This is a pre-election budget for the people with everyone getting a little something to ease cost of living pressures. Like the Price is Right gameshow, it will all come down to the price paid at the checkout. If the consumer price index (CPI) returns to target by the end of 2024 off the back of the Budget initiatives as … Read More
Tax Agent Appointment Process
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
FBT 2024 PDF
The Fringe Benefits Tax (FBT) year ends on 31 March, which means the ATO looks closely at whether or not every employer who should be paying FBT is, and whether they are paying the right amount. To assist, we’ve outlined the ATO ‘red flags’ for employers and employees when it comes to FBT. Download our FBT 2024 PDF
‘Closing the Loopholes’? More contentious Workplace Law changes
As trusted advisors to businesses, we at 542 Partners closely collaborate with legal experts like Nick Noonan from Henry William Lawyers. Nick recently shared his insights on the implications of the Fair Work Legislation Amendment (Closing Loopholes No. 2) Bill 2023. Here’s what he has to say about the recent changes: On 12 February 2024, the Federal Government passed the Fair … Read More
Shuffling the deck: 2022-23 Budget 2.0
There is nothing in this Budget that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives. And, the commodity driven $54.4 billion improvement in tax receipts has largely been banked, not spent. With seven months … Read More
Book your complimentary 30-minute HR Health Check
Has workplace compliance been on your mind? Book in a FREE Health Check today. Underpayments, incorrect or weak employment contracts, and paying an employee under the wrong award are common compliance errors businesses make – they’re costly errors that can damage a business, but thankfully they’re all avoidable. Don’t make the same mistakes – arrange your complimentary 30-minute Health Check … Read More
Get ready for super changes from 1 July 2022
From 1 July 2022, two important super guarantee (SG) changes will apply to your business. Mitchell, Accountant at 542 Partners, takes you through the changes you need to know.
Your 2022 end of financial year checklist
The 2022 financial year has been another eventful year for most, having to continue to face unprecedented economic conditions, among many other challenges. Now that we are entering the last month of the financial year, there are a number of matters which you should still attend to as follows: Review your accounts receivable. If there are any invoices that you … Read More
50% wage subsidy available for eligible employees
The Federal Government has recently announced a new wage subsidy of up to $28,000 (per employee), paid in $7,000 per quarter over 12 months, aimed at business owners that have recently (within the last 3 months) employed new apprentices or trainees. Your business may be eligible for the subsidy if: you engage an Australian Apprentice between 5 October 2020 and … Read More
Super choice rules will change from 1 November
You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund. Katie, Account Manager at 542 Partners, takes you through the changes you need to know. As always, our team are here to help. If you would like assistance or have a question, get in touch.