Katrina Grose

Does your business pay employment taxes? Discover how the ATO is cracking down on business’ employment tax record keeping and learn how you can prepare.

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NZ's Climate Crisis: Time to Act The Copernicus report affirms our climate emergency. We've surpassed the Paris Agreement’s 1.5°C limit. NZ's Climate Change Commission (CCC) is stepping up, shaping the crucial fourth emissions budget (2036-2040), and revamping the first three. More than numbers, Toitū Envirocare builds a positive environmental impact. With 1100+ members, we lead climate agendas. Our CCC submission highlights the 2050 target, fourth budget, and necessity of accounting for aviation/shipping emissions. Our Advocacy: - **VCMs:** Government-supported VCMs can launch public-private climate projects, a step beyond the NZ ETS. - **Fourth Budget:** Ensuring sustainable, long-term projects with cross-party backing. - **Data-Driven Targets:** Reinforce the 2050 aim. - **Inclusive Targets:** Account for aviation and shipping emissions. Climate action requires government, businesses, community involvement. Our submission commits to scientific alignment. We can hit 2050 goals with ambition and action. Read our submission. Join the conversation for a sustainable future. Together, we can triumph over climate change. https://lnkd.in/gucPZa-f Your thoughts? Let's chat.

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Having the right number of experienced finance professionals within the finance function department can often be a challenge for foreign owned Australian subsidiaries and private companies. Issues can be triggered in various instances - when a staff member leaves with minimal time notice and appropriate transition planning cannot be undertaken or when an organisation elects to internally promote a professional to a leadership role / transitions to another department. It can be useful for Australian companies, still in growth / development phase, to maintain some flexibility and adopt a hybrid method, specifically entailing (a) hiring finance professionals whilst also (b) contracting an external organisation for complex compliance requirements or sensitive operation requirements. An outsourcing model can work well when temporary holes arise and organisations needs speedy assistance. #Crowe #Findex #Businessinaustralia #Outsourcingaccounting https://lnkd.in/g8aDkxup

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💲 Our hard-working finance team is celebrating after having our 2022-23 Annual Financial Statements signed off by the NSW Audit Office. 💲 This means Council has caught up on our backlog of financial reporting, which has meant a significant amount of work. 💲 In fact, our spreadsheet gurus have been able to complete three sets of financial statements in less than 12 months: 2020-21, 2021-22 and now 2022-23. 💲 This is a monumental achievement and one which finally gets us back to real time financial data, and a normal cycle of financial year reporting and audits. 💲 This is a big wrap to our finance team, as well as the NSW Audit Office, who have been working closely with the team, provided excellent professional advice. 💲 These latest statements show a continued improvement in our accounting processes and overall bottom line. 💲 While Council recorded an overall loss of $7.7m for 2022-23, that’s a $2.4m improvement compared to the $10m loss of 2021-22. 💲 The improvement is due to a focus to improve operating performance and financial sustainability. 💲 This will continue over the next two years, as Council seeks to produce a balanced budget and operating result. 💲 This is a critical part of the requirements of the NSW Government Performance Improvements Orders. 💲 The Statements are on public exhibition until 4pm, Tuesday 28 May.

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New performance audit report: Design of the Energy Price Relief Plan Why did we do this audit? * The Energy Price Relief Plan (the plan) was announced on 9 December 2022 and was designed to ‘shield Australian families and businesses from the worst impacts of predicted energy price spikes.’ * This audit provides assurance to Parliament on the effectiveness of the design of the plan. Read the report here: https://lnkd.in/gNmUV63n

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📣 An hour ago the Australian Accounting Standards Board held a special board meeting with Climate Related Financial Disclousres on the agenda. And good news for your Friday! We have two new standards (you can read the board papers here: https://lnkd.in/gkPn334y) 🧮 AASB S1: This one covers the general requirements for disclosing sustainability-related financial info. It's voluntary for now, not a mandatory standard under the Corps Act. 🧮 AASB S2: This climate-related disclosure standard is mandatory, meaning it’s a must for entities when preparing their sustainability reports. It’s a big step forward for sustainability reporting in Australia! 🦘 If you want to understand what this means for your organisation, book a time to chat with the Accoutning Support Help Desk at Sumday led by Lindsay Ellis 🤓 https://lnkd.in/gmM7axqM or hit up a firm in the Sumday directory here: https://lnkd.in/g6sXcpqk 💜 Time to get on with it ✅

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We've just dropped our 19th annual Aussie Mine report ⚒ Despite some ups and downs, the mid-tier mining sector is holding strong with a market value of $139 billion in 2024. Our National Mining Leader, @Marc Upcroft, highlights the big opportunity for Australian mining companies: the vital link between global decarbonisation efforts and the critical minerals needed for the energy transition. He says collaboration, innovation, and strategic alignment across stakeholders are essential to harness this potential. Read and download the full report here: https://lnkd.in/gV4EMqZ7 #Mining #Gold #CriticalMinerals #FutureOfMining

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Australia's critical minerals mining sector is at a fork in the road. PwC Australia's recent analysis shows that only 121 out of 696 projects across the mining life-cycle are investable, with many lacking the necessary scale. To overcome this, we must draw on our success in bulk commodities and implement mechanisms to attract private capital. Developing mining project clusters in regions with high mineralisation and existing infrastructure can help achieve economies of scale. By strengthening collaboration and testing innovative financing models, we can accelerate the growth of our critical minerals industry. #Mining #CriticalMinerals #Australia #Innovation

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#PP_taxInsights | Pursuit of Fair Play Company money crackdown 🌟 🚀 The ATO is cracking down on business owners who take money or use company resources for themselves. It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred. While there are tax laws preventing individuals accessing profits or assets of the company in a tax-free manner. The ATO has launched a new education campaign to raise awareness of these common problems and the serious tax consequences that can arise. We have a article explaining it all at: https://lnkd.in/g82jPsKC 💡 Still unsure, we are #heretohelp 🙌 . . . #TaxAdvice #Div7A . #PRATTPartners #charteredaccountants #businessadvice #businessspecialist #businesssupport 🖇 Partner with a firm that takes the time to understand your needs, with personalised service & advice to help you achieve your goals. PRATT Partners ~ Expert Advice Starts Here 🙌 * Award-winning Business Accountants * Offices | Sydney I Gold Coast I https://lnkd.in/g8rdHpkD

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The Board voted to make Accounting Standard AASB 18 Presentation and Disclosure in Financial Statements. AASB 18 applies to: > for-profit entities preparing Tier 1 GPFS, other than superannuation entities, for annual periods beginning on or after 1 January 2027; and > NFP private sector entities, NFP public sector entities, and superannuation entities preparing Tier 1 GPFS for annual periods beginning on or after 1 January 2028. The Standard is expected to be published shortly. The Board plans to undertake outreach with stakeholders in the NFP private sector, NFP public sector and the superannuation industry regarding the need for Australian guidance or modifications in applying AASB 18 to entities in these sectors. The Board also plans to undertake stakeholder outreach to gather feedback on whether any of the presentation and disclosure requirements introduced in AASB 18 would be relevant for entities preparing Tier 2 GPFS.

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As a business owner, reviewing your financial reports each month is essential for maintaining control and steering your business in the right direction. Here are six key reasons why you should prioritise this important task.

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Perth accountants—don’t miss out! Our Benchmarking Metrics & Key Insights event is your chance to level up your firm. Join other Perth accountants who are focused on growth and success. This event is a perfect opportunity to build connections and share ideas with like-minded professionals. 𝗪𝗵𝘆 𝘀𝗵𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝗷𝗼𝗶𝗻? Find out how our Industry experts and the DI team can help you understand where your firm stands from others. • 𝗦𝗲𝗲 𝗛𝗼𝘄 𝗬𝗼𝘂 𝗖𝗼𝗺𝗽𝗮𝗿𝗲: Get a clear view of where your firm stands on key metrics like hourly rates, productivity, and growth. • 𝗟𝗲𝗮𝗿𝗻 𝗽𝗿𝗼𝘃𝗲𝗻 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀: We’ll show you the practical steps top firms take to improve. • 𝗕𝗲 𝗣𝗮𝗿𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻: Build a stronger, more informed accounting community. Get an exclusive look at our Benchmarking Report, which is full of valuable data and strategies to help your firm grow. The event is FREE, and we’ve got food and drinks covered. It’s a relaxed setting where you can learn, network, and enjoy yourself. Don't miss out–Secure your tickets here on or before Sept 18, 2024. 👉https://hubs.ly/Q02PDNmy0

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Meet your business's new best friend: The Auditor. 🧾️👀 Tiffany Tan, FCPA, External Reporting and Assurance Lead at CPA Australia, sheds light on the crucial role of auditing in ensuring transparency and reliability. Discover why every business benefits from having this reliable ally on their side.🌟💼

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The Australian Government has introduced a Critical Minerals Production Tax Incentive to bolster downstream refining and processing of 31 critical minerals from 2027-28 to 2039-40. The incentive, part of the Future Made in Australia package, aims to drive innovation and growth in the sector. Key details of the incentive include a 10% refundable tax offset on eligible expenditure for processing and refining the critical minerals. This incentive will be available for up to a decade per facility, with a final investment decision or production start required by July 1, 2030. The list of critical minerals covered under this incentive ranges from High-purity Alumina to Zirconium => https://lnkd.in/gGJ7CcTF 📆 Treasury is inviting public consultation on this incentive's design and implementation details until July 12, 2024. This marks an essential opportunity for stakeholders to provide feedback and shape the future of Australia's critical minerals industry. #Australia #CriticalMinerals #Innovation #FutureMadeInAustralia #PublicConsultation #EconomicGrowth

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 Are you a business owner in Melbourne who is looking to achieve financial success? Look no further, because the secret to unlocking your business's full potential lies in the hands of accountants. Learn more about this in the following article. https://lnkd.in/ga3HYE8w

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ARE YOUR SMSF ASSET VALUES GETTING OLD & SMELLY? Another poignant article from Todd Wills of SelfManagedSuper Magazine Unchanged asset values on notice June 17, 2024 Todd Wills SMSF annual return Asset values Auditors ATO Contravention reports The ATO will be paying particular attention to SMSFs that continue to report unchanged asset values and will be focusing on annual returns to be lodged later this year. SMSF trustees should accurately report changes in the value of assets held by their fund as the ATO will be checking they have done so as part of the lodgement of this year’s SMSF annual returns (SAR). Heffron SMSF technical and education services director Leigh Mansell said after identifying more than 16,000 SMSFs where values were unchanged over a three-year period, the ATO will review the SARs of those funds and trustees must ensure their financial reporting is accurate by the 31 October deadline for lodging returns. “If you received one of these letters, then you potentially have a problem. The ATO is worried that trustees are not valuing their assets to market at the end of each financial year and the particular asset classes that were targeted were residential and commercial property, unlisted shares and unlisted trusts,” Mansell said during a recent online adviser briefing. “What should you do if you have a fund that received one of those letters? Essentially the trustee of that fund is on notice and the ATO have said they’re going to be monitoring the fund’s next SMSF annual return. “Trustees need to make sure that the assets are reported at market value when they’re next preparing their fund’s financial statements and make sure they’ve got objective and supportable evidence to justify the values that have been used. “If the values don’t change in the next return that is lodged, it may be that the ATO then reviews that fund to try and work out what’s going on. It may be perfectly okay, maybe the valuation of these assets hasn’t changed, but the ATO is going to be looking for evidence of that.” She also noted no contravention reports had been issued to funds failing to report unchanged asset values over the past three years, indicating SMSF auditors were also likely to face scrutiny as a part of the program. “From an auditor’s perspective, you need to make sure that the trustee is providing you with the objective and supportable evidence that you need to justify the valuations that have been used in those financial statements,” she said. “If the evidence doesn’t support those asset valuations, then you need to think about whether you should be qualifying and is it a part A qualification, a part B qualification or possibly a reg 8.02B qualification. “Does it necessitate an auditor contravention report? If there is one asset that makes up most of the balances of the fund, and you’re worried about that particular asset value, are you actually disclaiming your opinion in relation to that particular fund?”

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