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Support For Victoria’s Social Enterprise Sector
What is Social Enterprises?
A social enterprise is a business that trades to tackle social problems, improve communities, provide access to employment and training, or help the environment. In detail,
are led by an economic, social, cultural, or environmental mission consistent with a public or community benefit.
derive a substantial portion of their income from trade.
reinvest the majority of their profit/surplus in the fulfillment of their mission.
What is Victorian Social Enterprise Strategy 2021-2025?
The Victorian Government launched Australia’s first Social Enterprise Strategy in 2017.
Building on the strong foundation of the first strategy, the Social Enterprise Strategy 2021-2025 aims to grow the social enterprise sector, strengthen its connectivity, and unlock the potential to create more jobs and deliver enhanced economic and social value to the Victorian community.
A range of actions in the Strategy will be delivered across key thematic areas:
Building business skills and capability and capturing impact.
Enhancing recognition and access to innovative financing to scale impact.
Fostering a connected and innovative social enterprise ecosystem across Victoria.
Opening doors for social enterprises across government.
Social Enterprise Network Victoria (SENVIC)
This independent state-wide network connects social enterprises across Victoria, provides access to learning and development opportunities, and facilitates engagement with government, intermediaries, and each other. The Victorian Government recognises the benefits state-wide coordination plays in strengthening the sector and has provided funding to stimulate knowledge creation, collaboration, and innovation.
To find out more, please visit the SENVIC website.
Private company directors: Lodge and Review your Return to Australian Taxation Office
ATO notification
ATO will be commencing reviews on lodgment and correct reporting for private company directors and their connected entities soon.
When they find income that you haven’t declared, they will work with you to get your obligations back on track. If you make a voluntary disclosure to ATO, you can generally expect a reduction in the penalties that would normally apply.
Next steps
If you are a director of a private company, make sure to lodge your tax return and declare all your income earned.
If your tax returns aren't up to date, or you didn't report all your income, now is the time to speak to a trusted adviser and lodge a tax return or make a correction.
Varying your PAYG instalments due to COVID-19
ATO notification
Due to the ongoing impacts and economic uncertainty of COVID-19, ATO will not apply penalties and interest on varied instalments that relate to 2021-22 income year, if you have taken reasonable care to estimate your end of year tax liability.
This will apply to 30th June ordinary balancers for the 2022 income year and entities that have been granted a substituted accounting period (SAP). For an entity with a SAP, any variation must relate to instalments made during your 2022 income year.
Next steps
You will need to have made a reasonable and genuine attempt to determine your liability. When considering if a genuine attempt has been made, ATO takes into account what a reasonable person would have done in your circumstances.
You can vary your instalments multiple times throughout the year. Your varied amount or rate will apply for all your remaining instalments for the income year or until you make another variation.
You should ensure the total of your instalments for the income year are as close as possible to your tax liability for that year and paid proportionally across the year.
Find out more details about Varying your PAYG instalments due to COVID-19.
Lynden Group currently provides some efficient services which maximise your benefits and comply with the above Australian Taxation Office requirements and laws.
Tax return preparation and lodgment
Pay As You Go Instalments (PAYGI) variation
Apart from providing ALL needed accounting services and advice for your business, we also deliver sustainable solutions that help your business stay organised, keep your finances on track and improve your business's operations over the year.
If you want to explore more about Lynden Group and our services, please do not hesitate to Contact us.
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