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

DarnelleGeneral

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

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

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

Is your business ready for EOFY?

CraigBusiness Structures, General, Tax

While most people would assume we’re pedal to the metal for tax time, it’s pretty much business as usual. We’ve been discussing tax planning with our clients over the past 12 months. Sure, we’ll give them a gentle reminder to pay super contributions before 30 June, including any additional super contributions for the year, but really, it’s just like any … Read More

2018/19 Budget changes that may affect your business.

StuartBusiness Process, General, Super, Tax

2018-19 budget changes affect small business

Reward for work is a dominant theme in this year’s Budget. The seven year personal income tax plan initially targets low to middle income earners before making significant changes to the tax brackets. While there’s much to be said about the complete budget, we’ve reviewed the key highlights that may affect your business. $20k accelerated depreciation extended until 30 June … Read More

The accountant and the bookkeeper: A match made in financial heaven

CraigBusiness Process, Cloud Accounting, General

With 1,440 minutes in a day, it’s no surprise small business owners hustle to make every minute (and dollar!) count. We know tracking financials can be a chore, but it doesn’t have to be. Tell-tale signs you need a bookkeeper  No time to work on the business You don’t understand your compliance requirements You don’t understand your cash flow Invoices … Read More

Do you know who you’re doing business with?

CraigGeneral

Whether you are a business owner working with other businesses, or a contractor or employee, there are signs to look out for that may indicate a company is involved in illegal phoenix activity. What is Phoenix Activity? It’s when a new company is generated to renew the activity of an existing company that has been deliberately liquidated to avoid paying … Read More

5 ways to shape up your business in 2018

StuartBusiness Technology, Cloud Accounting, General

5 ways to shape up your business in 2018

It’s no secret that we love using the latest technology to improve our clients (and our own) efficiency and business processes. There’s nothing better than saving time (and therefore money) with clever technology. But sometimes, we adopt so much technology that it can have the opposite effect. Technology should supercharge your business life and not complicate it. Here are five mighty … Read More

Your Wish May Be Your Grant

CraigGeneral

Your wish may be your grant

We totally get it, starting a business from scratch is not easy. The time, money and sacrifice is usually underestimated and accessing the funding to accelerate your business idea can be tedious work. Last month we shared a compilation of Employing and Training Initiatives and Importing and Exporting Grants. This month we’ve uncovered five start-up grants worthy of your attention. … Read More