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So far purpose has created 44 blog entries.

New single standard for disclosures – Special & General Purpose reporting

We have previously reported on changes to Australian Accounting Standards, relating to Special and General Purpose reporting. These changes came into effect on 1 July 2021. The previous General Purpose Reduced Disclosures Regime (GPFS-RDR) has now been replaced with a new single standard, which includes all disclosure requirements: AASB 1060 General Purpose Financial Statements – Simplified Disclosures for [...]

2022-04-12T05:01:17+00:00 April 12th, 2022|NFP sector|

Finance policy templates – available now!

No time to draft your finance policy documents from scratch? If your organisation needs support to update or implement financial management policies, please reach out to Purpose. We have created a full suite of template finance policy documents, written in Plain English and tailored for non-profit orgs. See here for more details on what’s available!  

2022-04-05T03:50:29+00:00 April 5th, 2022|NFP sector|

Welcome to Mel!

We are so pleased to welcome our newest team member (and rising star in bookkeeping!), Melanie Simon. As a proud Biripi and Anaiwan woman, Mel has specialised in leading Aboriginal affairs and community development throughout her career. Her most recent position was in the Department of Communities and Justice, where she worked on the frontline [...]

2022-04-12T04:49:41+00:00 March 12th, 2022|Purpose Accounting team|

What’s the best approach to managing staff debit card access in NFPs?

We are often asked to advise on best practice when it comes to managing staff credit/debit cards in non-profit orgs. Spending by VISA/Mastercard or similar has increased over the years, as online purchasing has become more prevalent. Of course this is a big topic generally but we thought we’d share our views on this commonly [...]

2022-04-12T04:49:53+00:00 February 12th, 2022|NFP sector|

AIS submissions due 31 January 2022

A reminder that the deadline is approaching for the submission of AIS and financial reports to the ACNC. For charities reporting to the regular financial year (1 July to 30 June), your AIS is due by 31 January 2022 (this is an extension of the usual 31 December deadline). For more information check the ACNC website.

2022-01-12T23:09:18+00:00 January 12th, 2022|NFP sector|

Cutting the red tape – changes to reporting thresholds for NFPs

The Government will cut red tape for NFPs, with financial reporting obligations set to be eased. These changes aim to reduce the reporting burden on charities, whilst providing good accountability to donors, beneficiaries, and the public. From 1 July 2022, there will be three key changes to reporting requirements. 1. Changes to reporting thresholds: Current reporting obligations [...]

2022-01-12T23:10:20+00:00 December 12th, 2021|NFP sector|

Super ‘stapling’ is here!

From 1 November, employers will need to comply with ‘super stapling’ requirements for new employees. 'Super stapling' is part of a package of reforms to the super system. It aims to address the issue of lost super for those that end up with many super funds. Under the new arrangements, employees will have their chosen [...]

2021-11-02T02:31:39+00:00 October 30th, 2021|NFP sector|

Director IDs now needed for all Directors

The Government has introduced changes requiring all Directors to apply for a Director ID (previously referred to as a 'Director Identification Number' or 'DIN'). A Director ID is a unique identifier, issued to Directors that have verified their identity with the Australian Business Registry Services. It applies to all Directors of a Company, registered Australian [...]

2021-11-02T02:37:35+00:00 September 2nd, 2021|NFP sector, Technology|

New NSW Fundraising laws: do your receipts need updating?

On 1 July, the NSW Government introduced new laws for charities carrying out fundraising activities in NSW. These changes aim to raise public confidence, increase transparency and bolster support for charitable appeals. The Charitable Fundraising Regulation 2021 sets out the following new rules for fundraising NFPs: 1. Donation receipts All donations now need to be receipted A receipt [...]

2021-11-02T02:49:04+00:00 August 2nd, 2021|Uncategorised|

Covid 19 Support for NSW businesses – an update

Last week we shared news of the financial support measures being introduced by the Federal and NSW Governments, in response to the latest Covid 19 outbreak. These included: 1. NSW Government small business grants 2. The SME business support payments (JobSaver Program) Applications for the small business grants opened yesterday and are due to close on 13 [...]

2021-07-22T04:05:40+00:00 July 20th, 2021|NFP sector|