Technical News

The Australian Charities Report 2018 is the sixth annual analysis of the information the Australian Charities and Not-for-profits Commission receives from charities in their Annual Information Statements. The data shows that charity sector revenue grew by 6.4% in 2018, more than the Australian economy in the same period. The sector generated more than $155 billion – $10.5 billion from donations…

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The New South Wales Supreme Court has ruled that the millions of dollars donated to a Facebook fundraiser run by Australian comedian Celeste Barber can only be used for causes related to the NSW Rural Fire Service (RFS). The court last month ruled that Ms Barber nominated the NSW RFS and Brigades Donation Fund as the beneficiary of the fundraiser…

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The AASB and AUASB have recently released a new publication which highlights the impact of COVID-19 on Going Concern and related assessments as well as an overview of directors’ and management’s: duties in relation to assessments of solvency and going concern, how these concepts interact and how these may be impacted by COVID-19; and responsibilities to assess whether the going…

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Will Australian charities be COVID-19 casualties or partners in recovery? A financial health check has been launched this morning by SVA and CSI. The report models the potential impact of COVID-19 on the financial health of 16,000 charities in Australia who employ people, to better understand the effects and identify systemic solutions.   This new modelling has found that without transitional…

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AFL clubs trying to convert membership payments into tax-deductible gifts are at risk of breaching federal consumer and tax law, and supporters could be left bearing the cost, experts have warned. With the likelihood that members will be locked out of attending games for the foreseeable future, clubs have begun pleading with members not to seek refunds, instead urging them…

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Coronavirus and workplace laws: There’s probably not a business in Australia that hasn’t been impacted in some way. Fair Work Australia is here to help you understand your rights and responsibilities during the outbreak and along the road to recovery. To view the dedicated Fair Work Australia coronavirus website, click here Temporary changes to the Fair Work Act: Changes have…

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Reporting through Single Touch Payroll (STP) requires some changes to your end-of-financial-year processes. You no longer need to provide a payment summary to your employees or lodge a payment summary annual report with the ATO for information you’ve already reported and finalised through STP. You should tell your employees that you won’t be providing a payment summary and that they’ll…

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Your organisation may be eligible to apply for a refund of franking credits for income received from franked dividends from 1 July 2019 to 30 June 2020.  Only endorsed income tax exempt entities and deductible gift recipients (DGRs) are eligible to receive a refund of franking credits. If you have previously applied for a refund of franking credits your organisation…

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Due to legislative delays cause by Covid-19, three reforms that were scheduled to be implemented on 1 July 2020 will now be delayed. These reforms will instead commence three months after Royal Assent. This relates to: Requiring non-government organisations wishing to hold DGR status to be registered as a charity with the ACNC The removal of public fund requirements for…

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The days are numbered for special purpose financial statements (SPFS) in Australia. We are now moving to an SPFS-free framework, which is the result of extensive research, evidence-gathering and stakeholder engagement by the Australian Accounting Standards Board (AASB). However, this change does not impact everyone; entities that don’t need to comply with Australian Accounting Standards (AAS) may still prepare SPFS.…

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