Why accounting and business advisory should be two of the same

CraigUncategorized

For a while now, the general commentary around accounting has been around the rise in data entry automation spelling the death the traditional accounting industry and signalling the new approach to accounting. Significant technological change and a shift in the market has forced accountants to re-structure their service offering in an effort to remain aligned with the needs of their … Read More

The banking royal commission: What this means for mortgage broking and how it affects you

StuartGeneral

At 542 Partners, we pride ourselves on providing a holistic service offering. We use our networks to ensure our clients are delivered the very best accounting service, partnered with other services related to their business needs, such as finance. We’ve worked closely with mortgage broker, Craig Tracey from Craig Tracey Lending, for a few years now. An expert and passionate broker, who’s helped many … Read More

Starting 2019 off the 542 way

CraigBusiness Process, Cloud Accounting

If you have big plans for your business in 2019, then January is all about laying a solid foundation for the year ahead. Before you get caught in the day to day life of business, use January to review your business processes and financial position, that will help you achieve your goals in the New Year.   As you know, … Read More

Xero makes Single Touch Payroll easy

StuartBusiness Process, Business Technology, Cloud Accounting

From 1 July 2019, Single Touch Payroll (STP) will be expected to be a part of the pay-as-you-go reporting cycle for small business. That’s right, no more end of year ATO reporting and statements for wages, deductions and super information. How does STP work? For businesses with digital payroll software, like Xero, it can be done in seconds. Xero’s STP … Read More

Wrapping up the year that was

StuartGeneral

And just like that, it’s time to look back at some of the significant legislative and policy changes that occurred this year. $20,000 instant asset write off extended The ATO extended the immediate deductibility threshold for small business until July 2019. The popular announcement is valid for small businesses with a turnover of less than $10 million. Single Touch Payroll … Read More

Does your business structure protect your personal assets?

CraigBusiness Structures

If you’re running a business or building personal wealth, don’t go risking it with the wrong legal structure. As a sole trader or an individual partner in a partnership, your personal assets are completely exposed to business liabilities and asset protection is recommended for every business owner. Most people believe the easiest way to protect their assets is to set … Read More

4 Ways your accountant should offer more than a tax return

StuartBusiness Process, Tax

Choosing the right accountant for your business is essential for so many reasons. But we’ll get to that in a moment. At 542 Partners, we value client relationships and have a genuine interest in guiding your business journey with smart technology and clever processes. So if you’re used to only seeing your accountant at tax time, here’s a few more … Read More

Does your business structure maximise your tax opportunity?

CraigBusiness Structures

Does your business structure maximise your tax opportunity?

Aside from causing operational pain, the wrong business structure can cost hundreds of thousands of dollars over the life of your business. However, choosing the right structure can maximise tax opportunities and minimise risk, ultimately contributing to the financial success of your business. Getting the right business structure in place is one of the biggest business decisions you can make … Read More

Buying a business? How due diligence can save you from potential disaster

CraigGeneral

Buying a business without conducting the right due diligence checks can mean buying a business with a chequered past. Before you ready yourself for ruling a business empire, assemble a team of experts to help you see the woods for the trees. We know it’s exciting, but it pays to consider some key questions before you get wrapped up in … Read More