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Case Studies
Not-for-profit saves hours at month-end with Sage Intacct
Based in Melbourne and Geelong, Westgate Community Initiatives Group (WCIG) is a not-for-profit organisation committed to improving lives through practical responses to unemployment and disadvantage. Through implementation of Sage Intacct, WCIG was able to save hours at month-end and simplify accounting to reclaim time to focus on delivering strategic financial advice.
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Ahead of the Curve ... Fast Forward
As a finance futurist, Nunzio Giunta CPA has embraced technological changes in his industry, but he also looks forward to a new era for finance, in which emotional intelligence and sound communication are upheld as much as analytical expertise.
If you were to ask business futurists what they do, they would probably say that their main role is to prepare their clients for disruption, which continues to upend industries, change employment opportunities and challenge the status quo.
Nunzio Giunta CPA is one of the world's top 10 global finance futurists as chosen by software firm, Sage and recently won the title of Not-for-Profit Accountant of the Year at the Accountants Daily Australian Accounting Awards 2021. However, if you think Giunta is an aloof technology-obsessed apostle of the future, you couldn't be more off the mark.
Home Support Association appoints Giuntabell to modernise its Accounting and Reporting systems in order to facilitate continued growth.
"The business has experienced significant growth since the roll out of the NDIS in 2017, with revenue and staffing more than tripling during this period to meet demand in the region.” Says Kelila Williams, Management Accountant at HSA. Adding,” Reckon was appropriate when the business was smaller, however we have recognised the need for more robust and dynamic systems moving forward. The system recommendations provided by Giuntabell will facilitate transparent real time reporting, streamline current processes, improve internal controls and eventually integrate with other software used in the organisation.”
CIOReview July 2021 Sage Edition names Giuntabell as a Financial Specialist in the Charity and Non-Profit Sector
For many non-profit organisations, maintaining the best financial practices while also achieving their core mission can be difficult. Some fail to strike a balance due to a lack of in-house expertise, and others struggle with the complicated rules. Attempting to handle a wide range of accounting tasks without specialised assistance can result in squandered resources, more risk, and task oversights, adversely affecting achieving desired outcomes. However, by partnering with an organisation like Giuntabell, not-for-profits can swing a win-win. As an accounting firm specialising in charity and not-for-profit organisations, Giuntabell works with not-for-profits and charities to strengthen governance and financial management skills by providing expert accounting, financial, risk management and strategic support. Giuntabell provides outsourced financial services, including bookkeeping and payroll services, and acts as an extension of its clients' finance team by working as consulting CFOs. Giuntabell also implements accounting, budgeting and payroll systems for larger not-for-profit organisations.
New report shows charities still face unnecessary red tape when raising funds for their vital services
A major independent new report co-published by Justice Connect’s #FixFundraising coalition and the Charities Crisis Cabinet reveals that over 600 charities and community organisations surveyed are drowning in red tape because of outdated fundraising laws.
How to build valuable and sustainable relationships in the not-for-profit sector
During the pandemic, one sector that has suffered dramatically has been not-for-profit. Those organisations that relied on events or fundraising activities that simply do not work with social distancing have had to pivot and look at innovative ways to keep moving forward. This has been a global challenge for the sector. So, what should advisors be thinking about when talking to their clients? Nunzio Giunta, Managing Partner of Giuntabell, is interviewed by Bobby Lane, CEO of the Multi-Disciplinary Outsourcing Practice Factorium.
Social Futures partners with Giuntabell and Sage Intacct to transform their accounting and financial reporting systems.
"Software is ‘software’ and there are many firms able to recommend what they are most comfortable with. With Giuntabell however, there is a real focus on understanding people and establishing productive relationships. This is what allows them to truly connect with our organisation, to thoroughly understand the issues in order to deliver solutions that meet our current requirements and also capable of supporting our future growth.” Michael Carter CFO Social Futures.
STP expansion (Phase 2) date announced
In the 2019-2020 Budget it was announced that the data collected through Single Touch Payroll (STP) will be expanded. This expansion of STP data reduces the reporting burden for employers who need to report information about their employees to multiple government agencies and supports the administration of the social security system.
Between 8 December 2020 and 14 January 2021 we released a draft Legislative instrument for consultation. This specified a proposed mandatory commencement date of 1 July 2021 for additional STP reporting.
We have considered the feedback received on the proposed mandatory reporting date and the importance of this government initiative to reduce the reporting burden for employers. The Commission has now decided to proceed with a mandatory commencement date of 1 January 2022.
As we move closer to 1 January 2022 there may be circumstances where a Digital Service Provider, Payroll Service Provider or employer informs us that, despite their best efforts, they may not be able to meet this deadline. There will be a deferral framework which will provide a process for an application for a deferral to be made. We will consider these applications based on the circumstances presented to us. The deferral can be applied for by a software provider on behalf of their clients. Details of the deferral framework will be provided shortly.
Confused about tax laws and deductible gift recipient status?
Justice Connect launches a new free DGR tool to help you work out whether you’re eligible for deductible gift recipient (DGR) status and what the relevant DGR category might be. The legal requirements are complex, the tax laws are complicated, and the language is old-fashioned and daunting. This new tool takes less than 20 minutes to complete and will help you make sense of the law.
Cutting red tape for charities
The Hon Michael Sukkar MP, announced that the Coalition Government will cut red tape for thousands of Australian charities, with financial reporting obligations to be eased from the upcoming financial year.
Under reforms agreed to by the Council on Federal Financial Relations, financial reporting thresholds for small and medium charities registered with the Australian Charities and Not‑for‑profits Commission (ACNC) will be lifted, allowing over 5,000 charities to redirect their resources to help vulnerable Australians.
Have you received your refund of franking credits application package?
The ATO has issued personalised refund of franking credits application packages to eligible organisations that applied for, and received, a refund in the previous financial year. Contact the ATO if your organisation wants to apply for a refund of franking credits but you haven’t received a refund package. You can also phone the ATO to request replacement forms.
New Director Indentification Number coming…
The director identification number (director ID) initiative will be introduced as a part of a new modern registry service – the Australian Business Registry Services (ABRS). Directors don’t need to do anything now. The ATO is testing the new application process in a private beta to ensure a seamless user experience, and will call for expressions of interest shortly.
Enhancing the transparency of income tax exemptions for not-for-profits
In the 2021-22 Budget the Government announced changes to the administration of NFPs that self-assess as income tax exempt. From 1 July 2023, NFPs with an active ABN will submit an online annual self-review form with the information they ordinarily use to self-assess their eligibility for the exemption. The ATO will work closely with the sector in the implementation of this measure.
Ancillary funds : reminder of guideline changes due to COVID
In June 2020, the ancillary fund guidelines were amended to encourage increased distributions to DGRs as a result of the COVID-19 pandemic.
- Ancillary funds have until 30 June 2021 to increase their distributions in line with the amendments to be eligible for a lower minimum annual distribution rate in future years.
- Ancillary funds are advised, they must comply with the ancillary fund guidelines, and failure to do so may result in the imposition of penalties.
How to apply the Superannuation Guarantee rate rise
On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. Some pay periods will cross over between June and July when the rate changes.
The percentage employers are required to apply is determined based on when the employee is paid, not when the income is earnt. The rate of 10% will need to be applied for all salary and wages that are paid on and after 1 July 2021, even if some or all of the pay period it relates to is before 1 July 2021.
That means, if the pay period ends before 30 June, but the pay date falls on or after 1 July, the 10% rate applies on those salary and wages. The date of salary and wage payment determines the rate of super guarantee payable, regardless of when the work was performed.
Deductible gift recipient reform
The Treasury Laws Amendment (2021 Measures No. 2) Bill 2021 was introduced to parliament on 17 March 2021. If passed into law, the amendments will require non-government DGRs to register as a charity with the ACNC. A transitional period is proposed for existing DGRs to take the necessary steps to become registered as a charity. This measure will not apply to ancillary funds or DGRs specifically listed in tax law.
New ATO Online Services for Business is now live
The Online Services for Business replaced the Business Portal and you can use it to create payment plans, lodge a BAS, obtain copies of income tax returns and view your communication history with the ATO.
What to do if you have been, or are likely to be, identified as being involved in the abuse of a person
The Australian Charities and Not-for-profits Commission Amendment (2021 Measures No. 1) Regulations 2021 (Cth) (the Regulations) came into effect on 25 February 2021. Governance Standard 6 requires a registered charity to take reasonable steps to become a participating non-government institution if the charity is, or is likely to be, identified as being involved in the abuse of a person.
The ATO's support for not-for-profits
Watch this brief video by Jennifer Moltisanti, Assistant Commissioner, Australian Taxation Office, to find out about the range of tools and services the ATO offers to help not-for-profits whether starting up, running a not-for-profit or changing your organisation. Let the ATO help you to meet your tax and super obligations.
Every effort has been made to ensure that the information provided is accurate however, any information and advice on this page is of a general nature and does not constitute financial advice. Please contact us if you require more specific advice.
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We believe charities and not-for-profits that do good should be successful. Our team is passionate about enhancing the financial performance of charities and the non-profit sector. We want your organisation to be exceptional so you can deliver more for your communities.
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