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Meet the Staff – Bhavya Sadhwani

Allow us to introduce Bhavya, the newest member of the Harris Black team, joining us as an intermediate accountant. Bhavya brings a diverse array of interests and experiences that we are excited to share with you.

If Bhavya could only eat one meal for the rest of his life, it would be an Indian flatbread called “lal mirch paratha.” Among Bhavya’s favourite dishes to cook are Biscoff toasty, “bhindi aloo” (okra and potato stir fry), and croissant with honey. His preferred drink is regular Coke.

Given the opportunity to share a meal with any four individuals, Bhavya would choose his parents, brother, and grandma. His hobbies include playing baseball, playing chess, and watching anime. If he could do anything for a day, it would be to play a pro league baseball match. While he enjoys watching chess, especially matches involving Magnus Carlsen, his favourite sport to play is baseball.

If Bhavya could travel back in time to witness any historical event, it would be India’s victory in the 1983 Cricket World Cup finals. He has a unique connection to fame, as a friend’s uncle was the screen director of “The Amazing Spider-Man.”

When it comes to TV shows and movies, Bhavya refuses to watch “Game of Thrones.” If stranded on a deserted island, he would take a hydrated camel, a Swiss army knife, and a bag of fifty apples. Bhavya wishes for the return of wearing a full suit of armour into fashion, and his dream car is a Tesla Model S.

In the coming months, Bhavya is looking forward to going back to India in August. He is confident in giving a 40-minute presentation on chess or climate change without any preparation. Besides English, Bhavya speaks Hindi and Japanese and is learning Chinese.

On the weekend, Bhavya enjoyed visiting the Sunshine Coast, exploring Australia Zoo (particularly the otters), and visiting Noosa Farmers Market. If he could live anywhere, it would be on a large plot of land near Brisbane. His desired superpower is super strength, which he would use for intimidation.

A favourite quote of Bhavya’s is, “You’re only one gamble away from winning a million dollars,” which has influenced his perspective on taking chances in life.

We are excited to welcome Bhavya to the Harris Black team and look forward to the contributions he will bring with his remarkable qualities and experiences. Welcome aboard!

Important Tax Dates

21 August 2024

Lodge and pay July 2024 Monthly Business Activity Statement

25 August 2024

Lodge and par Quarter 4, 2023-24 Activity Statement if you lodge electronically

28 August 2024

Lodge and pay quarter 4, 2023–24 Superannuation guarantee charge statement if the employer did not pay enough contributions on time.

Lodge Taxable payments annual report (TPAR).

21 September 2024

Lodge and pay August 2024 monthly business activity statement.

Tax Planning 2024

For businesses to maximise their cash position, they should consider any tax planning opportunities before 30 June.

Tax planning can assist you with the following:

  • Maximising tax efficiency
  • Reducing the likelihood of unexpected tax liabilities
  • Allowing for tax liability funding options to be proactively considered
  • Allowing for potential tax issues to be addressed before they become a problem
  • Capitalising on tax incentives
  • Capitalising on opportunities to grow personal wealth

Click the link below to download our Tax Planning Checklist:

ATO scrutiny on trust distributions increasing

The ATO’s additional guidance on trust distributions shows this is an area it is likely to check closely. The ATO has also recently been awarded more funding in the budget to tackle trust compliance.

Responsibilities and Considerations

Complete Trustee Resolution by 30 June:

Each financial year, trustees must determine which beneficiaries are entitled to the trust income.

Review Trust Deed Regularly:

Understand who the eligible beneficiaries are and the types of income that can be distributed according to the Trust Deed.

Tax Efficiency:

Consider the tax profiles of beneficiaries to ensure tax-efficient distributions.

Importance of Proper Trustee Resolution

Section 100A Compliance:

Ensure that the trust distribution entitlements are valid and that each distribution creates a legal entitlement for the beneficiary.

Greater ATO Focus:

With increased scrutiny on trust structures, accurately completing the Trustee Resolution is crucial for compliance.

Division 7A Loans

The ATO have recently made it aware that Division 7A compliance is going to be an area of focus and audits in the coming year.

Minimum Annual Repayments:

Division 7A loans require minimum repayments of principal and interest each year until fully repaid.

Repayment Methods:

These repayments can be made either through cash payments by 30 June or by declaring a dividend, though the latter may increase tax liability.

Interest Rate Change:

The ATO benchmark interest rate has increased from 4.77% in FY23 to 8.27% in FY24, impacting repayment amounts and the amount of tax payable on the deemed interest income.

Planning Considerations:

Carefully plan the funding of repayments, considering the significate interest rate increase.

If you would like to book a Tax Planning meeting, contact your Harris Black team member.

Brentnalls Conference – April 2024

In April, the Directors and Managers attended the 54th Brentnalls Affiliation bi-annual conference, held in the vibrant city of Melbourne.

The conference commenced with the Women in Brentnalls committee conducting a panel discussion with new equity owners and allowed them to share their journey so far. Following this, the Tax Advisory and Business Advisory groups came together to share their knowledge and discuss how each firm approaches these areas.

The next two days featured a lineup of speakers covering a range of topics:

  • Demography Insights by Simon Kuestenmacher: Analysing population trends and their impact on business dynamics.
  • Client Relationship Management with Alan Fitzgerald: Strategies for building enduring client relationships and the impact of AI
  • Empowering Advisors of the Future with James Mason: Navigating digital disruption and evolving advisory roles.
  • Navigating TASA Obligations with Robyn Jacobson: Compliance strategies under the Tax Agent Services Act.

The firms presented an update of the last 6 months and covered the operational areas of their firm including marketing, systems and processes and HR. These provide great discussion and an amazing learning experience for all attending.

The Brentnalls Affiliation continues to exemplify the power of unity and collaboration, empowering its members to strive for greatness collectively, while supporting each other on their individual journeys to excellence.

Meet The Staff – Dayne Larosa

Allow us to introduce Dayne, the newest addition to the Harris Black team. Joining us as an Administrative Assistant, Dayne brings with her enthusiasm, warmth, and a passion for providing exceptional support. Let’s delve into Dayne’s world and learn more about her unique qualities and experiences.

If Dayne could only eat one meal for the rest of her life, it would be Adobo with rice, a dish she loves to cook along with other favorites like Tang and coffee jelly. Her go-to drink is Coke, and her hobbies include singing, cooking, and watching action movies. She aspires to perfect her singing skills and dreams of owning a Lamborghini.

Dayne’s ideal superpower would be flying, granting her the freedom to travel anywhere. With a million dollars, she would embark on a journey around the world. The most relaxing place she has ever been is Palawan in the Philippines.

Given the chance to share a meal with any four individuals, Dayne would choose her grandmother, grandfather, Kobe Bryant, and Paul Walker. A guiding principle in her life is the quote, “Do not do unto others what you do not want others do unto you.”

In the coming months, Dayne is eagerly anticipating her daughter’s 7th birthday party. We look forward to seeing Dayne thrive and contribute to the Harris Black team with her remarkable qualities. Welcome, Dayne!

Important Tax Dates

5 June 2024

  • Lodge tax return for all entities with a lodgment due date of 15 May 2024 if the tax return is not required earlier and both of the following criteria are met:  
    • non-taxable or a credit assessment in latest year lodged
    • non-taxable or receiving a credit assessment in the current year.

21 June 2024

  • Lodge and pay May 2024 monthly business activity statement.

25 June 2024

  • Lodge and pay 2024 Fringe benefits tax annual return for tax agents if lodging electronically.

How can we help you?

Today’s financial environment demands a regular review of strategy and a focus on execution.