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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
With a sense of déjà vu for NSW-based organisations, again this winter we will be traversing disruptions to our organisations and personal lives. Hang in there friends! On a positive note though, Governments are stepping in once more to provide financial support. Yesterday we saw the Federal and NSW Governments joining forces to offer support [...]
Following the Annual Wage Review 2021, the Fair Work Commission announced a 2.5% increase to the national minimum wage and all award wages. Where Purpose is supporting clients with bookkeeping services, we have applied the relevant changes via Xero / payroll systems to ensure employees have a seamless transition to the new rates. For those [...]
The Federal Government’s JobMaker Hiring Credit scheme is an incentive for businesses to employ additional young job seekers aged 16 to 35. If you hire new employees, you may be eligible to receive payments under the scheme, which is administered by the ATO. Organisations can access JobMaker for each eligible additional employee they hire between [...]
The ACNC is beefing up its guidance for financial reporting in the area of Government revenue reporting (requiring more detail in statutory accounts at the level of Government and Departments). For our clients, distinguishing the income by Department will be a new level of detail in many cases. Staying on top of Department name changes [...]
This month we celebrate Nina Trofimova's achievement in being recognised as a Fellow of CPA Australia (FCPA). Being awarded FCPA status means that Nina has been acknowledged as an expert in her field. To progress to this status, individuals must have at least 15 years’ experience in accounting, finance or business, including five years in an [...]
