In exciting news for the staff of many of our clients, the NSW Government last week passed legislation to introduce portable long service leave (LSL) for community services workers in NSW. This follows Queensland, the ACT, and Victoria, who have had similar schemes successfully in place for a number of years. The scheme will allow community sector workers [...]
Earlier this month, the Fair Work Commission announced its decision to increase National Minimum and Award wages by 3.75%. This includes the Awards common across our client base, such as SCHADS and the Children’s Services Award. The increase applies from the first full pay period starting on, or after, 1 July 2024. The new National Minimum [...]
The Purpose team sometimes fields queries about the application of GST to grants, where a non-profit runs its own grant-giving program. These may be devolved Government grants, or they may be funded through donations received by the org. In these cases, what is the GST treatment on the grant? Has the definition of a ‘supply’ been [...]
Recently we spent some time learning about our individual and team strengths, through the Gallup Clifton Strengths framework. This led to us further articulating our Purpose company vision, values, and values in action. The exercise helped us to better understand how we can leverage our individual and team strengths, to enhance client service. This was a really valuable process, [...]
Purpose has fielded a few queries regarding superannuation obligations, and the definition of employees vs contractors. Below we share some of our recent advice on these topics… Q: My organisation is unsure what our super obligations are for contractors – can you help? A: This issue needs a judgement from your organisation based on the rights and obligations [...]
Tina Froget, our new Senior Accountant / Finance Associate, has been leading the Finance Functions of community service orgs since 2011. She's managed the full range of financial activities, including strategy, advisory; reporting; budgeting; audit/compliance; and accounting functions. Tina has a strong focus on interpreting financial results, spotting trends, and supporting NFPs to develop strong [...]
We are seeing more and more client organisations choosing to provide generous paid parental leave (PPL) entitlements, on top of the statutory payment. This has driven several questions in relation to the costing and accounting treatment of paid parental leave provisions. Here are some of our thoughts... Even if an org has introduced a formal [...]
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 [...]
The Australian Bookkeepers Network (ABN) recently advised members that the ATO has increased its focus on GST compliance and BAS. The expectation is that tax agents can expect a surge in audits. Director of the ABN, Peter Thorp, highlighted the essential role of Bookkeepers in the audit process and gave some tips on how Bookkeepers can prepare [...]
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 [...]
