quarter 2 is a great time to take an assessment of how the year is going so far and take stock on what you are doing well and where there is room for improvement. Read more
  • Advantages of Family Businesses – Doing business with family can be difficult because almost everything is personal! However, considering that some of the most successful businesses in the world were started by families, owning a family business must have its unique opportunities. Read more
  • Things to Consider When Restructuring Your Business – As your business grows, your current business structure may no longer be the most appropriate nor up to date with changing laws and you may need to restructures. Before taking the plunge though, here are 7 things to consider when restructuring. Read more

Key Events/ Dates:

  • 21 October – Lodge and Pay September 2016 Monthly Activity Statements
  • 28 October – Lodge and Pay July – September 2016 Q1 Paper Activity Statements
  • 31 October – Due Date for Tax Returns (where prior year returns were lodged late)

Tips and Updates

Fine Art of Price Setting
It’s a matter of balance. You went into business to make money and the concept of chalking up profits is fairly simple: Your Company has to take in more than it spends.

And your prices play a large role in that. In fact, price tags have a big job — they must be attractive enough to retain customers, lure new business and at the same time cover costs and generate profits.  Full Article

The Science of Bill Collecting
Like it or not, some customers always lag in their payments. It hurts your company’s cash flow and causes frustration for both your accounts receivable personnel and the customers.

But you can get your receivables in better shape and keep them there if you put your staff on this regular exercise routine. Full Article

Prevent and Detect Employee Theft
The following topic is not one that people like to talk about, however, we have seen a few clients come across this issue and thought it was timely to discuss this topic.

If you have concerns or suspicions, we encourage you to contact us for any assistance with a discrete forensic investigation. Full Article

Disclaimer of Liability

Our firm provides the information in this e-newsletter for general guidance only and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.