Arnold & Finlay Blog
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…
Sometimes I get confused. Things that seem to make sense at the time, then get combined with other information so it doesn't make as much sense any more. Read more…
TAX PLANNING MUST DO'S BY 30 JUNE 2019 Read more…
Nearly the end of another financial year. The TV ads have started, 'Beat the tax man', inciting you to buy something from them and so save tax. Accountants then get calls like "Should I buy this before 30 June and save lots of tax?" Read more…