Let’s Get You and Your Business Ready for the EOFY
Advivo explains everything you need to do to get ready for the end of financial year (EOFY). It’s that time of year again…. although these are unprecedented times, it is time to start preparing to finalise the financial year 2020 to complete budgets and scenario modelling for the new financial year. Effective tax planning reduces [...] 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. The coronavirus [...] Claiming Tax Deductible Expenses While Working From Home Due to COVID-19
New method for claiming expenses when working from home during COVID-19 With more and more people working from home to minimise their risk of exposure to the Coronavirus, the ATO have introduced a temporary simplified method (or shortcut method) of calculating additional running expenses incurred whilst employees are working from home. This shortcut method can [...] Helping businesses to best prosper throughout the Coronavirus Pandemic
Advivo Monthly or Quarterly Service Programs Shortly before the Coronavirus Pandemic hit the world, we at Advivo completely reengineered the way we’re able to work with businesses to deliver a better service for their ongoing goals and needs. We did this because we understand business owners crave all the benefits of having an accountant who [...] Are you Safe Harbour Ready?
Why now is the perfect time to ensure that you are eligible to invoke the Safe Harbour Provisions… With all of the change and uncertainty that we are currently experiencing, the additions to our “To Do Lists” or “Action Plans” are growing every day. But one thing that is imperative to consider at this time [...] Government guarantees loans to support businesses
What is available and to whom? The Government has announced they will provide a guarantee of 50% to Small to Medium Enterprise (SME) lenders for new unsecured loans provided to small businesses (turnover up to $50 million). The loans are to be for working capital and not as part of refinancing arrangements. The Guarantee will [...] ATO Assistance and Deferrals Available
What is available and to whom? The Government has introduced measures available for businesses experiencing financial difficulty as a result of the COVID-19 outbreak. These include: Reversing any penalties and interest on tax liabilities that have been charged on or after 23 January 2020 Payment deferrals of up to 6 months for fringe benefits tax [...] Pay As You Go (PAYG) income tax instalment variations and refunds now available
What is available and to whom? If you have been affected by the COVID19 quarterly tax instalment payers can vary their current and prior PAYG instalments on their activity statement for the March 2020 quarter. How do I get it? To access this option you must vary the number of your PAYG instalments on your […]
Boosting cash flow for employers
Support now increased to a minimum of $20k and up to a maximum of $100k for employers. What is available and to whom? Small and medium sized business with annual turnover under $50 million that employ workers will now be eligible for a payment equal to 100% of their salary and wages withheld (the PAYGW [...] Changes to Modern Awards are now affecting the use of Annual Salaries!
From 1 March 2020, employers who currently pay annualised salaries to employees covered by certain Modern Awards must comply with new changes, record-keeping and reconciliation requirements… Are your employees covered by a modern award? If so, your business may soon be affected by changes to Modern Awards… The number of recent public cases of employers […]