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

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

The relationship between profit, tax and cash.

StuartGeneral

  Want a printable version of this infographic? Click here.   Need help managing your profit, tax and cash flow?   Let’s talk. Love the blog? Subscribe to receive it fortnightly.   What do you think? We would love to hear your thoughts! Feel free to submit your comments below or comment on our Facebook Page or Twitter.

A step-by-step guide to activating your ATO Business Portal

StuartBusiness Technology, Tax

As the ATO moves to become digitalised, businesses can now access the ATO’s Business Portal. The Business Portal is a safe, secure website where you can manage your business tax affairs to: View past and yet to be lodged Business Activity Statements (BAS); view your statement of account and payment options; request a refund or transfer of funds between accounts; … Read More

Top 5 Tax Considerations for Small Business in 2015

CraigTaxLeave a Comment

We’re coming to our most favourite time of year! Tax time! (Not really, but as accountants most people generally assume we’re pedal to the metal). But at 542 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 … Read More

Staff Status: Contractors vs. Employees

StuartBusiness Structures, GeneralLeave a Comment

The status of your staff is an important distinction. Whether they are employees or independent contractors, both have consequences for the worker and the business owner.   An employee can seem to be set up in the workplace in a similar way to a contractor, but generally employees are supplied with all they need to do their job, don’t make … Read More

Shipping, trade and logistics: What you need to know about GST

CraigTaxLeave a Comment

Did you know the Australian Taxation Office (ATO) operates a scheme that allows importers to defer GST on imported goods? Before you get too excited The Deferred GST Scheme covers GST only. It doesn’t impact customs duty, which must still be paid at the time of importation. What this means for businesses is that rather than having to incur the … Read More

Motor Vehicle FBT: What you need to know

StuartTaxLeave a Comment

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