Vacant land deduction changes hit ‘Mum & Dad’ property developments

CraigGeneral

Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land. Previously, if you bought vacant land with the intent to build a rental property on it, you may have been able to claim tax deductions for expenses incurred … Read More

Why the only beans we count are in our coffee

StuartGeneral

As technology evolves and clients demands shift, we take the opportunity to deliver sustainable business solutions that go beyond counting beans and crunching the numbers. Numbers are just numbers (until we explain them to you) Understandably many business owners focus on cashflow and the amount of money in the bank as a sign that their business is successful. Being advisors, … Read More

2020: The year for smarter business decisions

CraigBusiness Audit, Business Process, Business Technology, Cloud Accounting, General

We know every dollar (and minute) counts in business and regardless of where you are in your business journey, understanding the numbers is key to making smarter business decisions. Do your figures add up? It may not be the end of financial year; however, year-end is a great time to assess your figures. 542 Tip: A well-run business has well-managed … Read More

5 Ways to prepare your business for the festive season

StuartBusiness Audit, Business Process, Business Technology, Cloud Accounting, General, Tax

They know when you’re sleeping, they know when you’re awake, they know when you’ve been bad or good, so be good for the ATO’s sake. Celebrating the holiday cheer can have far-reaching consequences but planning ahead and budgeting appropriately can save you from much bigger headaches in the New Year. 1. Give yourself a tax-free Christmas As small business owners … Read More

CGT and the family home: expats and foreigners targeted again

CraigGeneral

The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents. Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers to claim the main residence exemption. The unpopular measures were introduced into Parliament but stymied. … Read More

Calculating Super Guarantee: The new rule

StuartSuper

From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer. Under current rules, some employers are paying SG on the salary less any salary sacrificed contributions of the employee. Currently, employers must contribute 9.5% of an employee’s … Read More

Are you paying your staff correctly? Woolworths $200m plus remediation

CraigGeneral

Woolworths is the latest company facing a fallout from the underpayment of staff. In what is believed to be the largest remediation of its kind, Woolworths have stated that they have underpaid 5,700 salaried team members with remediation expected to be in the range of $200m to $300m (before tax). The discovery was made as part of a 2 year … Read More

XAM Consulting and 542 Partners; A story of success

Craig542 Client Stories, General

  What was once a small software company, is now a thriving business in the technology industry that partners with some of the world’s leading technology companies. Natalie Ridland, Financial Controller at XAM Consulting tells the story of when they first partnered with 542 Partners. “One of the biggest challenges that we set for ourselves was that we wanted to … Read More

The future of integrations is endless with Xero

StuartBusiness Process, Business Technology, Cloud Accounting

If you don’t already utilise Xero technology in your business, you may want to rethink after reading this blog. With already over 800 third party apps able to integrate with your Xero account, Xero are constantly looking for new partners to help streamline processes for businesses of all sizes.   What’s been available? Bank feed integration has been around for … Read More

Income protection and key person insurance; How to know you have the right policies for you and what to do if you already have insurance

CraigBrett Wright, Business Process

If a serious illness or accident occurs, particularly to business owners and/or the key personnel, the business may suffer a significant loss in terms of cash flow, turnover and turnaround of products and services… just to name a few. Income protection and key person insurances are critical to ensuring the survival of your business. For most of us, our ability … Read More