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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
