The Australian Taxation Office (ATO) has implemented a new agent nomination process to enhance security and ensure that only authorised tax agents, BAS agents and payroll service providers can access your accounts and manage your tax affairs effectively. This process now applies to all entities with an ABN, except for sole traders. To simplify this process for you, we’re here … Read More
4 Ways your accountant should offer more than a tax return
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
5 business areas (other than tax) your accountant should work on
Choosing the right accountant is a big business decision. The relationship you have with your accountant should be one of your strongest and most important business relationships you’ll have, so choose wisely. Regardless of where you are in your business journey, your accountants’ expertise should not be limited to tax compliance. Not only should your accountant be proactive about saving … Read More
The love issue: why 542 partners make great… partners
As Valentines Day is just around the corner, we’re feeling the love and keen to share it. Are you looking for a new accountant? A true partner in your business? It could be time to shift the dead weight holding you back and assess your relationship with your accountant. Why 542 partners make great… partners We might be … Read More
BUDGET 2015/16: The ‘Have A Go’ Budget
As the Treasurer foreshadowed, this is a highly targeted budget with most spending measures targeting productivity gains. Highlights included: Tax rate for small businesses (under $2m turnover) cut to 28.5%. Franking credits still deemed to be 30%! 5% discount (paid as a tax offset capped at $1,000 per person) for individuals who receive business income as sole trader/partnership/trust. $20k asset … Read More
Why having too much cash isn’t always a good thing
“Too much cash isn’t always a good thing”. It sounds impossible. Improbable. Incomprehensible. Especially for an accountant to say. Businesses love cash, but is there such a thing as having too much? While it may seem counterintuitive to ‘suffer’ from having cash, the risks can be overlooked, offsetting the benefit of accumulating it in the first place. Why cash isn’t … Read More
Motor Vehicle FBT: What you need to know
March is fringe benefit tax season. “Yippee!” we hear you shout! The FBT year is 1 April – 31 March, so it’s around this time we get asked about FBT. Particularly, one of the most common forms of fringe benefit: cars. What is a car fringe benefit? A common car fringe benefit is where you (the employer) make available a … Read More
Choosing a business accountant 101
Q: What’s the definition of an accountant? A: Someone who solves a problem you didn’t know you had in a way you don’t understand. We think this joke is funny. But unfortunately for some business owners – it’s a reality. Often the relationship you have with your accountant can be a once a year, burn a hole in your pocket, … Read More