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As the end of the FBT season draws to a close it is timely to reflect upon common FBT management issues faced by clients and errors we’ve seen in FBT returns prepared by others. Read more
With evolving Government initiatives to assist businesses recover from any negative financial impacts of COVID-19, coupled with new financial risks, we have outlined below some key areas which may impact your School or College in 2020. Read more
From 1 July 2021, for-profit entities preparing financial statements in accordance with the Corporations Act 2001, other legislation, their constituting documents or other agreements will not be permitted to prepare Special Purpose Financial Statements (“SPFS”). At the same time, the existing Tier 2 Reduced Disclosure Regime (“RDR”) will be replaced by new Tier 2 disclosure requirements. Read more
For financial years ending on or after 30 June 2020, certain not-for-profit (NFP) entities preparing special purpose financial statements (SPFS) will need to include new disclosures in their financial statements regarding their compliance with the recognition and measurement (R&M) requirements of Australian Accounting Standards (AAS). Read more
If your registered charity has a GST turnover of $150,000 or more, it must register for GST. If your organisation has a GST turnover of less than $150,000, it can choose to register for GST. Read more
The ATO latest crackdown on tax evasion has targeted parents who may be paying school fees from secret offshore bank accounts that have resulted from an attempt to hide income and gains from the revenue authority. Read more
The South Australian Government has introduced legislation to remove duplicate reporting and licencing requirements for charities who are also registered with the ACNC. Read more
The ACNC has formally announced that its transitional financial reporting arrangements have been extended so non-government schools are not required to complete the financial questions in their 2014 and 2015 Annual Information Statements. Read more