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RECAP: Harris Black Business Leaders Forum – May 2024

Reimagining Leadership: Practical Shifts to Accelerate Your Success Beyond 2024

Another successful Harris Black Business Leaders Forum, we looked at ‘Reimagining Leadership: Practical shifts to accelerate your success beyond 2024.’

The workshop focused on what’s working, what’s not and important leadership shifts to embrace in 2024 and beyond. How to discover and leverage your own personal brand as well as practical approaches to boost your effectiveness as a leader across areas of strategy, people management, operational cadence and mindset.

We had opportunities throughout the day to collaborate with peers and tackle day-to-day leadership challenges and concluded with a problem solving round table.

You’re Invited….

We’re excited to invite you to our next HB Business Leaders Forum on 12 September 2024 focusing on “Working Smarter: How to Succeed in An Ever-Changing Landscape Beyond 2024”.  For more information on this workshop and to purchase your ticket please click the button below.

Harris Black’s Success With iManage

Harris Black achieved remarkable efficiency and collaboration with the implementation of iManage. Faced with the challenges of managing vast amounts of client information and ensuring seamless internal communication, Harris Black turned to iManage for a comprehensive solution.

The results were transformative—improved document management, enhanced team productivity, and fortified data security. This success story highlights how iManage empowered Harris Black to streamline operations, reduce manual tasks, and provide even better service to our clients.

Click the link below to read more of HB’s success story with iManage featuring our very own Kimberley Ward (Practice Manager).

READ: Harris Black | Customer Stories | iManage

Mindshop Australasian Annual Conference – Gold Coast

Renee Bettenay (Director) and Keziah Sedgwick (Principal) attended the 2024 Mindshop Australasian Annual Conference on the Gold Coast on 24 and 25 May 2024.

It was a great experience, filled with insightful sessions and quality networking opportunities with other business advisory facilitators. Learning how other advisors help and look after their clients was incredibly inspiring.

Impactful sessions on data analytics, networking, generational trends, and personal brand journeys were presented with fantastic energy and generous sharing of knowledge.

Powering the world’s leading advisors through the philosophy of value to others, Mindshop (Home – Mindshop) provides all the tools, training, support, technologies and networking needed to build and grow a successful advisory business to any sized customer, anywhere in the world.

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.

How can we help you?

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