If you’re a business owner, planning for retirement can fall down the list of priorities. With an ageing population and mounting costs of living, ‘super’ is an important consideration for all Australians, but even more so if you’re a business owner. Put simply, successful super planning means you’ve made sure you have enough to live off when you retire. And … Read More
Accounting Systems 101: The facts about Cloud accounting
There are oodles of accounting software packages on the market, particularly for small and medium sized businesses. And at 542 you we love our technology, so we’ve always got our fingers on the pulse looking for the best solutions for our clients. Since launching in 2006, Xero has no doubt created a stir in the accounting software market. Their stable … Read More
3 Things to ask your accountant before you buy a business
Industry commentators are predicting as baby boomers move to retirement there will be a surge of established businesses becoming available for purchase. And as the economy continues to improve, it may just be the perfect time to fulfil your dream of being a business owner. But before you ready yourself for ruling a business empire, assemble a team of experts … Read More
You’ve got mail: Receiving an audit notification from the ATO
As the dust settles on the last financial year and businesses look to start fresh, some business owners fear a looming audit. No doubt the folks at the ATO are clever and thanks to technology they’re getting even cleverer. Last year the ATO gathered almost 600 million pieces of information from banks, health companies and third party sources to feed … Read More
Tax time: the most wonderful time of the year.
June 30 is looming and it’s the most wonderful time of the year! Tax time is great. 542 clients are relaxed and know exactly what to expect while their colleagues, partners, friends and family wonder what the end of financial year will bring. Is your accountant a one-time-only show? We like to call these accountants the one-time-only June show. They’re … Read More
542 Top 5: Simple tax saving strategies
Planning on giving to charity? Make a donation now and claim the deduction this year. If you donate monthly to charities, think about paying the full year’s worth of donations upfront and take the deduction now. Operate through a company? If you operate through a company structure and the company has advanced you money during the year or paid expenses … Read More
BAS Backlog? Here’s what to do next
In 2013 the ATO started a program intended to enforce timely lodgement, where taxpayers who haven’t lodged their tax returns and activity statements by their due dates could be referred to an external collection agency for follow up. This extended their current program where taxpayers with overdue tax debts are referred to such agencies. The ATO targets those taxpayers who, … Read More
Back to Basics: Keeping good business records
Keeping good small business records mean so much more than knowing which records to keep and for how long. In many cases it means the difference between failure and success. Why keep records? Business record keeping should include setting up systems that allow you to easily monitor the progress of your business and track business performance. By tracking the performance … Read More
Everything you need to know about SMSF (including what it stands for)
Self managed superannuation funds or SMSFs are growing in popularity. Some figures have suggested that 31% of Australian retirement savings are held through self managed superannuation funds, out performing industry and/or retail funds. Why self-managed super? There are three main reasons why SMSFs are attractive: More control and flexibility over what you can invest in (including the ability to borrow … Read More
The low down on GST for small business
Last week, treasury boss Martin Parkinson reignited the GST debate by insisting that the GST must rise to 12% as a deficit decade looms for budget. While the debate has been bubbling along since the introduction of the GST, it did remind us of the debate around GST small for business. Most start-ups wonder: to register for GST or not? … Read More