Back to Basics: Keeping good business records

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Keeping good small business records mean so much more than knowing which records to keep and for how long. In many cases it means the difference between failure and success. Why keep records? Business record keeping should include setting up systems that allow you to easily monitor the progress of your business and track business performance. By tracking the performance … Read More

Everything you need to know about SMSF (including what it stands for)

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Self managed superannuation funds or SMSFs are growing in popularity. Some figures have suggested that 31% of Australian retirement savings are held through self managed superannuation funds, out performing industry and/or retail funds. Why self-managed super? There are three main reasons why SMSFs are attractive: More control and flexibility over what you can invest in (including the ability to borrow … Read More

The low down on GST for small business

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Last week, treasury boss Martin Parkinson reignited the GST debate by insisting that the GST must rise to 12% as a deficit decade looms for budget.  While the debate has been bubbling along since the introduction of the GST, it did remind us of the debate around GST small for business. Most start-ups wonder: to register for GST or not? … Read More

Spotlight on Fringe Benefits Tax: Pay to be nice

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Top tips at tax time from 542 Partners

Are you a nice employer? Do you shower your staff with benefits when they make their targets? Sometimes YOU need to pay to be nice. Enter > Fringe Benefits Tax. Fringe Benefits Tax (FBT) is a tax levied on benefits provided by an employer to their employees. It is worth noting that if you are a director and conduct your … Read More

Franchising: what you need to know

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A few business owners we’ve come across that have 3 or more locations start thinking: Franchising. Franchising can seem like a great option; sell your idea to others while you sit back, relax and watch your business grow… right? Wrong. Franchising, while great for some businesses isn’t always the best option for others. It can seem like an easy way … Read More

Is it time to break up with your accountant?

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It’s a new year and a new business outlook. Out with old and in with the new. Time to shift the dead weight holding you back and it’s time to assess your relationship with your accountant. Like any break-up, hindsight is an amazing (and sometimes really annoying) thing. Friends and family happily tell you what they always wanted to say … Read More

Payroll tax thresholds: know your limits.

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It’s calculated on the amount of wages you pay per month. You need to pay payroll tax if your total Australian wages exceed the exemption threshold in your state or territory – this varies between states but for this blog we’ll look at NSW. In NSW it’s the friendly folk at the NSW Office of State Revenue that look after … Read More

542 Partners in 2014

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Looking to 2014 we see great things happening, all of which are only going to improve our service and scope for our clients. Like all good relationships, we think it’s important to share our vision for the coming year and like always, keep the lines of communication open. The lights are on and we’re all home. 2014: A taste of … Read More