Managing any business requires some number crunching and tracking the money going in and out of your company to keep your finances on track. A common question we get asked, is “how can I view my P&L by my different business units?” We’ve put together a simple step by step guide on how to set up tracking categories in Xero to easily … Read More
Fringe Benefits Tax 2021: What you need to know
We know that no one likes to pay tax and certainly no more tax than they should. But very few people want to be on the wrong side of the Australian Taxation Office (ATO) audit where fees and penalties are paid for neglecting your obligations. The Fringe Benefits Tax (FBT) year ends on 31 March, which means the ATO will … Read More
A simple step to save you thousands. Let’s talk subcontractor statements.
A subcontractor statement refers to the written contracts that subcontractors provide to their principal contractor. These statements apply to a specified period of subcontracted work. As the principal contractor, you need to be careful about complying with the statutory requirements of these statements. Subcontractors declare through their subcontractor statements that they have met their Worker’s Compensation, Payroll Tax, and Remuneration … Read More
Dext: formerly known as Receipt Bank
As you may know, Receipt Bank recently announced their rebrand. Now known as Dext, the new name is a fusion of two words: the dexterity that accountants and bookkeepers bring to their client’s challenges and the next generation attitude that so many have. So, what does this mean for you? Jess Heapy, our ReceiptBank (Dext) 2020 Up and Coming Accountant, talks … Read More
Efficiency in business
A wise man once said, “Don’t confuse being busy with being productive – they’re not necessarily related.” There’s a lot you can do as a business owner. But the reality is, you can’t do everything. We often see business owners wearing multiple hats to fulfil different roles within their business at one time or another. But for your business to be an efficient, well-oiled machine, … Read More
2021 Fuel Tax Credit Rate Changes
Earlier this month, the Australian Taxation Office announced a slight increase to fuel tax credit rates in line with fuel excise indexation. Fuel tax credits rates change regularly so it’s important to check the rates each time you do your business activity statement (BAS), but this month, Kurt discusses the most recent changes that came into effect on February 1. … Read More
Life after COVID | Part 4: Working with your advisor
Welcome to the final part of our 4-part video series, arming you with the tools you need to prepare your business for life after COVID. Business advisors are a dime a dozen, but at 542 it’s our approach that makes us uniquely different. And in business: different is good. As we approach 2021, it’s more important than ever before to … Read More
Life after COVID | Part 3: Looking ahead at business in 2021
Welcome to part 3 of our 4-part video series, arming you with the tools you need to prepare your business for life after COVID. In this part we look to the year ahead for businesses, and discuss the connection between efficiency and sustainability. As always, our team are here to help. If you would like assistance or would like to talk … Read More
Life after COVID | Part 2: Managing cash flow post COVID-19
Welcome to part 2 of our 4-part video series, arming you with the tools you need to prepare your business for life after COVID. Ordinarily, the festive season can present a number of challenges for business when it comes to managing cash flow. With the added decrease in Government stimulus for many businesses, it’s more important than ever to budget, forecast … Read More
Life After COVID | Part 1: Accessing Government Stimulus
Welcome to part 1 of our 4-part video series, arming you with the tools you need to prepare your business for life after COVID. To help manage the economic impact of the Coronavirus on businesses, the Government continues to provide financial support to businesses affected by COVID-19. This week, we discuss the Government stimulus packages and what financial assistance may be … Read More