Not for Profit Newsletter Content | February 2019

By Corrine Siddles on 20/02/2019

Welcome to our first NFP update for 2019.  There are many changes afloat at present which impact governance and financial reporting for the sector.  A key update is the recent change made by the AASB which allows NFP’s to elect not to fair value below market leases and treasury’s review... Read More >

Not for profit News | Fraud and Noclar

By Corrine Siddles on 20/02/2019

Former Guide Dogs manager convicted A former general manager of Guide Dogs Victoria submitted false invoices for home improvements and has pleaded guilty to three counts of obtaining advantage by deception. Sandro Cirianni, 49, of Bundoora in Melbourne’s north, was given a three-year community correction order and fined $3750. He... Read More >

Not for Profit News | ACNC

By Corrine Siddles on 20/02/2019

Charities and politics With federal and NSW elections only months away, some charities might plan to campaign on political issues. The ACNC’s guidance on election activity, Charities, elections and advocacy, notes that registered charities may undertake activities that are ‘aimed at securing or opposing any change to a law, policy... Read More >

Not for Profit News | Financial reporting insights

By Corrine Siddles on 20/02/2019

Amendments to Australian Accounting Standards – Right-of-Use Assets of Not-for-Profit Entities Under the current drafts of AASB 1058 Income of Not-for-Profit Entities and AASB 16 Leases, Not-for-Profit (NFP) entities would have had to fair value their right-of-use (ROU) assets subject to any peppercorn or below-market leases for periods beginning on or... Read More >

Not for Profit News | Governance

By Corrine Siddles on 19/02/2019

Within the NFP sector, there have been several new governance regulations introduced. The below articles provide a snapshot into the recent changes and key issues to be aware of within the NFP sector that may impact on the governance of your organisation. Gifts and honorariums guidance The Australian Charities and... Read More >

Royal Commission report update

By williambuck on 11/02/2019

The Final Report for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been released. The report is complex and the government has agreed in principle to act on the 76 recommendations. Without a doubt, Hayne’s recommendations will ignite needed change - bringing increased transparency... Read More >

2019 Venture Capital Report

By williambuck on 08/02/2019

Venture Capital investment in Australia reaches A$3 billion in 2018: William Buck 2019 Venture Capital Funding Report Key points in this release In the year ended 31 December 2018, the value which the Venture Capital (“VC”) groups invested in Australian deals grew by 122% to A$3 billion, compared to A$1.4... Read More >

A scam – the biggest investment loss you can make

By Andrew Barlow on 08/02/2019

One of the biggest concerns for an investor is losing money. While a vigilant investor will consider all asset classes and risk profiles to suit their needs and ensure returns; in my experience, the biggest investment loss you can make is through a scam. While over the years there will... Read More >

Avoid the latest scams

By William Buck on 08/02/2019

A rising number of people are being targeted for various sophisticated scams. The Australian Competition and Consumer Commission (ACCC) reports that Australians lost over $107 million to scams in 2018. Of those, investment scams topped the list for greatest financial loss at $38 million. While there are many types of... Read More >

Sell your property now, or risk a big tax bill

By William Buck on 05/02/2019

Do you live overseas and own a house in Australia? If so, you may have less than five months to act before you’re stuck with a large tax bill on the sale of that property. Proposed tax changes In May 2017, the Australian Government proposed changes to the existing capital... Read More >

Have you received a Director Penalty Notice?

By William Buck on 05/02/2019

As a director, it’s important that you ensure your company complies with its taxation obligations, or else risk personal liability for outstanding Pay As You Go and Super Guarantee Charge. Where a company does not meet its obligations to pay Pay As You Go (PAYG) and the 9.5% Super Guarantee... Read More >

Overseas Travel in Bankruptcy

By William Buck on 05/02/2019

An important condition placed on all bankrupts in Australia is the restriction on unauthorised overseas travel. An undischarged bankrupt must obtain permission from their trustee prior to arranging and undertaking overseas travel. There are no restrictions on travel within Australia whilst bankrupt. Section 272 of the Bankruptcy Act 1966 (“the... Read More >

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