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
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
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
The changing landscape of lending
We have been working on exciting new projects over the past month. Not only do we have a completely renovated (and expanded) head office, we have also been working with some of our good friends and business partners, to create a series of insightful and informative content to help you along your business journey. Don’t forget to subscribe to our … Read More
Overcoming business growing pains
The growth stage of every business, while exciting, comes with challenges. When revenue increases and more customers are putting trust in your product or service, common growing pains start to arise that businesses must tackle. Cash flow and financial management Increased revenue doesn’t necessarily mean good cash flow. Managing a higher stream of cash flow is often challenging for … 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
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
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
How to navigate small business growing pains
The growth phase for small businesses, while exciting, can be one of the hardest to manage. But with some smart technology and clever processes, growing your small business can be an exciting transition. There’s a new set of challenges to navigate for every hope of a self-sustaining business. This is the phase when you have a product or service your … Read More
Is your business ready for EOFY?
While most people would assume we’re pedal to the metal for tax time, it’s pretty much business as usual. We’ve been discussing tax planning with our clients over the past 12 months. Sure, we’ll give them a gentle reminder to pay super contributions before 30 June, including any additional super contributions for the year, but really, it’s just like any … Read More
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