Arnold & Finlay Accountants & Planners Pty Ltd in Southport, Queensland | Financial consultant

Arnold & Finlay Accountants & Planners Pty Ltd

Locality: Southport, Queensland

Phone: +61 7 5532 7244

Address: Suite 30701, 7th Floor, SPC Tower 3 4215 Southport, QLD, Australia

Website: http://www.arnfin.net.au/

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25.01.2022 COVID-19 UPDATE Income Support for Individuals From 27 April 2020, the Government will introduce a Coronavirus supplement of $550 per fortnight (payable to individuals currently receiving certain eligible income support payments) and will also temporarily expand access to certain income support payments, over a six-month period. ...Continue reading

23.01.2022 Cameron's Latest Blog - The Confusing Economy THE CONFUSING ECONOMY (or is it just me?) 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....Continue reading

23.01.2022 Cameron's latest Blog: Business is not always easy, but some principles are simple. To be better and to succeed, you really need to focus mainly on two areas. 1. Be very clear about the 2 or 3 things that actually increase your revenue (also called sales or turnover or income)... Most owners spend most of their time doing activities that simply do not grow the business, things like administration, meetings, handling customers. All are necessary for a well functioning business but are not likely to increase how much money you make. So, what does increase revenue? Testing new marketing methods Split testing of current marketing methods (the detail, placement, offers, urgency, etc.) New product lines Contacting potential buyers Generating positive PR Systematically generating referrals Re-contacting former customers or old leads Learning about business development systems. It is necessary to be clear about the 2 or 3 activities that actually create more revenue for you, otherwise you could commit many hours to exercises that won’t make much difference to Sales Income. Of course, you need to test and retest to see what works best for you, and is also capable of being set up as a system. 2. Focus as much time as required weekly on those 2 or 3 things. You now know the few activities that have been determined will increase your revenue. But, there are so many demands on your time you can’t get onto revenue generation. Or, you ‘major in minor things’. Could you spend a day a week on new revenue generation activities? It could mean having an assistant (make sure they have a list of what they should be doing so they are not always waiting for you for work), delegate some of your work to staff who can do that work (it could mean training, checking for a while, and getting regular reports to read when you receive them), or perhaps eliminate some of the ‘busy work’ (get rid of ‘that’s the way we always do it’ if it has no significant value to operations. Simple? That’s it, only two steps. Everyone is short of time from ‘busyness’. Learn to use your time more effectively, the result is likely to transform how much profit you make. It’s really basic: Get clear on the handful of activities that actually increase your sales. Focus obsessively on those areas, every week. Yes, it is easy to say, and may be a little harder to do. But, it is very, very possible that it will make a big difference in income and profit.

19.01.2022 Cameron's Latest Blog - Lockdown, a Recession, but Better to Come? 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. That leads to lost income and falling wages, which reduces consumer spending power. On top of that, confidence will be...Continue reading

19.01.2022 Cameron's Latest Blog - Easy Checks on Whether a Worker is an Employee or an Individual Contractor This is easy to check and can be expensive to get wrong. If you get it wrong: Fair Work or Federal Court may order the payment of fines and penalties, and require backdated superannuation and other entitlements to be paid...Continue reading

18.01.2022 Cameron's Latest Blog: Single Touch Payroll - You Need to be Ready! All employers are required to report each payroll to the ATO from 1 July 2019. However, there is a phase-in period to allow a start on 30 September, for example, where software needs to be acquired. What is STP? STP requires businesses to report employee payroll information to the ATO each time a salary or wage payment is made. The BAS reports total wages and withholding each quarter, STP reports the amount...Continue reading

13.01.2022 Cameron's Latest Blog - Will 30 September be a 'Cliff' for Business? Whether JobKeeper will cease or continue for you after September it is important that you take similar steps to avoid a possible crisis when the support stops. Predictions have been published of 1 in 6 (by Economists) or 1 in 10 (Statistics) businesses closing before December. You need to look at several key areas in order to survive if not collecting JobKeeper, because being in a business in a recession i...Continue reading

13.01.2022 This morning we have been inundated with enquiries from clients with regards to whether their business will qualify for the JobKeeper payment, released as part of the Third Stimulus package. As at this morning we do not have as much information as we would like with regards to qualifying, implementation, and substantiation, however, we wanted to get some info out to you as quickly as possible hence we are forwarding the available information to you now. As we receive further... updates we will forward them to you. We need to have more information regarding the sole trader provision, because this is not totally clear and we don’t want to give you incorrect advice. However, the Government has announced that eligible businesses, including self employed individuals, will need to register an Intention to Apply on the ATO’s website (Ctrl + click to follow link) (https://www.ato.gov.au/general/gen/JobKeeper-payment/) . We recommend that even if you are not certain that your business will qualify for the payment, you should register your intent regardless as soon as possible. For those people who have already emailed us this morning please bear with us, we will respond as soon as we can. And, as usual, please call or email if you have further queries because we’re all in this together. Stay safe, stay well.

12.01.2022 Cameron's Latest Blog - Have You Got Control of Your Super (or SMSF)? 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. Wills...Continue reading

08.01.2022 COVID-19 Updates BAS and Cash Flow Assistance Small and medium-sized businesses and not-for-profit entities that employ people, with an aggregated annual turnover of less than $50 million (usually based on their prior year’s turnover), may be eligible to receive a total payment of up to $100,000 (with a minimum total payment of $20,000), based on their PAYG withholding obligations, in the following two stages: ...Continue reading

06.01.2022 Cameron's latest Blog - PERSONAL LIABILITY UNDER DIRECTOR PENALTY NOTICES 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). There are two types of DPN....Continue reading

05.01.2022 Cameron's latest Blog - Have you paid your Employee Super for past years? The Super Guarantee Amnesty Bill has been passed by both houses (only took 2 years, opposed by Labor and the Greens). Employers will have a six months amnesty to pay SG contributions for super owing between 1 July 1992 and 24 May 2018. The employer will be able to claim these as a tax deduction, with no administration charges or penalties. Normally, if super is paid late it is not tax-deductible and c...harges and penalties can be significant. Those who do not take advantage of the one-off amnesty, if (or when) found, will not be able to claim the super as a deduction and will pay full penalties, a minimum of 100% on top of the charge, plus admin charges. The ATO does not have a discretion to remit penalties and charges; they are specified in the Act. The amnesty window is retrospective to the original announced start date of 24 May 2018 and ends six months after the Bill receives Royal Assent (so perhaps assume start in April). So, if you have paid already in good faith, you are covered by the Amnesty. Don’t wait for the Bill to receive Assent, six months is fairly short, so the forms need to be done and the payments made in that time, there will be no extensions. If you are betting the ATO won’t notice, don’t count on it, the ATO matches up all Payment Summaries to what the employer has claimed, and what super has been paid to a Fund. It’s a big job that takes some time to gather the information, but can identify under payments easily. Also, the ATO receives thousands of calls on non-payment of super, and follows up all of them. Finally, the ATO doesn’t have to do the work, it can request a reconciliation and proof of payment from the employer. So, if you think this could apply to your business, talk to us soon.

02.01.2022 Cameron's Latest Blog - Is Tax Planning a Sport? It’s not (unfortunately), but there are rules and boundaries, a biased umpire (in the ATO), and a time limit (30 June) when the game ends. Why Tax Planning is SO Important...Continue reading