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
Business audits: does your business need one?
We are super excited to welcome our auditing extraordinaire, Adam Brown into the fold. Adam completes our full service structure at 542 Partners and leaves no stone unturned to get under the skin of our clients businesses. Most business owners cringe at the thought of an audit but audits are actually a great thing! Most people think of the ATO … Read More
The grass is bluer on the other side: Why EVERYONE loves Xero
It’s an exciting time for business owners. Thinking back 20 years ago (Craig and Adam were still in high school – just and Stu was just a young whippet), accountants were stuck behind their desks, buried under reams of paper. Fast forward to 2014 and thanks to slick web applications and cloud technology, accounting is an industry that has undergone … Read More
Spotlight on Fringe Benefits Tax: Pay to be nice
Are you a nice employer? Do you shower your staff with benefits when they make their targets? Sometimes YOU need to pay to be nice. Enter > Fringe Benefits Tax. Fringe Benefits Tax (FBT) is a tax levied on benefits provided by an employer to their employees. It is worth noting that if you are a director and conduct your … Read More
Franchising: what you need to know
A few business owners we’ve come across that have 3 or more locations start thinking: Franchising. Franchising can seem like a great option; sell your idea to others while you sit back, relax and watch your business grow… right? Wrong. Franchising, while great for some businesses isn’t always the best option for others. It can seem like an easy way … Read More