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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.
Women's Health West is a non-profit organisation, dedicated to supporting women in the Western Region of Melbourne affected by gender inequality or domestic abuse. Investing in new software has saved Women's Health West 70 hours every month by switching from a manual to an automated reporting system. After introducing Sage Intacct, Women's Health West are now able to effectively track and approve vouchers provided so women can purchase essential items at a time of crisis and escape domestic abuse safely.
Social Futures is a community service organisation with 46 years experience working to create positive social change in Australia. They work directly with individuals, families, communities, organisations and governments across their focus areas of homelessness and housing, youth and family,
mental health and wellbeing, community inclusivity and programs that promote genuine participation for people with disability, to support communities to thrive and people to live well.
The Australian Charities and Not-for-profits Commission (ACNC) has revamped the searchability of its charity register, enhancing the way donors and volunteers can connect with their preferred organisation.
Commissioner Dr Gary Johns said the register now allowed users to search for charities based on cause and location.
You'll have an extra step to take if you have new employees who start from 1 November 2021 and they don't choose a super fund. You may now need to request their 'stapled super fund' details from the ATO.
A stapled super fund is an existing super account of an employee that follows them as they change jobs. This change aims to stop your new employees paying extra account fees for unintended super accounts set up when they start a new job.
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.
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.
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.
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.
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.
In June 2020, the ancillary fund guidelines were amended to encourage increased distributions to DGRs as a result of the COVID-19 pandemic.
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.
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.
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.
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.
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.
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.
With limited IT resources and far too many manual accounting processes, finance teams utilise traditional reporting that only provides backward-looking information about the prior month, quarter, or year. However, executives need real-time reporting that can be customised by role, program, location, funding source, and more.
With our unified experience in the charity and not-for-profit sector, we can support you to automate those elements of financial reporting that conventional solutions are unable to manage. However, it is more than just reporting problems that we address. Revenue recognition, overhead cost allocations, funding acquittals, expense control and month-end procedures represent other significant challenges.
Presented by: Giuntabell's Managing Partner, Nunzio Giunta. [03.03.2021]
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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