One in two Australians will need to claim for a critical illness during their working life; Make sure you have the right income protection.

StuartGeneral, Brett Wright

542 BFP Income Protection insurances

  One in two Australian’s will need to claim for critical illness during their working life, but many don’t have the right insurances in place to cover both their business and their family. Income and life protection are much more than a cheap policy put in place for emergencies. They can protect against losing your home and business in the … Read More

A step-by-step guide to activating your ATO Business Portal

StuartBusiness Technology, Tax

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As the ATO moves to become digitalised, businesses can now access the ATO’s Business Portal. The Business Portal is a safe, secure website where you can manage your business tax affairs to: View past and yet to be lodged Business Activity Statements (BAS); view your statement of account and payment options; request a refund or transfer of funds between accounts; … Read More

How the wrong business structure can cost you millions

StuartBusiness Structures

startups business structure 1073x603 1024x575

  Getting the right business structure in place is one of the most important business decisions you can make throughout your business lifecycle. Unfortunately, without the right business advice it can be an easy mistake to get your business structuring wrong. Aside from causing operational pain, the wrong business structure can literally cost hundreds of thousands of dollars over the … Read More

Top tips for you to do better business in 2016

CraigDarnelle O’Brien, General

Top Tips to do better business in 2016

  New year, new (business) you? We hear you! Whether you’re just starting out or growing your business, doing better business for the New Year is a top priority. In our experience we’ve found the difference between a good start to a new year and a not-so-good start can be the simple things. To help start off on the right … Read More

Exit Strategy: How to successfully exit your business

CraigBusiness Process, General

Exit Strategy

An entrepreneur lives for the struggle of launching their business. But an often forgotten fact is; decisions made in the beginning can have implications well into the future of the business. As it turns out, once you build the business and your fortune, you need an exit strategy to get the money back out.   As accountants we like to … Read More

Why having too much cash isn’t always a good thing

CraigGeneral

Too much cash

“Too much cash isn’t always a good thing”. It sounds impossible. Improbable. Incomprehensible. Especially for an accountant to say. Businesses love cash, but is there such a thing as having too much? While it may seem counterintuitive to ‘suffer’ from having cash, the risks can be overlooked, offsetting the benefit of accumulating it in the first place. Why cash isn’t … Read More

Choosing a business accountant 101

DarnelleGeneral

How to choose a business accountant 101, by 542 Partners

Q: What’s the definition of an accountant? A: Someone who solves a problem you didn’t know you had in a way you don’t understand. We think this joke is funny. But unfortunately for some business owners – it’s a reality. Often the relationship you have with your accountant can be a once a year, burn a hole in your pocket, … Read More