$17.6B Stimulus Package in response to COVID-19

StuartAustralian Budget, COVID19, General, Tax

Today the Federal government announced a $17.6 billion economic stimulus package in an attempt to prevent a recession caused by the coronavirus outbreak. The Prime Minister anticipates the economic measure will benefit around 690,000 businesses employing 7.8 million people. It is estimated the stimulus will inject $22b into the domestic economy and will include initiatives to: Fast track investment Subsidise … Read More

It’s time to catch up on super


With an estimated $5.6 billion in super payments not made annually, employers are being encouraged to resolve outstanding super commitments. The recent introduction of the long-awaited superannuation guarantee (SG) amnesty bill is now giving employers a ‘once-only’ opportunity to set things right before tough penalties apply. What does this mean? Under SG laws, employers are required to contribute at least … Read More

Turn business growing pain to pleasure


If you’ve moved out of the start-up pond and experiencing rapid growth, chances are you are also navigating unexpected opportunities and unplanned issues. The growth phase for businesses, while exciting, can be one of the hardest to manage so we’ve collated some of the common challenges and how to overcome them. Cash flow Even if business is booming, it’s easy … Read More

Four simple ways to keep your business in shape


Business can move at a rapid pace so we’ve created an infographic that highlights four simple ways to keep your business in shape and give yourself every opportunity to do better business in 2020. At 542 Partners we don’t only look at the numbers, we help you achieve your business goals. Let’s Talk Love the blog? Subscribe to receive it fortnightly. … Read More

Vacant land deduction changes hit ‘Mum & Dad’ property developments


Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land. Previously, if you bought vacant land with the intent to build a rental property on it, you may have been able to claim tax deductions for expenses incurred … Read More

Why the only beans we count are in our coffee


As technology evolves and clients demands shift, we take the opportunity to deliver sustainable business solutions that go beyond counting beans and crunching the numbers. Numbers are just numbers (until we explain them to you) Understandably many business owners focus on cashflow and the amount of money in the bank as a sign that their business is successful. Being advisors, … Read More

2020: The year for smarter business decisions

CraigBusiness Audit, Business Process, Business Technology, Cloud Accounting, General

We know every dollar (and minute) counts in business and regardless of where you are in your business journey, understanding the numbers is key to making smarter business decisions. Do your figures add up? It may not be the end of financial year; however, year-end is a great time to assess your figures. 542 Tip: A well-run business has well-managed … Read More

5 Ways to prepare your business for the festive season

StuartBusiness Audit, Business Process, Business Technology, Cloud Accounting, General, Tax

They know when you’re sleeping, they know when you’re awake, they know when you’ve been bad or good, so be good for the ATO’s sake. Celebrating the holiday cheer can have far-reaching consequences but planning ahead and budgeting appropriately can save you from much bigger headaches in the New Year. 1. Give yourself a tax-free Christmas As small business owners … Read More

CGT and the family home: expats and foreigners targeted again


The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents. Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers to claim the main residence exemption. The unpopular measures were introduced into Parliament but stymied. … Read More

Calculating Super Guarantee: The new rule


From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer. Under current rules, some employers are paying SG on the salary less any salary sacrificed contributions of the employee. Currently, employers must contribute 9.5% of an employee’s … Read More