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 [...]
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!
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 [...]
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.
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 [...]
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 [...]