Insights

“A debt that is uneconomical to pursue can always be pursued at a later date depending on the circumstances” Assistant Commissioner Michael Zeitlhofer is quoted as saying. And, it is this sentiment that has come back to bite for many Australians with Australian Taxation Office (ATO) debts that they believed...

Darren Shone

Partner

Newcastle, Sydney

Insights

How well do you understand your organisational culture?

Failure to fully understand one’s risk culture – or more simply, how the behaviours and actions of staff impact ‘how we do things around here’ – should be a concern to any business owner who cares about their business reputation. On a related note, reports from the Australian Prudential Regulation...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

Business Email Compromise: The scam duping businesses across the world

Businesses across the world are being bombarded by a range of cyber scams with one of the most prevalent being Business Email Compromise (BEC), also known as ‘CEO Fraud’. Between October 2013 and May 2018, more than $12 billion USD in domestic and international losses were attributed by the FBI...

Insights

AASB 16 sting in the tail for AFSL-holders

If you hold an Australian Financial Services Licence (AFSL) and need to apply AASB 16: Leases, then you need to double check your net tangible assets! Most companies are well into their transition to AASB 16: Leases and have calculated their adjustments to increase assets and liabilities. But AFSL holders...

Martin Matthews

Partner

Newcastle, Sydney

Insights

Whistleblowing in the boardroom – Part 3

A need for change in attitudes towards whistleblowers Despite improvements in some areas of the whistleblower framework, there are, unfortunately, still significant shortfalls in the organisational treatment of whistleblowers. A recent study titled Whistling While They Work 2 by Griffith University surveyed 17,778 individuals who were reporters, managers, executives and...

Insights

Direct property in an SMSF

Investing in property is a very popular option in Australia. In some cases, a Self-Managed Superannuation Fund (SMSF) can borrow funds in order to purchase assets it doesn’t currently have the cash to purchase outright. In other cases, the SMSF has sufficient funds to buy a property as well. Why...

David Henriksen

Senior Financial Adviser

Newcastle, Sydney

Insights

As Australian interest rates hit new, all-time lows, where do investors go for an income?

Until recently, the Reserve Bank of Australia (RBA) had kept the official cash rate on hold at 1.5%, with no change at all for almost three years. In June 2019 they commenced a cutting cycle, slicing the official cash rate twice by 25 basis points, taking Australia’s official cash rate...

Mark Folpp

Senior Financial Adviser

Newcastle

Insights

Why are you in business and are you seeing the rewards?

Most business owners went into business for one of the following reasons: Make more moneyHave more free timeBe their own bossThey thought they could do it better. Sometimes the latter is true and maybe they are a better boss, but how are the first two going? Going into business is...

Chad Russell

Partner

Newcastle, Sydney

Insights

Have all Australians become frogs?

Does anyone remember the fable of a frog being boiled slowly? A frog dropped in boiling water would hop straight out but if you put the frog in cool water and warmed it gently the poor little frog would boil to death. The current government’s personal and corporate tax cuts...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Interrogating integrity

Governance, culture and ethics have never been more relevant across Australian business. We have seen a growing lack of trust in institutions, in traditional structures and even in some cases in people’s success. Noting that the full title of the Hayne Royal Commission featured the word ‘misconduct’, ethical business practices...

Ken Weldin

Partner

Melbourne

Insights

AASB 1058: Recognising the financial impact of voluntary services

Non-public sector Australian not-for-profit (NFP) entities will soon have the option to recognise the benefit of voluntary services received in their profit or loss account. What does this mean for those in the sector, and should boards be considering implementation of this choice? Following on from Hayley article on Peppercorn...

Clayton Hickey

Partner

Sydney, Newcastle

Insights

Back To The Future: Expected Credit Loss Model

AASB 139 Financial Instruments: Recognition and Measurement previously required impairment allowances be measured according to an incurred loss model. Under this model, the recognition of credit loss allowances was triggered by loss event subsequent. However, the new AASB 9 Financial Instruments (applicable for reporting periods beginning on or after 1...

Tim Follett

Partner

Townsville, Brisbane

Insights

Whistleblowing in the boardroom – Part 2

A step in the right direction An area that businesses need to get right in their operations is an effective whistleblowing framework. One of the existing requirements under the draft bill is for all large proprietary and publicly listed companies, as defined by the Corporations Act, to have a whistleblower...

Insights

Why people choose to have a self-managed super fund

I often get asked, “When should I consider having a Self-Managed Super Fund (SMSF)?”. The answer is it depends on your circumstances as well as other factors. Some of the key reasons why people do have or consider an SMSF include: Cost savings – With a consolidated super balance between...

David Henriksen

Senior Financial Adviser

Newcastle, Sydney

Insights

Are the banks still lending?

A lot of discussions have occurred recently as to whether banks are still lending to businesses or not. There has been a lot of changes and tightening of assessment criteria primarily on the back of the Royal Commission and whilst it has felt like the banks have closed their books,...

Andrew Beattie

Director

Newcastle, Sydney, Port Stephens

Insights

ATO releases Practical Compliance Guideline ²⁰¹⁸⁄₉ on tax residency of foreign companies

The Australian Taxation Office (ATO) recently released its final guidance on determining the tax residency of foreign companies controlled by Australian groups. The identification of tax residency is important as it can give rise to significant tax implications including exposure to Australian income tax and capital gains tax, application of...

Iain Spittal

Partner

Sydney, Newcastle

Insights

If you owned a money-printing machine, would you insure it?

In the pursuit of building our ‘ideal’ lifestyle, most of us tend to focus on what we want as being urgent, instead of what is important for our long-term needs. Taking out that enormous mortgage to buy our dream home and fill it with lots of stuff that we want,...

Luke Kelly

Senior Financial Adviser

Sydney, Newcastle

Insights

AASB 16 leases: What is the impact?

Under the new leasing standard, entities will be required to recognise on the balance sheet the liability relating to all leases (including those formerly classified as operating leases) along with associated right of use assets (ROUs) for each of these leases. What options do we have for implementing the new...

Paul Pearman

Partner

Sydney, Newcastle

Insights

Insight from the Audit and Assurance Leadership Group

My fellow Audit and Assurance (A&A) Partners and I, representing the PKF Australia firms and a growing contingent of our New Zealand colleagues, have for some years worked together as the A&A Leadership Group. Our purpose has evolved over time, but throughout we have been conscious of our obligation to...

Insights

Independence: Perception vs reality – time to close the gap

Ever since I was a young lad studying at university, and training to be a Chartered Accountant in the early 1990s, the concept of “independence” and “objectivity” have been the most important principles underpinning the audit function. And without “actual” or “perceived” independence, the value of our audit opinion would...

Scott Tobutt

Partner

Sydney, Newcastle

Insights

Whistleblowing in the boardroom – Part 1

Integrity in the workplace has come under the spotlight in 2018, bringing about a need for significant cultural change in both public and corporate entities operating in Australia. Reviews, such as the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, have exposed numerous disconcerting behaviours from...

Insights

Superannuation contribution limits

When building wealth for retirement or even building wealth for your future there are many options. Traditionally if people want to hold their wealth in tax effective structures, they consider placing money into their super accounts due to the low tax environment of only 15% on earnings. This is, however,...

David Henriksen

Senior Financial Adviser

Newcastle, Sydney

Insights

Selling your business to private equity is not for everyone

A sale of your business to Private Equity can deliver a great result over time for business owners, however, it is not for everyone. We have acted for numerous business owners in the sale of their companies to Private Equity Funds (PEF). In most cases, the outcomes were excellent for...

Alan Stevenson

Executive Director

Sydney, Newcastle

Insights

Successful leaders: Time is of the essence

What are the most successful leaders out there actually doing with their most valuable resource: time? What goes in their diaries? Excitingly, we now have better insight into the answer, thanks to a recent detailed study by Harvard Business School researchers, analysing how successful CEOs use their time – and...

David Jamieson

Director

Newcastle, Sydney

Insights

Tax tips for doing business overseas

When considering doing business overseas, it is important to have proper planning at the start of the process. Generally, the purpose of tax planning is to ensure the structure is efficient for tax purposes (i.e. to get the lowest effective rate possible within the desired risk profile) and to make...

Emmanuelle Roulet

Director

Sydney, Newcastle

Insights

Interim reports: New disclosures for AASB 9 & 15

The new accounting standards for Revenue (AASB 15) and Financial Instruments (AASB 9) have now come into operation for years commencing after 1 January 2018. This not only effects the annual report but for disclosing entities, this will also impact the half year interim reports. Most articles have discussed in...

Shane Cross

Partner

Perth

Insights

ASIC releases proposed industry funding fees

Background In 2017, the Federal Government passed laws whereby ASIC will recover most of its regulatory costs via levies from the industries that it regulates. The 2017-18 financial year is the first year that the ‘Industry Funding Model’ will operate, with invoices expected to be sent to affected parties in...

Cameron Bradley

Partner

Brisbane

Insights

To hedge or not to hedge under IFRS 9

Effective in Australia and New Zealand, IFRS 9 Financial Instruments has become the mandatory accounting standard for financial instruments. However, the hedge accounting component of IFRS 9 continues to remain optional. Furthermore, entities who conduct hedge accounting may continue reporting under IAS 39. Given this choice, why would entities make...

Case Studies

JBS Hospitality & Events Group: Serving up the foundations of accounting advice for growth

When JBS Hospitality & Events Group began as a startup business 11 years ago, they were lacking business advice and accounting systems. JBS Hospitality & Events Group Director, Bree Sherren explained they needed help setting up the company structure, even the vital basics – like payroll and bookkeeping. JBS Hospitality...

Shane Jacobson

Partner

Melbourne

Insights

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