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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
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
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
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
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
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
