Tips, tricks and helpful hacks to make tax time a breeze

StuartCloud Accounting, Tax

It’s no secret we love Xero! And even though the platform is super user friendly and easy to navigate, there are hidden hacks that our savvy senior accountants, use every day. Never ones to hold onto our knowledge, check out their favourite Xero hacks, that will save you time.   Holly’s Tip: Repeating bills and invoices For regular bills and … Read More

Key tax changes that may affect you

CraigTax

With less than four days until the end of the 2018/19 Financial Year, it’s time to pull out that tax time check list and make sure everything is in order. Particularly this financial year, there have been significant changes to business and personal tax, which you should be aware of, before lodging your return. Not sure what these significant changes … Read More

Preparing and prioritising your EOFY checklist

StuartTax

With June 30 fast approaching now is the time to start preparing for end of financial year. If you’re not sure where to start, keep reading for your guide to setting your budget and streamlining the tax process this financial year.   Start preparing your budget forecast for 2019/20 If you haven’t already, preparing a budget for the next financial … Read More

2019/20 budget highlights and key takeaways

CraigAustralian Budget, Chris Fallico, Super, Tax

If you missed the recent announcement of the 2019/20 federal budget, 542 Partners has you covered! The ‘Ballot Box’ budget is designed to showcase the return to surplus and engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment. We partnered with Chris Fallico from ACADIA wealth advice to … 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

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

GST credits and how you can claim them

StuartTax

Most business owners wonder how to claim GST for their business. Little do many realise that there are three essential elements to claiming a deduction for a business purchase in your activity statement. Check your eligibility If your business turnover is more than $75,000 per year, the Australian Taxation Office requires you to be registered for GST. 542 Tip: Registering … Read More

Has the gift of giving cost you?

CraigTax

Has the gift of giving cost you?

With the silly season behind us, we’re urging small businesses to check they didn’t extend their party invitations and gifts to the tax man. We don’t mean to sound like the Grinch, but it may be worth considering the following when rewarding your employees with gifts or parties at any time throughout the year. Know your Limits It all depends … Read More

3 Ways to manage ATO debt before it’s too late

StuartTax

With small businesses accounting for $12.5 billion in overdue tax, it’s no surprise the Australian Tax Office (ATO) is reprioritising tax debt in order to balance the budget. From 1 July 2017, small businesses will risk outstanding debt being disclosed to credit agencies. While the measure will only apply to those businesses with an Australian Business Number and tax debt … Read More