As you may be aware, the ATO is expanding the data collected through the Single Touch Payroll process - this is known as ‘STP Phase 2’. STP phase 2 requires more granular information to be given to the ATO, providing greater visibility of the types of income employees receive (and where it should be pre-filled [...]
With inflation at the highest level we’ve seen for decades, it is more important than ever for grant-funded organisations to see their funding indexed for CPI. Otherwise, services will need to be cut to operate within that funding parcel. There is always a range of indexation outcomes across our client orgs, and between different funding [...]
On 1 July, important changes came into effect regarding super payments: Employers must now pay super for all employees who are paid salary and wage payments - regardless of how much the employee earns every month (there is no longer a $450 per month income threshold). Certain employees will still need to satisfy other eligibility [...]
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 [...]