About purpose

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So far purpose has created 59 blog entries.

Welcome to Arslan & Noralie!

We recently welcomed two new team members into the Purpose fold. Arslan Shahid, our Finance Associate, is a Chartered Accountant with experience in public practice, non-profit, Government and private sectors. His focus is delivering insightful financial advisory, supporting organisations to increase performance and sustainability. He has many years’ experience in budgeting, forecasting and management reporting. Arslan has partnered [...]

2024-01-17T04:29:39+00:00 November 15th, 2023|Purpose Accounting team|

Working capital riddle: why the ups and downs, when overall financials are healthy?

We were recently asked a great question by a client - why, in some months, does the working capital ratio improve, while the current ratio declines? Both are measures of balance sheet health, so why aren't they moving in the same direction? Let’s look at an example. In the graph pictured, December was a strong surplus [...]

2024-01-17T04:07:00+00:00 September 14th, 2023|NFP sector|

DGR changes for environmental & arts organisations

Our non-profit clients in the environmental and arts sectors welcomed recent news that the administration of their Deductible Gift Recipient (DGR) status will be transitioning to the ATO. The changes are part of the DGR Reform program. To date, the ATO has administered 48 of the 52 categories under which an organisation may be eligible for [...]

2024-01-17T04:06:19+00:00 August 10th, 2023|NFP sector|

NSW Govt confirms indexation at 5.75% for community services grants

In welcome news for affected community orgs, the NSW Government announced that, from 1 July, 5.75% indexation will apply to community services grants in the Health and Communities and Justice portfolios. This covers domestic and family violence services; community mental health services; homelessness services, neighbourhood centres, and child and family services in NSW. While this is great news for the [...]

2024-01-17T04:13:15+00:00 July 11th, 2023|NFP sector|

Increases to minimum wage, Awards & Super guarantee – commencing 1 July

Following the Annual Wage Review 2023, the Fair Work Commission announced a significant 5.75% increase to Award wages. In the media that followed, unions seemed to be happier than employer groups. Increases apply from the first full pay period starting on or after 1 July 2023. At the same time, the superannuation guarantee rate will [...]

2024-01-17T03:33:51+00:00 June 17th, 2023|NFP sector|

Welcome to Caroline!

We are excited to welcome our new Accountant, Caroline Kim, to the Purpose team. Caroline is a CPA qualified Accountant, with over 10 years’ experience supporting organisations with their management accounting, financial reporting and business advisory needs. She has spent a number of years in practice environments and is well accustomed to servicing a diverse set [...]

2024-01-17T03:58:24+00:00 May 16th, 2023|Purpose Accounting team|

15% payrise for aged care workers – 30 June commencement

Back in November 2022, the Fair Work Commission (FWC) ordered a 15% interim increase in minimum wages for aged care workers. This applied to the Aged Care Award 2010, as well as to direct care workers providing services to the aged under the Social, Community, Home Care and Disability Services Industry Award 2010 (SCHADS Award) [...]

2023-04-18T04:25:33+00:00 March 18th, 2023|NFP sector|

Paid family & domestic violence leave: our approach (where we manage clients’ payroll)

In October 2022, Parliament passed the Fair Work Act Amendment - Paid Family and Domestic Violence Leave. This provides an entitlement for all employees, including casual employees, to 10 days of paid family and domestic violence leave in each 12-month period. These changes came into effect on 1 February for larger businesses (with 15 or [...]

2023-04-18T04:15:48+00:00 February 18th, 2023|NFP sector|

Some tricky maths…insights on a common budget building mistake

In our years working with clients to build budgets, we sometimes encounter a common error in the process, which leads to a shortfall in organisational overheads. Sharing our learnings below for those wading into these murky waters…! When we talk overheads we usually refer to these as a % of total income However, often when [...]

2023-04-18T04:22:05+00:00 January 14th, 2023|NFP sector, Purpose Accounting team|

New workplace laws passed

Earlier this month, the Government passed the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022. This legislation introduces new workplace laws and amends a range of existing rules. Some of these changes started this month, while others will commence next year. Amongst the changes are new restrictions regulating the use of fixed term [...]

2023-04-18T04:02:50+00:00 December 18th, 2022|NFP sector|