Insights

What Is TBAR reporting and how is it affecting self-managed super funds?

SMSFs now need to comply with new reporting requirements imposed as a result of legislative changes that came into effect from 1 July 2017. These new reporting requirements are referred to as Transfer Balance Account Reporting (TBAR) and require some SMSFs to report events during the financial year instead of...

David Henriksen

Senior Financial Adviser

Newcastle, Sydney

Insights

Information: Your key to business finance

A business owner needs more than just information… they need the RIGHT information. So many business owners aren’t getting what they need, presented in the right way. Before determining WHAT information you need, it’s critical to understand WHY you need it. Fundamentally; what are your goals, both for your business...

Andrew Beattie

Director

Newcastle, Sydney, Port Stephens

Insights

Changes to tax laws make Division 7A loans a poisoned apple for many

The Government has provided long-awaited guidance (as a consultation paper for feedback) on the detail for proposed changes to Division 7A loans from companies. The changes are not proposed to take effect until 1 July 2019 and others deferred to 1 July 2021. However, given the potential impact on tax...

Darren Shone

Partner

Newcastle, Sydney

Insights

Who needs a financial adviser?

September 2018 marks 10 years since the Global Financial Crisis (GFC), an event that had a major impact on everyday Australians and how they now view the financial services industry. Millennials looking to save for their first homeYoung couples about to start a family and looking for strategies to reduce...

Luke Kelly

Senior Financial Adviser

Sydney, Newcastle

Insights

Time to focus: How prepared are you?

It certainly has been a tumultuous year in the corporate world, with numerous emerging risks and challenges, exacerbated by growing regulation and greater public scrutiny. The bar has been lifted in terms of greater accountability and expectations of those charged with governance. As a result, the reputation risk of not...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

Why accountants need to worry about whistleblower protections

The upcoming Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 has the corporate and financial sectors on edge. The key objectives of the Bill are to enhance the protections for whistleblowers currently outlined in the Corporations Law and to impose obligations on public and large corporate entities to have a...

Insights

Why whistleblowing should be encouraged in the workplace

Whistleblowers have been found to be one of the most likely means of detecting fraud and corruption, according to the findings of the Association of Certified Fraud Examiners (ACFE) in its Report to the Nations, 2018. It is also apparent from the ACFE Report that a significant number of those...

David Morgan

PKF Integrity Partner

Brisbane

Insights

AASB 15 revenue: Time to act is (almost) over

Reporting entities that are producing general purpose financial statements should now be adopting the requirements of AASB 15 Revenue from Contracts with Customers as it applies for financial years commencing 1 January 2017 (i.e. 31 December 2018 and 30 June 2019 financial statements). Recently, there was a timely reminder of...

Insights

AASB 16 Leases: Assess the financial impact now

Is the new Leasing Accounting Standard AASB 16 just changing accounting numbers or will disclosure of the financial impact which is imminent, change the way business operates? While AASB 16 Leases which requires Operating Leases to be put on the balance sheet, does not apply to financial statements for reporting...

George Diamond

Managing Partner

Canberra

Insights

Death and your superannuation entitlements

Superannuation benefits are not automatically part of a person’s will. Upon the death of a member, the trustees of the superannuation fund need to identify to whom the member’s benefits should be paid. In most cases, death benefits are paid directly to the deceased’s dependants rather than through the estate....