HSA May 2021

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Maximising Your Tax Advantage The past twelve months has undoubtedly been a challenging period for many in the hospitality industry . However, South Australia’s relative success in managing COVID-19 , coupled with the range of government support measures that have been made available, has meant that a number of hospitality operators have found themselves in a much stronger financial position than originally anticipated. With the end of financial year fast approaching, tax planning should now be high on your list of priorities, as there are key considerations for the current 2020-21 tax year that could have a significant impact on your financial plans and investments for the year ahead. Importantly, for those businesses that have found themselves in a better-than-expected position, and even for those that haven’t fared as well, there are some simple steps you can take to optimise your tax position and put yourself in good position for when June 30 rolls around. TIMING IS EVERYTHING Tax planning is particularly important this year as those operators who have accessed measures such as JobKeeper and the $10,000 State Government small business grants will need to be aware that any money received through such programs will be assessed as part of your taxable income. This could actually drive your tax bill up, particularly if your business has staged a strong COVID-19 recovery. For those venue operators who have found themselves in a strong cashflow position heading toward June 30, there are several steps you can take to optimise your tax position and maximise the amount of money that remains in your pocket. For those with cash at hand, there are opportunities to invest now or bring forward expenses that you would otherwise incur in the 2021-22 financial year to put yourself in a more advantageous tax position. INSTANT ASSET WRITE-OFF With the expansion of the Instant asset write-off scheme announced as part of last year’s Federal Budget, there is greater flexibility for businesses who are considering purchasing and installing new business assets. For publicans, this could include gaming machine upgrades following the acceptance of Bank Note Acceptors and Ticket In Ticket Out that came into effect on 30 July 2020 or equipment upgrades to items such as fridges and furniture. Even if you haven’t fared as well over the past 12 months, investing in upgrades is a way to fast-track your recovery and financing those upgrades is a way to minimise the cashflow impact while also maximising the tax benefits. If you are considering taking advantage of the instant asset write-off, it’s important to note that any equipment needs to be installed and ready to use by June 30 to take advantage of the tax benefit this financial year. Be sure to get in touch with our finance team to discuss a suitable arrangement for your business. BRINGING FORWARD EXPENSES INTO THE CURRENT FINANCIAL YEAR Another consideration for publicans would be to bring forward any spending or invoicing into the current financial year for work or expenses that are planned for the year ahead. This could include planned renovations, rent or insurance costs, as this expenditure can be offset against your taxable income to put your business in a more advantageous position heading into next financial year. Bringing forward planned staff expenditure is also another good way to maximise your tax position. Consider paying your superannuation liability or paying out any planned staff bonuses prior to June 30 to ensure these expenses are on the books before the end of financial year. As we’ve previously discussed, many of the opportunities to pivot due to economic conditions is largely dependent on keeping strong proactive management of your business and regular bookkeeping practices . If you are questioning what improvements can be made in any of these areas, don’t hesitate to contact us for a chat. Pat Hodby Pat Hodby and Tom Paine are Directors at Perks , South Australia’s leading privately-owned accounting and private wealth firm. They are the driving force behind the Perks Hospitality specialisation team and have both provided key advisory and operational support to a number of owner-operators in the sector, ranging from the structuring of their business, to back-of-house bookkeeping, to the streamlining and digitization of their support systems. Pat is also an active industry advocate for publicans and the hospitality industry and owns a successful pub in the Adelaide Hills. Tom Paine 12 | Hotel SA | W W W . A H A S A . A S N . A U Back to Contents
*T&Cs apply, see reverse Gaming Care Staff Spotlight NATARSHA STEVENSON MANAGER – GAMING RESEARCH AND POLICY WHEN DID YOU JOIN GAMING CARE? April 2021 WHAT ARE YOUR KEY RESPONSIBILITIES AT GAMING CARE? I will be undertaking research and policy activities in support of the important work of Gaming Care, looking at code and regulatory reviews, as well as liaising with Consumer and Business Services, the Office of Problem Gambling and the Attorney General’s Department. I will also be undertaking an industry research role for the AHA|SA. WHAT IS YOUR PREVIOUS WORK EXPERIENCE? As a qualified lawyer I have worked across a number of industries, in both the private and public sectors, cutting my teeth in the world of corporate recovery and insolvency. Whilst in government I was employed in roles that had a strong focus on strategic policy and reform, and before joining Gaming Care and the AHA|SA I undertook a policy and government engagement role with another peak South Australian industry association. WHAT’S SOMETHING READERS PROBABLY DON’T KNOW ABOUT YOU? First impressions wouldn’t give it away, but I’m actually a bit of a daredevil – I’ve jumped out of a tiny plane at 14,000 feet and would love to one day cage dive with Great Whites! WHERE IS YOUR FAVOURITE HOLIDAY DESTINATION? Growing up I was very lucky to see a lot of Australia on family holidays, and so as an adult I have enjoyed heading off overseas whenever time and finances have allowed. I wouldn’t necessarily say I have a favourite holiday destination, but instead lots of favourite travel experiences – ordering like a local at Katz’s Deli in New York, riding in a water taxi on Venice’s Grand Canal, hanging out the side of a packed cable car in San Francisco and eating delicious prawn satays from the Lau Pa Sat hawkers in Singapore certainly top that list! IF YOU COULD ASK ANY THREE PEOPLE IN WORLD AROUND FOR DINNER WHO WOULD YOU ASK AND WHY? Stephen Fry – he’s witty, charming, intelligent and a fantastic storyteller. Tina Fey – I love everything about her, especially her eye-popping sarcasm and political satire where no one is safe. Emma Thompson – I have always been in awe of her passion, eloquence and sense of social justice. Enjoy wine responsibly BONUS JAM JAR GLASS with any bo tle of Jam Shed * While stocks last *AU residents 18+ only. Offer valid from 12.01am (AEDT) on 1st October 2020 until 1.59pm (AEDT) on 30th April 2021, or until gift stocks ar exhausted (whichever o cur s oner). During the Offer Period, claimants must purchase at least one 750ml bo tle of Jam Shed in 1 transaction (Eligible Purchase) for off premise consumption from any participating Outle to receive a gla s Jam Jar valued at $5 (inc GST). While stocks last. Limit 1 gift per eligible purchase. Promoter: A colade Wines Australia Limited (ACN 08 273 907) Reyne l Rd, Reyne la SA 5161. Enjoy wine responsibly. Enjoy wine responsibly BONUS JAM JAR GLASS with any bo tle of Jam Shed * While stocks last NEW WITH FLAVOUR AW_JamShed_HotelsSA-Ad_185x65.indd 1 23/4/21 8:43 am Back to Contents W W W . A H A S A . A S N . A U | Hotel SA | 13
Page 1 and 2: THE OFFICIAL PUBLICATION OF THE AUS
Page 3 and 4: C O N T E N T S MAY 2021 10 Peak Ho
Page 5 and 6: Back to Contents W W W . A H A S A
Page 7 and 8: BARRAMUNDI Our selection of premium
Page 9 and 10: Click here to watch video Park tra
Page 11: Growth through digital and traditio
Page 15 and 16: “As President, I have found it a
Page 17 and 18: ‘The G’ Awarded Government Fund
Page 19 and 20: Government Support DAVID PISONI MP
Page 21 and 22: annual event Back to Contents W W W
Page 23 and 24: on the road THE GOLDEN GRAIN HOTEL
Page 25 and 26: Coopers Releases Australian IPA Aus
Page 27 and 28: Click here to listen to the podcas
Page 29 and 30: Tasmanian Wine House Welcomes Spark
Page 31 and 32: What are the eligibility criteria f
Page 33 and 34: “There are now around 50,000 vouc
Page 35 and 36: Corporate Partners 2020/21 D I A M
Page 37: Our Purpose - To provide the hotel

HSA May 2021

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