Arnold & Finlay Blog
A RECESSION WITH A DIFFERENCE!
The last recession was in 1991 (Keating's "the recession we had to have"!). March is likely to be negative and June could be a big hit due to the business shutdowns. One resulting factor will be higher unemployment, and it will also be harder to switch jobs. Read more…
I've had quite enough of being in a Twilight Zone! (Although not that much can be done.)
Jump from the problem – no control – to the key aspect of a solution – how long will this last? Does anyone know? Of course no one knows but one good indication is a chart from the Health Department showing 'New and cumulative confirmed cases by notification date'. Read more…
The government announced yesterday a package of temporary measures to support the economy. These are in 4 parts and are aimed mostly at small to medium sized businesses. Some measures are immediate and some retrospective to 1 January 2020 (they do require legislation, which means they could be held up or amended in Parliament, the next sitting is 23 March). Read more…
The Super Guarantee Amnesty Bill has been passed by both houses (only took 2 years, opposed by Labor and the Greens). Read more…
Superannuation is fast becoming a large asset for most people, but many ignore the simplest requirements, like succession, compulsory payouts on death, insurance in the Fund, and an appropriate investment strategy. The ATO hasn't. Read more…
Loans by Private Companies to Shareholders
The ATO has been looking at the process of private companies paying dividends, and considers that some of the current practices might not be fully compliant with tax and corporation laws. Read more…
Everyone knows term deposits now earn less than 2%. I expect that this may even fall further next year, so if you are retired you either change your life style or you seek investments paying higher returns. Read more…
You probably know that we started offering audit insurance a few years ago. We could see the trend of the ATO increasing the number of audits/reviews each year, either due to concern over the industry (history of 'cash only'), an anomaly over KPI's (eg., GP not high enough, so cash must not be reported), selection based on data matching (over 800M transactions in 2018), or from public tips and dob-ins (a whole new ATO department set up for public information provided). Read more…
The tax office is able to recover from the directors' a company's unpaid PAYG tax and superannuation, by issuing any or all of the directors with a Director Penalty Notice (DPN). Read more…
There is more to super than just getting a tax deduction! Read more…