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Rosalie Tugo

13 Jun 2024

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Elysium offers a free, in person, financial assessment.

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Come and visit us at The Small Business Festival at Malvern Town Hall🏙️

We are here today 10am-2pm 🎉🚗

Meet us for your chance to win some exciting prizes📍

#malvern #smallbiz #accounting

In recent months, there has been increased attention on the growing tax debt owed by small businesses across Australia. In response, the Australian Taxation Office (ATO) has taken a more aggressive stance in debt collection efforts. This has included persistent phone calls to tax agents, letters to taxpayers, and an uptick in businesses seeing their debts reported to credit reporting agencies or receiving director penalty notices. Moreover, there’s been a noticeable shift in ATO policy concerning the remission of penalties and interest charges on late lodgement and tax payments, with far fewer remissions being granted compared to previous years.

These developments are already making the financial landscape increasingly challenging for business owners. However, a new proposal from the Federal Government threatens to add further pressure: the removal of tax deductibility on general interest charges (GIC) imposed by the ATO on tax debts.

If this proposal is passed, businesses will no longer be able to claim GIC as a tax deduction. This change could force many to seek external financing, with some potentially turning to unsecured loans on less favorable terms—decisions made out of necessity rather than sound financial strategy.

The importance of seeking professional financial advice has never been more critical. At Elysium, we have the experience and industry connections to guide your business through these difficult times. Whether you’re looking for better financing options or considering a business restructure—such as the Small Business Restructuring process—our team is here to help.

The earlier you seek advice, the more options you’ll have to secure a positive outcome for your business. If you’re concerned about the proposed changes or need assistance managing tax debts, don’t hesitate to reach out to us.

Elysium is using Corporate Compliance software (Now Infinity) to manage your company’s ASIC affairs more efficiently. 📑📫

This will streamline your annual ASIC Company Statements and any other ASIC-related tasks, like changes to your company details.

If you have any questions, please do not hesitate to reach out!📞😊

📣 You're Invited!

We are excited to host our upcoming Introduction to Aged Care Seminar, "Your Life, Your Choices: Planning your Future" 🌟

This insightful session is designed to help you explore and plan for the future with confidence. Whether it's for you, a family member, or a friend, this seminar will provide valuable information to guide your decisions. 🤝

🗓 Date: 29th October 2024
🕒 Time: 6pm
📍 Location: 1/2 Keith Campbell Court, Scoresby 3179

Feel free to bring along anyone who might benefit from this discussion! Let’s make planning for the future a little easier, together. 💙

👉 RSVP today by calling us on 03 9720 6811 or email us on mail@elysiumafs.com.au !

#LifePlanning #FutureCare #SeminarInvitation #AgedCarePlanning #CommunityEvent

In mid-November 2024, the Australian Government’s Digital ID app, myGovID, will be renamed to myID. 📲

The rename aims to resolve confusion between the myGovID app and myGov.

When myGovID changes to myID, users won’t need to do anything differently. An update to the app will be issued through the relevant app stores in November.

If you need any assistance, please do not hesitate to reach out. 📞😊

⏰This is a friendly reminder to all of our clients that we will be closed Friday 27th September due to the Grand Final public holiday. 🎉🏈

We hope you relax and enjoy the long weekend!☀️📅

Contact Details

Phone:(+61 3) 9720 6811

Email:mail@elysiumafs.com.au

Mailing:PO Box 9249, Scoresby, VIC, 3179

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Business

Bookkeeping Business Development Business Start up Business Valuations Compliance Services Salary Packaging Superannuation Tax Consulting

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