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

E-signatures: the missing link to your lodgement

StuartBusiness Process

We believe the right tools make all the difference. As an Xero Platinum Partner, 542 Partners chooses to send documents for signing via Xero Portal. As agents, we are legally required to have all documents signed before lodging with the ATO. By making the process digital, we hope to streamline the process and make it easier for you to view … Read More

5 Signs your business structure is wrong for you

CraigBusiness Structures

Choosing your business structure is one of the most important decisions you’ll make as a business owner. Choosing the right structure can maximise tax opportunities and minimise risk, ultimately contributing to the financial success of your business. Aside from causing operational pain, the wrong business structure can literally cost hundreds of thousands of dollars over the life of your business. … Read More

How to avoid blurring the lines between business and personal finances

StuartBusiness Process

Whether you’re a sole trader or in an alternate business structure, managing your personal and business finances separately is essential for good financial management. We know it’s not uncommon to use personal savings, particularly when bringing your business idea to life, but as your business grows, it’s important to track business and personal incomings and outgoings separately. Spot The Difference … Read More

How to navigate small business growing pains

CraigBusiness Structures

The growth phase for small businesses, while exciting, can be one of the hardest to manage. But with some smart technology and clever processes, growing your small business can be an exciting transition. There’s a new set of challenges to navigate for every hope of a self-sustaining business. This is the phase when you have a product or service your … Read More

How to safeguard your business against future audits

StuartBusiness Audit

Last year the ATO scrutinised over 760,000 business operations, resulting in, close to, an extra billion tax dollars for the Australian Government. While an audit can be a good learning experience for business owners, it can also be a time-consuming lesson. The investigation can take months, or even years, and requires a lot of time and energy regardless if you … Read More