Begin With the End in Mind
Welcome to our October newsletter.
Firstly, I’d like to start off by thanking everyone who joined us last week for our event, ‘Setting up, Scaling up, Checking up’. Despite having to move the event date around because of COVID, in the end, it proved to be a great success and we had a fantastic turnout!
Special thank you to Jane Toohey from Outsource2Us, Michael McDonnell from Results Legal, and our very own Dale Edwards for leading a very insightful presentation and panel discussion. If you couldn’t make it or if you’d just like a refresher of the night, you can read insights from the event here.
This month’s newsletter contains articles that relate to our event, sharing knowledge, tips and tricks for your business, no matter if you’re in the set-up, scale-up, or check-up phase. In line with that theme, we have an article written by Jane Toohey that talks all about how you can get your branding and marketing strategy right from the beginning. We explore the different business structures available and their benefits and restrictions and some key metrics to keep you on track in your pursuit for success. If you really want to take your business to the next level at a turbo-charged rate, read Dale’s article on how to scale up with business acquisition and what benefits it could bring to your business. The old adage with any business acquisition is one plus one should equal three (or even more).
To finish off, I’d like to congratulate Advivo Partner, Chris and his wife Angela on the newest addition to their family, baby Sydney. I’m thinking there must be something in the water; this is the third daughter born in the Advivo team this financial year!
I hope you enjoy this newsletter and happy reading.
Sincerely,
Leon Stephan
Managing Partner
The Essentials to Starting a Business
The team at Advivo Business Advisors and Accountants outline some key considerations when starting your new business.
Find out here.
How to Scale Up With Business Acquisitions
Advivo Business Advisors and Accountants break down the pros and cons of business acquisitions to scale up your business.
Read about it here.
3 Key Tips to Check Up On Your Business
Advivo Partner, Chris Morris, shares his tips on how to stay on track and effectively check up on your business.
Click here to read.
How to Get Business-Ready in 2021/22
Tip of the month
“When we strive to become better than we are, everything around us becomes better too.”
– Paulo Coelho, Author of the Alchemist
If you’ve recently visited the Advivo office, you may recognise this image from our new mural. We wanted this quote to be the very first and last thing everyone sees when they walk into our office, to remind them that the act of self-improvement has the effect of improving others too.
At Advivo, we strive to become better every day, not only for ourselves but also for our valued clients. We strongly believe that the positiveness of striving to better oneself has active energy that others pick up on. Even something as simple as a smile encourages others to smile as well.
Advivo's Charity of the Month!
Advivo’s commitment to the community includes our monthly charitable donation! Beddown was our Charity of the Month Recipient for September 2021.
Beddown is a great charity that repurposes unused spaces at night into comfortable pop-up accommodation for the homeless. By providing a safe, secure and comfortable place to get a good night’s rest, Beddown helps to restore the health, dignity and respect of their guests. Read more here.
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
Key Events / Dates:
- Pay annual PAYG instalment notice (Form N). Lodge only if you vary the instalment amount or use the rate method to calculate the instalment.
- Lodge and pay quarter 1, 2021–22 PAYG instalment activity statement for head companies of consolidated groups.
- Lodge and pay September 2021 monthly business activity statement.
28 October
- Lodge and pay quarter 1, 2021-22 activity statement if electing to receive and lodge by paper and not an active STP reporter. Pay quarter 1, 2021–22 instalment notice (form R, S, or T). Lodge the notice only if you vary the instalment amount.
- Make super guarantee contributions for quarter 1, 2021–22 to funds by this date.Employers who do not pay minimum super contributions for quarter 1 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 November 2021.Note: The super guarantee charge is not tax deductible.
- Lodge and pay annual activity statement for TFN withholding for closely held trusts where a trustee withheld amounts from payments to beneficiaries during the 2020–21 income year.
31 October
- Final date to add new clients to your client list to ensure their 2021 tax return is covered by the lodgment program.Note: The lodgment program is a concession to registered agents. We can ask for documents to be lodged earlier than the lodgment program due dates.
- Lodge tax returns for all entities if one or more prior year returns were outstanding as at 30 June 2021.Note: This means all prior year returns must be lodged, not just the immediate prior year.If all outstanding prior year returns have been lodged by 31 October 2021, the lodgment program due dates will apply to the 2021 tax return.
SMSFs in this category must lodge their complete Self-managed superannuation fund annual return by this date.
- Lodge and pay Self-managed superannuation fund annual return (NAT 71226) for (taxable and non-taxable) new registrant SMSF if we have advised the SMSF that the first-year return has a 31 October 2021 due date.
- Lodge tax return for all entities prosecuted for non-lodgment of prior year returns and advised of a lodgment due date of 31 October 2021:
- Some prosecuted clients may have a different lodgment due date – refer to the letter you received for the applicable due date.
- Payment (if required) for individuals and trusts in this category is due as advised in their notice of assessment.
- Payment (if required) for companies and super funds in this category is due on 1 December 2021.
SMSFs in this category must lodge their complete Self-managed superannuation fund annual return (NAT 71226) by this date.
- Lodge Annual investment income report (AIIR).
- Lodge Departing Australia superannuation payments (DASP) annual report.
- Lodge Franking account tax return when both the:
- return is a disclosure only (no amount payable)
- taxpayer is a 30 June balancer.
- Lodge PAYG withholding annual report no ABN withholding (NAT 3448).
- Lodge PAYG withholding from interest, dividend and royalty payments paid to non-residents – annual report (NAT 7187). This report advises amounts withheld from payments to foreign residents for:
- interest and unfranked dividend payments that are not reported on an Annual investment income report (AIIR)
- royalty payments.
- Lodge PAYG withholding annual report – payments to foreign residents (NAT 12413). This report advises amounts withheld from payments to foreign residents for:
- entertainment and sports activities
- construction and related activities
- arranging casino gaming junket activities.
- Lodge lost members report for the period 1 January – 30 June 2021.
- Lodge TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries in quarter 1, 2021–22.
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