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So far purpose has created 35 blog entries.

Australian Accounting Standards: new disclosure requirements for 30 June 2020 Special Purpose statements

The Australian Accounting Standards Board (AASB) has confirmed new disclosure requirements for non-profit organisations preparing Special Purpose Financial Statements (SPFS). New requirements will apply to financial years ending on or after 30 June 2020. This will affect your audit if you report Special Purpose. How do I know if my organisation is reporting Special Purpose? Your [...]

2020-03-04T02:43:55+00:00 February 4th, 2020|NFP sector|

Update – Federal Court decision on personal/carer’s leave

In September we advised that the Federal Court had handed down a landmark decision dealing with the method of accruing and taking paid personal/carer’s leave. This decision revised the interpretation of the amount of leave that employees are entitled to. Under the new interpretation, personal/carer’s leave accrual increases for some part time employees. For example, [...]

2019-12-16T00:27:18+00:00 November 16th, 2019|NFP sector|

New ACNC tools available for charities

The ACNC has developed some new resources to assist charities in ensuring good governance and compliance. 1. The Governance Toolkit is a collection of resources designed to help charities manage risk across four key areas: financial abuse; working with partners; safeguarding and cyber security. 2. The small charities library is a valuable collection of factsheets, policy templates, checklists, induction and welcome packs. It includes guidance on [...]

2019-12-16T00:39:04+00:00 October 10th, 2019|NFP sector|

Landmark Federal Court decision on personal/carer’s leave to impact employers and their payroll systems

On 21 August, the Federal Court of Australia handed down a landmark decision that deals with the method of accruing and taking paid personal/carer’s leave, for the purposes of the National Employment Standards (NES) under the Fair Work Act 2009 (the Act). This follows a series of recent legal disputes between employers and unions relating [...]

2019-10-17T04:02:08+00:00 September 17th, 2019|NFP sector|

Is Super payable on annual leave loading?

The ATO has recently clarified its position on whether superannuation is payable on annual leave loading. Annual leave loading is an additional payment of 17.5% (usually), provided to an employee on top of their base rate of pay, during periods of annual leave. It is mandated in some Awards, including the social and community SCHADS. [...]

2019-08-26T01:09:00+00:00 August 26th, 2019|NFP sector|

Looking for a new workspace? Purpose has room!

Purpose has recently become the sole occupier of our previously shared office space at 583 Elizabeth St Redfern! We're social people and we now find ourselves with more room than we need. The team is keen to share our space with like minded souls, so if you are a small organisation considering a new workspace this might be for [...]

2019-08-26T01:04:48+00:00 July 16th, 2019|NFP sector, Purpose Accounting team|

Single Touch Payroll

Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO. This change means that organisations using a solution that offers STP reporting, such as payroll or accounting software, will send employees' tax and super information to the ATO in real time (i.e. each time they run payroll). The [...]

2019-06-13T05:08:36+00:00 June 13th, 2019|NFP sector, Technology|

Welcome to Ning

We are pleased to welcome Ning Gong, the newest member of our steadily growing Purpose team. Ning started with us in April and has coped very well taking on a portfolio of clients from day one! Ning is a CPA qualified Accountant, with over 10 years’ experience in the non-profit sector. Prior to joining Purpose, [...]

2019-06-13T05:36:18+00:00 May 5th, 2019|NFP sector, Purpose Accounting team|

Seeing the forest through the trees

In March we took a brief break from our busy daily workload to focus on our strategic goals and service priorities. Thanks to our clients who managed around our limited availability during this time. The team spent two days at Sutton Forest, in the Southern Highlands. It was a valuable experience, where we planned priorities [...]

2019-06-13T05:29:21+00:00 April 20th, 2019|NFP sector, Purpose Accounting team|