As we enter the New Year, our friends at Xero have been hard at work making loads of planned changes to help us to even more beautiful business in 2019. Like Xero, we’re on a quest to make record keeping easier, safer and more efficient. So keeping track of improvements will ensure you are getting the most out of your … Read More
Starting 2019 off the 542 way
If you have big plans for your business in 2019, then January is all about laying a solid foundation for the year ahead. Before you get caught in the day to day life of business, use January to review your business processes and financial position, that will help you achieve your goals in the New Year. As you know, … Read More
Xero makes Single Touch Payroll easy
From 1 July 2019, Single Touch Payroll (STP) will be expected to be a part of the pay-as-you-go reporting cycle for small business. That’s right, no more end of year ATO reporting and statements for wages, deductions and super information. How does STP work? For businesses with digital payroll software, like Xero, it can be done in seconds. Xero’s STP … Read More
Wrapping up the year that was
And just like that, it’s time to look back at some of the significant legislative and policy changes that occurred this year. $20,000 instant asset write off extended The ATO extended the immediate deductibility threshold for small business until July 2019. The popular announcement is valid for small businesses with a turnover of less than $10 million. Single Touch Payroll … Read More
Does your business structure protect your personal assets?
If you’re running a business or building personal wealth, don’t go risking it with the wrong legal structure. As a sole trader or an individual partner in a partnership, your personal assets are completely exposed to business liabilities and asset protection is recommended for every business owner. Most people believe the easiest way to protect their assets is to set … Read More
4 Ways your accountant should offer more than a tax return
Choosing the right accountant for your business is essential for so many reasons. But we’ll get to that in a moment. At 542 Partners, we value client relationships and have a genuine interest in guiding your business journey with smart technology and clever processes. So if you’re used to only seeing your accountant at tax time, here’s a few more … Read More
Does your business structure maximise your tax opportunity?
Aside from causing operational pain, the wrong business structure can cost hundreds of thousands of dollars over the life of your business. However, choosing the right structure can maximise tax opportunities and minimise risk, ultimately contributing to the financial success of your business. Getting the right business structure in place is one of the biggest business decisions you can make … Read More
Buying a business? How due diligence can save you from potential disaster
Buying a business without conducting the right due diligence checks can mean buying a business with a chequered past. Before you ready yourself for ruling a business empire, assemble a team of experts to help you see the woods for the trees. We know it’s exciting, but it pays to consider some key questions before you get wrapped up in … Read More
E-signatures: the missing link to your lodgement
We believe the right tools make all the difference. As an Xero Platinum Partner, 542 Partners chooses to send documents for signing via Xero Portal. As agents, we are legally required to have all documents signed before lodging with the ATO. By making the process digital, we hope to streamline the process and make it easier for you to view … Read More
5 Signs your business structure is wrong for you
Choosing your business structure is one of the most important decisions you’ll make as a business owner. Choosing the right structure can maximise tax opportunities and minimise risk, ultimately contributing to the financial success of your business. Aside from causing operational pain, the wrong business structure can literally cost hundreds of thousands of dollars over the life of your business. … Read More