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Mar 24, 2020 / News

AASB approves removal of Special Purpose Financial Statements

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

Audit and Assurance / Education / Not for Profit


Feb 26, 2020 / News

New disclosure requirements for Not-For-Profit entities preparing SPFS

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

Education / Financial Reporting / Not for Profit


Jun 12, 2018 / News

Does your organisation need to register for Goods and Services Tax?

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

Education / GST / Not for Profit / Taxation


Jan 05, 2016 / News

ATO Alert:  Fees paid from offshore accounts

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

Education / Taxation


Jan 04, 2016 / News

ACNC Update: SA Government to Reduce Red Tape for Charities

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

Audit and Assurance / Education


Apr 21, 2015 / News

ACNC streamlined financial reporting for 2014/15 for non-government schools

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

Audit and Assurance / Education