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This edition of our Not-for-Profit Newsletter has a particular focus on the impacts on the current COVID-19 pandemic and includes details of the resultant amendments to the lease accounting standard, considerations for going concern assessments, the approach of regulatory bodies, and accounting for government support. Read more
The government today released its economic and fiscal update. Although it’s grim reading, we are faring better than most countries. Here’s a quick summary of some of the more recent news and measures that would be of interest to business owners. Read more
JobKeeper was necessarily designed and implemented in a very short time-frame, and so some waste had to be accepted in return for haste. Treasury has now had the opportunity to review the program. The government yesterday announced plans for a second phase of the JobKeeper program for business. However, the eligibility criteria will be tightened, and it will be more precisely targeted. Read more
It was a simpler time. Your business made a profit, paid 30% company tax. You then extracted the remaining 70% as a dividend when it suited, and you paid the balance of tax up to your personal rate. But now, things aren’t so simple. And, surprise-surprise, it could cost you more tax. Read more
The COVID-19 pandemic has had a significant effect on many businesses and some have been wondering whether they can highlight the impact of COVID-19 and report Earnings Before Interest Tax Depreciation Amortisation and COVID-19, or EBITDAC? Read more
Many companies have accessed JobKeeper and other government support packages which has raised questions regarding their accounting treatment. Read more
Watch our update on how to prepare for End of Financial Year payroll. Read more
Business owners have been through an intense period of COVID-19 survival mode – we’re still in it – but now we are beginning to emerge and look to the other side. Read more
As the end of the FBT season draws to a close it is timely to reflect upon common FBT management issues faced by clients and errors we’ve seen in FBT returns prepared by others. Read more
Extension to lodge audited and reviewed financial statements Read more