PKF Insights

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Recent Articles

PKF insights provide business leaders with the knowledge, information and guidance they need to navigate the complex challenges they face each day.

Corporate Governance

Climate and Environmental, Social and Governance (ESG) reporting – a way of the future

Welcomed at the UN Global Summit in Glasgow, the move to create the ISSB intends to fulfill the demand for formalised and consistent reporting in the sustainability space.

17 June 2022

Business Recovery and Insolvency

Orange is the New Blue. Beware!

Companies with unpaid tax liabilities or outstanding lodgements, must act now or face the risk of directors becoming personally liable to pay the company’s tax debts.

17 June 2022

Awards

PKF's Andrew Beattie and Stacie Shaw named as finalists in Australian Accounting Award

PKF is proud to announce the achievements of Director, Andrew Beattie, and Commercial Manager, Stacie Shaw, in being named as finalists in the 2022 Australian Accounting Awards.

2 May 2022

Business Recovery and Insolvency

ATO Debt Recovery Warning: Managing Client Exposure

The Australian Taxation Office (ATO) has sent its strongest message yet in relation to debt enforcement since the commencement of the COVID-19 pandemic. As many as 50,000 directors were recently sent warning letters of an impending Directors Penalty Notice (DPN) and consequently potential personal liability for company tax liability pursuant to the DPN program if they don’t actively engage with the ATO and deal with the tax liability.

20 April 2022

Corporate Finance

Tips for preparing a financial model

13 April 2022

Superannuation

Superannuation changes from 1 July 2022

In this year's Federal Budget, the Morrison Government announced its proposal to extend the 50% reduction to minimum pension drawdown requirements into the 2023 financial year. While the announcement remains a proposal only, we take this opportunity to outline five key superannuation changes which were announced in the 2021 Federal Budget and have recently received Royal Assent to come into effect from 1 July 2022.

11 April 2022

Federal Budget

What might we expect from the 2022 Federal Budget?

Iain Spittal, Partner of PKF Sydney, shares his views on what we might expect from the 2022 Federal Budget.

25 March 2022

Taxation

ATO Changes Rules for Trust Distributions

The ATO have released four tax rulings that will significantly impact on the ability to make trust distributions to family members and related entities. This is one of the most significant developments for the taxation of trusts in over two decades.

08 March 2022

Land Tax

Do you own property?

With land tax assessments being rolled out this month, it is important to review your assessment to ensure that you are paying the obligated amount.

3 March 2022

Growth

Personal and professional growth through the unknown

The foundations of success in our roles as advisors for clients, and mentors with colleagues is fundamentally built on trust, and our awareness of this is critical in ensuring we deliver to a high standard in both domains.

1 March 2022

Fraud

The Rising Threat of Opportunistic Fraud

It is a wise thing to remember that a high percentage of fraudulent and corrupt activities that impact businesses are committed by trusted insiders.

1 March 2022

Superannuation

Important changes in the Super sphere

In the world of super change is inevitable. As we strive to become more efficient and data-driven, small changes in the short term can make for more streamlined process in the long term.

1 March 2022

Tax

Unmanageable tax debts… what next?

With all signs indicating that lockdowns and border closures are a thing of the past, the best time to obtain support from the ATO in relation to your tax debts is now. The team at PKF highly recommends that businesses with escalating tax debts, specifically goods and service tax, pay as you go withholding and superannuation guarantee charge, seek expert advice on the options available to manage its debts.

1 March 2022

Information Technology

How do you backup the cloud?

Before signing up to a cloud service, it is key is understand your organisations requirements around backups and where they do not align with the providers.

1 March 2022

Innovation

To change. To innovate

Whilst I previously focused on technology-based change, change can come in many ways and we should embrace it. We could replace the word change with innovate.

1 March 2022

Wealth

Who wants to be a millionaire?

An optimal strategy when planning for retirement is to eliminate all remaining personal debt, contribute as much money into super as possible and commence an allocated pension, drawing down a tax-free income to fund your retirement living costs.

1 March 2022

Team

Take 5 with Bob Bell

Take 5 has shown the team at PKF that there are a lot of things that we may not know about someone, even if we work with them everyday! So we took 5 minutes to chat with our new Managing Director, Bob Bell, to get to know a bit about him.

1 March 2022

Pharmacy

Attracting and Retaining Key People

Since the start of the COVID-19 pandemic staff availability, staff burn-out and staff recruitment have been key concerns for pharmacy owners, particularly those located in NSW and VIC, who have experienced the highest number of COVID-19 cases in the two years since the pandemic began.

22 February 2022

Audit & Assurance

The Pandora Papers

To emphasise the significance of the leak, the Australian Broadcasting Commission, advised that, if printed and stacked, the pile of documents would exceed four times the size of Sydney's Centrepoint Tower.

15 February 2022

Audit & Assurance

ASIC Areas of Focus for December 2021

Directors and auditors should be given sufficient time to consider reporting issues and to challenge assumptions, estimates and assessments.

15 February 2022

Audit & Assurance

Where’s the risk in offering higher wages to attract more staff?

Workers are not returning to the workforce or have found jobs elsewhere, and less workers are able to travel from overseas.

15 February 2022

Audit & Assurance

Changes In Reporting Obligations For Charities

There is good news for thousands of charities with reporting obligations to be reduced in 2022, following the changes in thresholds which determine the charity size.

15 February 2022

Audit & Assurance

A brand-new standard on financial reporting

Every business is different and should consider their own reporting requirements before deciding to change.

15 February 2022

Business Advisory

How well are your assets protected?

14 February 2022

Culture

Celebrating Chinese New Year

14 February 2022

COVID-19

Are you entitled to a share of $1 billon?

The NSW Government has finally responded to the call for help from small businesses trying to survive the impacts of the COVID-19 pandemic and has announced a $1 billon support package.

01 February 2022

Corporate Finance

To borrow or not to borrow?

There are also a growing number of lenders that are focusing on supporting growth businesses with structures that may include ‘hybrid’ debt/equity solutions, allowing the lender to participate in some “upside” of the growth to support a more ‘aggressive’ lending position.

16 December 2021

Australian Tax Office

The Next 5,000 Program

Off the back of the Top 500 Program, which focused a review of the 500 largest private groups, the Next 5,000 Compliance Program is extending that focus to the next 5,000 largest private groups.

16 December 2021

Insider threats

Are you prepared for an insider threat?

These kinds of threats are very common all over the world, according to a 2021 report, up to 22% of all security incidents come from insider threats.

16 December 2021

Australian Tax Office

Updated ATO valuation guidelines

The ATO has provided clarity on the objective and supportable evidence needed to support real property valuations.

16 December 2021

Take 5 with Daniel Clements

Take 5 has shown the team at PKF that there are a lot of things that we may not know about someone, even if we work with them everyday! So we took 5 minutes to chat with our recently appointed Partner, Daniel Clements, to get to know a bit about him.

16 December 2021

Wealth

A new and better way to manage investment portfolios

When it comes to the investment element of financial planning it may seem fairly straightforward at first glance, simply pick some decent investments or shares and sit back and let them do their work.

16 December 2021

Staffing

The Great Resignation

It’s no secret that staffing is an issue for many employers right now. Having spent the last year and half with our borders shut and our movement restricted, skilled workers are in short supply.

16 December 2021

PKF Corporate Finance Take Growth As Priority

At the forefront of the mid-tier market, PKF have taken on 2021 as a time for growth, as its Corporate Finance team welcome Milica Wojno as their newest Associate Director.

15 December 2021

PKF Sydney & Newcastle collaborate with brand experience agency GHO to accelerate path to profit for startups

Experts in business planning and finance, PKF Sydney & Newcastle have joined forces with brand, product and marketing experts, GHO, to bring a new type of ventures proposition to Australian Startups.

14 December 2021

Superannuation

Have you changed your superannuation process for new employees?

As of 1 November, employees will now be ‘stapled’ to a superannuation fund and there is an obligation for employers to ensure that the right processes are followed to reduce the number of

new super accounts opened when employees transition between organisations.

26 November 2021

PKF - Trusted Audit Sponsor For The 2021 Proprint Awards

PKF is the official audit sponsor of the 2021 ProPrint Awards, recognising the top 50 leaders, rising stars, suppliers and veterans of the print industry.

26 November 2021

PKF Expand Tax Team With Familiar Face In The Line Up

It’s all about expansion and growth for Newcastle business advisory and accounting firm, PKF, as they are set to welcome back alumni, Victoria Dawes, to their specialist tax team as a Principal.

23 November 2021

Wealth

PKF Wealth Investment Committee: RBA Announcement

With Australian interest rates at all-time lows as part of Australia’s policy response to the COVID-19 crisis as a backdrop, this week saw one of the most anticipated Reserve Bank of Australia (RBA) monetary policy meetings in a while.

5 November 2021

Governance

Three Lines Model – No longer a defence

In our experience, not many organisations are aware of the new model and still refer to the Three Lines of Defence Model. Few have formally reviewed the new Three Lines Model and considered its implications.

26 October 2021

Aged care

Aged Care providers are used to dealing with acronyms – now they have a new one to learn.

Now is not the time for Residential Aged Care providers to get complacent with ACFI however, remember this will remain the basis for funding for the next 12 months, and whilst assessment processes are changing, comprehensive clinical documentation will help ensure that a Resident is assessed accurately and supports the funding outcome. Amber Witherdin and Cameron Bradley discuss what Aged Care providers should be considering.

26 October 2021

Cloud computing

Are you in Control of your Cloud Computing Arrangements?

Recently, the IFRS Interpretations Committee (IFRIC) has released decisions regarding the treatment of costs associated with SaaS agreements, to clarify the accounting associated with this style of arrangement.

26 October 2021

Terrorism finance risk

Intelligence rises at AUSTRAC

Within the last 12 to 18 months, AUSTRAC have repeatedly advised that they expect organisations to go through their Fintel Alliance and other publications with a ‘fine tooth comb’.

26 October 2021

Aged care

What future for Bed Licences?

After 1 July 2024, Aged Care providers will no longer have a right to funding based on bed licences. Tinashe Harris discusses how this will affect intangible assets on their Statement of Financial Position.

26 October 2021

PKF goes pink in support of the Hunter Breast Care Nurses

Clients of local accounting firm, PKF, got a surprise this month when their engagement letters and communications from PKF came with a certain pink hue.

25 October 2021

Directors

Director Identification Numbers

Directors need to take action and register for a Director Identification Number (DIN) in order to meet their obligations under the Corporations Act 2001 (Cth) and the Treasury Law Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth).

22 October 2021

IT

Supplier Invoice Fraud – What are the signs?

Businesses should ensure they have processes in place to verify the legitimacy of any request to update details, especially bank and finance details.

13 October 2021

Take 5 with Stacie Shaw

Take 5 has shown the team at PKF that there are a lot of things that we may not know about someone, even if we work with them everyday! So we took 5 minutes to chat with 2021 Mark Lonnon Employee of the Year and Commercial Manager, Stacie Shaw, to get to know a little bit about her.

13 October 2021

Business advisory

Ensuring your business survives the effects of COVID-19

If we focus on the things that we can’t control and burn our energy and resources, we might just miss the business opportunities that disruption can present.

13 October 2021

Business advisory

Strength, Tenacity and Resilience – How will you live with COVID?

Rather than “surviving” the lockdown or simply planning to return to pre-lockdown life, aim to capitalise on it. Cutting costs only lasts so long.

13 October 2021

Tax

COVID-19 Tax relief

To encourage continued business investment in fixed assets, the temporary full expensing of assets measures, which allow an immediate deduction in certain circumstances for the acquisition of depreciable assets, will be extended by a further year to cover assets acquired from 6 October 2020 and first used or installed ready for use by 30 June 2023.

13 October 2021

SMSF

The SMSF gender pay gap – the right direction for an equal future

There has always been a gender gap issue when it comes to superannuation member balances, however, this has received increased attention in recent years and the ATO have been working with the superannuation industry in an attempt to narrow the gap.

13 October 2021

Wealth

Aged Care: Is paying a large upfront RAD your only option?

No one likes talking about getting old, but waiting until someone has had a fall or has lost capacity to discuss their aged care intentions, will put you in a state of panic as you rush to find a suitable aged care provider.

13 October 2021

Business Recovery and Insolvency

Round 2: Are you ok, financially?

It is important that people and businesses seek help quickly when faced with financial distress and inability to repay unmanageable debt.

13 October 2021

Business Advisory

Client profile: Baraja

In 2016, Federico Collarte and Cibby Pulikkaseril, founders of Baraja came to PKF with a dream to be the leader in autonomous vehicle technology. Today, they’ve secured $40 million to build the next-generation of LIDAR technology to make that dream a reality.

13 October 2021

Small Business

5 Tips When Selling Your Business

15 September 2021

Promotion

PKF Announces Three New Senior Promotions in Addition to 43 Across the Firm

Newcastle accounting and business advisory firm, PKF, have elevated Self-Managed Superannuation Fund Specialist, Daniel Clements to Partner and Newcastle Business Advisory Services’ Hanna Barry and Jackie Marriott to Principal.

14 September 2021

COVID-19

NSW COVID-19 Support

The New South Wales (NSW) Government has developed a wide range of support measures for businesses to help them survive this difficult period and continue to add to and amend the eligibility requirements to be able to access this assistance.

26 August 2021

IT

What is Ransomware?

Labour has recently introduced a bill to parliament which would require all organisations over $10m turnover to notify the Australian cyber security centre before they pay a ransom to recover access to their files. So what is Ransomware?

23 August 2021

Business Advisory

Planning for a successful 2022

It seems that business owners have been running marathons dealing with unprecedented trading conditions through COVID. Now that we are heading into the new financial year, taking the time to reflect on the past 12 months and setting clear intentions for 2022 can help set your business up for a proseperous new year.   

23 August 2021

Superannuation

Four critical superannuation changes

The minimum percentage employers are required to pay is set to increase over time, an increase of 10% occurred on 1 July 2021.

23 August 2021

Taxation

Fact or Fiction – Are tax incentives fueling the Ute market?

The biggest factor is that Utes are a popular vehicle. The instant asset write off/temporary full expensing stimulus has helped but other Government spending, consumer liquidity and economic optimism have and will continue to play a substantial role.

23 August 2021

Mental Health

The value of story-telling

Throughout history quality stories have been able to transcend generations. Fairy tales, nursey rhymes, and poems have helped us to create and share memories, develop empathy, and most importantly how to overcome adversity, and demonstrate growth and resilience.

23 August 2021

Investing

Four investing lessons from 2020

As the saying goes, don’t put all your eggs in one basket. A well-diversified portfolio is what is achieved when assets are allocated effectively across differing sectors to reduce sector risk and stock specific risk.

23 August 2021

Business Recovery and Insolvency

The Personal Liability Virus. Beware, get tested and stay safe.

Directors should not only consider the financial position of the business, but also the impact it may have on their personal financial circumstances.

23 August 2021

Take 5 with Chris Weatherall

Take 5 has shown the team at PKF that there are a lot of things that we may not know about someone, even if we work with them everyday! So we took 5 minutes to chat with Corporate Finance superstar, Chris Weatherall, to get to know a little bit about him.

23 August 2021

Accounting

Accounting for loans with below market terms

Sometimes loans occur on non-commercial terms and accounting standards are not explicit on the treatment. In these circumstances there needs to be consideration of the commercial substance of the loan, with accounting for any below-market portion as per its substance. 

19 August 2021

Accounting

Be prepared for payment times reporting

From 1 January 2021 the Payment Times Reporting Act 2020 will require mandatory public reporting for most large businesses to report on its payment terms and times for payments to small business suppliers (businesses with annual turnover below $10m).

19 August 2021

Audit & Assurance

Governance Challenges in the Pandemic Era

Many of the previously well-regarded governance practices like the development of five-year strategic plans have become outdated in the pandemic era.

19 August 2021

Audit & Assurance

How to identify intangible assets

AASB 3 ‘Business Combinations’ requires an extensive analysis to be performed, in order to accurately detect, recognise and measure at fair value the tangible and intangible assets and liabilities acquired in a business combination.

19 August 2021

Audit & Assurance

Insights from the Education Sector

Education providers are complex organisations, faced with unprecedented challenges by an array of stakeholders, including students, staff, parents, governments (often several layers), community members and the media.  It seems everyone has an opinion on the best way to educate our population, both young and old.

19 August 2021

Dry July

PKF take on Dry July for the 12th year in support of client

PKF’s Audit and Assurance Partner, Martin Matthews, is a huge advocate of Dry July and has participated in all but one year since its establishment in 2008, encouraging workplaces to create teams and friends to get behind the charity.

23 July 2021

COVID-19

NSW COVID Assistance Package

As Greater Sydney, the Central Coast, Wollongong and the Blue Mountains prepare for the fourth week of lockdown, the Federal and New South Wales Governments have announced a range of supports for both businesses and individuals.

19 July 2021

Superannuation

Superannuation increase: A snapshot

With less than a month until the end of the 2020/21 financial year, it is vital to business success that employers are proactively managing these changes and the impact they will have on their business.

10 June 2021

Financial Controls

Financial controls for small NFPs and charities

The financial operations of small not-for-profits (NFPs) and charities are usually lean so that the entity can apply the maximum resources to its stated objectives. Implementing strong financial systems and controls with small staff numbers can be a challenge but not impossible by following a few basic principles.

7 May 2021

Audit standards

Revised ASA 540: Just something for the auditor to worry about?

The revised standard has been brought about in reaction to increased complexity of reporting in recent years, coupled with continued drive by regulators globally to increase audit quality.

Corporate reporting failures such as the restatement of write-downs of Freedom Foods led not only to significant erosion of shareholder value but an appetite for new auditing standards to be brought in. Enter ASA 540: Accounting Estimates..

7 May 2021

Financial reporting

SPFS Removal – Ready set go!

The removal of the reporting-entity concept occurs on 1 July 2021. If you are a June reporter you

need to prepare a GPFS for your 30 June 2022 year (31 December 2022 for the December reporters).

7 May 2021

Business

Building a sustainable business in challenging times

The game hasn’t changed, but the field we play on has. What worked last year might not be the right way anymore. If nothing else, many of us were forced to better embrace technology as we worked from home. Has that led to lasting change for the better?

29 April 2021

Take 5 with Jackie Marriott

Jackie has been part of the team at PKF since 2016 and has thrived in her role in Newcastle’s business advisory unit.

At PKF, we think it is important for our clients to ‘get to know’ our team, so we took five minutes to chat with Jackie about her life at PKF and have found out some interesting things about her.

29 April 2021

Business Advisory

Do we really need to use so much paper?

29 04 2021

Business Recovery and Insolvency

Understanding the new Small Business Restructuring Process

29 04 2021

Superannuation

The shift to environmental, social and governance (ESG) investing

It is no longer acceptable for a company to be purely driven by profits. Fund managers are experiencing strong inflows into their ethically focused products and traditional blue-chip companies are now branching out into renewables following pressure from shareholders to do more around environmental sustainability.

29 04 2021

Wealth

Stock Picking vs Asset Allocation

A look into how financial advisers develop their investment portfolios for clients and a breakdown of the differences between asset allocation and stock picking.

29 April 2021

Hunter leader appointed as National Chairman

PKF in Australia has announced the appointment of local Managing Director, Steve Meyn, as Chairman.

30 March 2021

Business Advisory

General practitioners v Specialist accountants

24 February 2021

Business Analytics

Business Analytics – Hype or Hero?

17 February 2021

Risk management

Risk Management in a COVID-19 world

A business’ reputation is one of its greatest assets and can be severely damaged by being ...

10 February 2021

Corporate Finance

Is your business deal ready?

10 February 2021

Lessons to be learnt from 2020 for 2021 in regards to new accounting standards

Lessons to be learnt from 2020 for 2021 in regards to new accounting standards

21 January 2021

Regulation of Auditing in Australia – What does the future hold?

In this radically changing environment, independent and accurate external auditing is more critical than ever in helping determine efficient and effective capital allocation. Most would agree that recent headwinds – not the least being the COVID-19 pandemic – have created a heightened level of general uncertainty. 

21 January 2021

Audit & Assurance

Risk Management in a COVID-19 world

In a year which began with the devastating bushfires in the Australia summer, 2020 then took another turn in a way few could have truly anticipated with the COVID 19 pandemic. The extended uncertainty, health crises and economic impacts of lockdowns have touched every company in every sector in some way. Indeed, writing this article in Victoria, many of us are still to fully return to our offices and worksites.

21 January 2021

Audit & Assurance

Time to Focus 2021

21 January 2021

Risk management

The Role Of The Risk Management Professional

The prolonged and extreme nature of the challenges of 2020 have left many risk and assurance professionals feeling fatigued, with the holiday period giving them the opportunity to rest, reflect, and reset for the year ahead.

18 January 2021

Business Recovery and Insolvency

Take 5 with Senray Loy

5 January 2021

Business Advisory

Five areas of focus for Clubs in 2021

29 December 2020

Risk management

Is your AML/CTF program effectively managing risk?

Almost 12 months on, are you confident your organisation responded appropriately to
the Child Sexual Exploitation intelligence released by the Australian Transaction Reports
and Analysis Centre (AUSTRAC) Fintel Alliance in November 2019?

21 October 2020

not-for-profit

Uncertainty on uncertainty for NFPs

The recent reporting season has seen many Not-For-Profits (NFPs) ask the question ‘what impact will the COVID-19 pandemic have on my financial statements?’ The pandemic has significantly increased levels of uncertainty in the economy coupled with inherent levels of uncertainty in financial reports, leading to uncertainty on uncertainty.

21 October 2020

Casual employees and leave: to disclose or not to disclose?

The landmark Workpac v Rossato case had caused significant confusion around casual employees and potential leave entitlements following a casual employee engaged by a labour hire firm to work at a mine successfully claiming leave entitlements. Currently, beyond the case law casual employees do not have access to any leave entitlements apart from long service leave (subject to state legislation).

21 October 2020

New privacy laws in New Zealand could affect Australian businesses

From December 2020, New Zealand’s privacy laws will change. Businesses will have to report for the first time when data becomes inaccessible, as well as when it is accessed by unauthorised parties. This is a significant difference in practical interpretation of the Australian laws to date and will have implications for businesses that operate in either jurisdiction.

21 October 2020

Audit & Assurance

Governance and Sense – For Directors

The recent decision by the government to extend the insolvent trading relief out to at least 2021 has been greeted with a mixed response – on the one hand, it is hoped that this will allow viable businesses to recover and prevent further job losses, therefore helping protect the economy. Alternatively, the relief may be shielding the “walking dead” businesses which could actually benefit from restructuring initiatives facilitated by the insolvency professionals.

21 October 2020

Audit & Assurance

Don’t be the next Ruby Princess! Get work ready!

With all of the uncertainty that COVID-19 has thrown upon us, life must move on, businesses need to adapt, children need to go back to school, office environments need to be restored. While the Australian government was aiming for majority of businesses to be back on their feet by July 2020, even with numbers on the rise again, are you, as an organisation, back to work ready?

08 October 2020

COVID-19

Risk and crisis planning in the current storm

At the beginning of March 2020, PKF partnered with the Governance Institute of Australia to carry out a survey of governance and risk professionals operating in the Australian market at that time, to identify the key pressure points for them both now and into the future. The survey received close to 400 responses and identified areas that respondents felt they were prepared for and those they felt exposed to.

08 October 2020

COVID-19

COVID-19 Impact On Asset Impairments

Asset values continue to be a key focus area for financial reporting regulators – and the negative impact of COVID-19 will mean that previously unaffected businesses will need to consider their asset values for the first time.

04 October 2020

Insolvency

ARITA announces key timing issue in COVID-19 temporary relief measures

Australian Restructuring Insolvency & Turnaround Association (ARITA) announced on 29 September 2020 that it has “become aware of a key timing issue in the COVID-19 temporary insolvency relief measures that has not been widely appreciated.”

2 October 2020

COVID – Regression or Progression?

It should always be a ‘three-way’ forecast – that is, forecasting profit, cash and balance sheet to give a comprehensive picture.

25 September 2020

Tax

Key Dates and Action for JobKeeper 2.1 – Extension Period 1

This article summaries JobKeeper considerations including key dates and actions for employers, actual deadline in turnover, reference period and payment rate.

24 September 2020

Strategic Planning

COVID – Regression or Progression?

16 September 2020

Business Advisory

Coping with COVID

There are plenty of hard roads ahead but continued learning, support, dedication, diligence and the odd splash of luck will take us a long way down them.

16 September 2020

Superannuation

Pandemic Highlights Risks of Industry and Retail Funds

…the Coronavirus crisis exposed structural weaknesses in Australia's retirement savings system and shows the urgent need for the industry to consolidate.

16 September 2020

Client Profile

Client Profile: Hatch – Riding The Wave of Change

How Hatch navigated the challenges of the pandemic, leading to the team innovating and evolving their business.

16 September 2020

Business Advisory

Does your business plan stand up beyond COVID economic assistance?

By having a financial plan in place you can measure, track, and plan your business performance as the economic climate changes

16 September 2020

Corporate Finance

Navigating Special Situations

The good news is that investors, lenders and acquirers are abundant and active in the Australian market and there are vast amounts of capital waiting to be deployed.

16 September 2020

Wealth

Markets and COVID-19. What just happened?

The recovery in US share markets has been stronger than that seen in the rest of the world, despite the US being in a very deep recession. This recovery has been primarily driven by the heavy concentration of technology companies listed in US markets.

16 September 2020

Business Recovery and Insolvency

Businesses Battling the Pandemic

16 September 2020

Taxation

Victorian Business Survival and Adaptation Package – $3 billion support announced on 13 September 2020

The Victoria Government announced on 13 September 2020 an injection of $3 billion to assist businesses to survive the ongoing restrictions and prepare for COVID Normal business. Grant applications open on Friday 18 September 2020.

15 September 2020

Taxation

JobKeeper 2.0 - Payments Extended

The JobKeeper payment will continue to be available to eligible businesses and not-for-profits until Sunday, 28 March 2021. There are some significant changes to the rules. We have broken them down so that you are clear on how they impact you.

14 September 2020

Wealth

Superannuation: How to stay informed today to be prepared for retirement

Super affects every single one of us. It sways government policy, it influences voters, it creates a comfortable retirement for many, it also currently helps many out of a hole with cash flow concerns, and it’s not going anywhere.

27 August 2020

Whisteblowing

Whistleblowing in Australia is still a work in progress - Part 1

72% of policies reviewed did not provide sufficient information about the practical steps that would be taken to protect confidentiality or the legal protections available for eligible whistleblowers; a key objective of the new legislation.

20 August 2020

COVID-19 Impact On Asset Impairments

Asset values continue to be a key focus area for financial reporting regulators – and the negative impact of COVID-19 will mean that previously unaffected businesses will need to consider their asset values for the first time.

4 August 2020

Don’t be the next Ruby Princess! Get work ready

With all of the uncertainty that COVID-19 has thrown upon us, life must move on, businesses need to adapt, children need to go back to school, office environments need to be restored. While the Australian government was aiming for majority of businesses to be back on their feet by July 2020, even with numbers on the rise again, are you, as an organisation, back to work ready?

4 August 2020

Time For Sport To Rise To The Challenge

As we all work towards a new-normal of social-distancing, and where communities are disparate and in desperate need of feeling re-connected, the sports industry has a unique opportunity to be the driving force behind this. Strong leadership and governance will place it in pole position as this test of endurance henceforth continues.

4 August 2020

Casual employee and leave ruling: now is not the time for panic

On Wednesday, 20 May the Federal Court upheld the findings in Workpac v Skene regarding casual employees and has left many employers feeling exposed and uncertain. The Workpac ruling is not a new one. The Workpac v Skene decision was handed down in 2018 but in 2020, it was challenged again when Workpac brought a second case to the Federal Court, Workpac v Rossato.

25 May 2020

Planning For Continuity In A Crisis

Insurers and in particular financiers, are increasingly making enquiry of business to ensure that they have specific Pandemic related plans in place to address not only the unique risks posed by COVID-19, but to also address the risk of any further pandemic related events into the future. This could become a mandated part of doing business in the future.

30 April 2020

IT Risk Management For Your Remote Workforce

Be more vigilant on the look the out for phishing emails and sites. Empower them with the knowledge of the risk so they know how what to look out for. The Coronavirus scare is the perfect mechanism for cybercriminals to leverage and trigger that emotional response.

30 April 2020

Drawing Positives From A Tough Situation

The pace and severity of COVID-19’s impact had caught all of us in business by surprise and challenged the way we have traditionally operated. It also presents an amazing opportunity for business to challenge the traditional paradigms.

30 April 2020

Risk and crisis planning in the current storm

The survey has revealed that almost 40 per cent of businesses are not regularly testing their risk and crisis plans — leaving them exposed and under-prepared for major crisis.

04 08 2020

The Benefits Of Good Governance

WeWork is a classic example of an organisation transitioning from purely founder-led or director-driven operations to well-rounded, balanced businesses where management and ownership are appropriately separated.

28 March 2020

Avoid ATO Penalties And Ensure Your ATO Obligations Are Lodged On Time

If an SMSF tax return for 30 June 2019 and/or prior years is outstanding for more than 14 days, the ATO will now remove the SMSF’s compliance status from Super Fund Lookup. This status will remain until any overdue lodgements have been brought up to date.

28 March 2020

Foreign Residents And The Removal Of The CGT Main Residence Exemption

The change in the law means that a taxpayer who is a foreign resident at the time of the CGT event can no longer claim the CGT main residence exemption, unless, at the time of the CGT event the taxpayer had been a foreign resident for less than six years and one of three life events applies.

28 March 2020

The Royal Debacle – Achieving Financial Independence

The young Royal’s desire for financial independence has got people asking what ‘financial independence’ really is and is it achievable for ordinary, run-of-the-mill folk like us?

28 March 2020

Audit & Assurance

PKF Brisbane Appoints New Audit Partner

5 March 2020

Bush Fires And Business Interruption

Understanding a business’ access to financial resources is essential in determining whether it can persevere through the temporary business interruption caused by the bush fires.

28 February 2020

Not-For-Profits Time To Shine

It is best not to perform annual assessments to align your revenue with the required policies and instead change your processes to reflect the changes. Performing adjustments when needed for reporting can create an unnecessary burden, as essentially you are maintaining two separate sets of accounting records.

28 February 2020

The Impact Of Share-Based Payments On Financial Performance And Valuation Considerations

Understanding the valuation impact of Share-based Payments before they are issued or agreed as part of a transaction is an important consideration before entering into a binding agreement regarding the terms of any equity issued in lieu of cash payments.

28 February 2020

The Future For Pharmacies In The Seventh Community Pharmacy Agreement

It is estimated that the introduction of double dispensing will reduce the gross profit of the average pharmacy by $85,000 should the proposed changes come into play.

28 February 2020

The Importance of Awareness and Education in Achieving an Ethical Culture

Integrity in business is achieved and sustained by the example set by leaders who promote and cultivate a positive workplace culture. This four-part series explores the key role that communication and education play in raising awareness and the successful implementation of an ethical culture.

28 February 2020

Audit

Regulation of Auditing in Australia – What does the future hold?

In this radically changing environment, independent and accurate external auditing is more critical than ever in helping determine efficient and effective capital allocation. Most would agree that recent headwinds – not the least being the COVID-19 pandemic – have created a heightened level of general uncertainty.

17 February 2020

Lessons To Be Learnt From NZ On Tackling Money Laundering And Terrorism Financing

With the Australian Transaction Reports and Analysis Centre (AUSTRAC) launching legal action in November against Westpac accusing them of breaching Australia’s anti-money laundering and counter-terrorism finance laws over 23 million times, stating, "These contraventions are the result of systemic failures in its control environment, indifference by senior management and inadequate oversight by the board," this has once again brought the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act into the spotlight.

16 February 2020

New Changes to ASX Listing Rules

The Australian Stock Exchange (ASX) is always reviewing and implementing continuous improvement to their Listing Rules and Guidance to ensure that adequate information is being provided within the market to provide transparency.

06 February 2020

Wage Theft Isn’t About Good Vs Evil – It’s About A Fair Go

I believe that people genuinely think that they are fundamentally good, regardless of whether we perceive them to be otherwise. That they are doing the best they can with the resources they have and don’t seek to do any harm. In the context of wage theft, no individual or company views their own wage theft as malicious. It is often this nuance that gets left out of public debate in a world of outrage-fuelled media.

06 February 2020

Not-for-profit's time to shine

The next round of accounting standard changes is looming over the Not-For-Profit (NFP) sector but is everyone ready?

06 February 2020

PKF International Assurance and Tax meeting held during November 2019 in Dubai

Travelling so far for a conference, you want to make sure you come away with valuable new insights and a spring in your step – and we weren’t disappointed!

06 February 2020

When Is An ATO Debt Really Written Off?

So, the message is fairly clear – just because the ATO stops chasing or the debt no longer appears on your account does not mean the debt will not reappear when circumstances change.

19 December 2019

Riding the Rollercoaster of Financial Reporting reform in Australia

After the Special Purpose Financial Statements removal, the veil of reduced reporting is lifted, and financial information will become publicly available. Many mum and dad companies believe this is a privacy risk.

19 December 2019

5 Reasons why you should consider Business Process Outsourcing (BPO)

The Business Processing Outsourcing (BPO) industry has grown significantly over the last five years, it is expected to reach $343.2 billion in global annual revenues by 2025.

19 December 2019

ATO’s Recent Investment Strategy Crackdown On SMSFs

If your SMSF is heavily invested in one asset or a single asset class, you need to review your current SMSF investment strategy to make sure it properly documents the basis for your decision to hold a significant asset in your SMSF which may lack liquidity and diversification.

19 December 2019

Using Technology To Improve Your Business

Business owners acknowledged that technological trends will have a big impact in the future, however, two thirds of all businesses believe that they have knowledge and skills gaps when it came to using technology to improve their business.

19 December 2019

How well do you understand your organisational culture?

Following our article on ‘Interrogating Integrity’ and the importance of culture in our last edition of Clarity, many Directors are seeking to understand their organisational culture and non-financial risks. As a result of issues raised by the Hayne Royal Commission and the Aged Care Royal Commission, some are asking how, respectively, Directors failed to know about the appalling treatment of clients by financial services providers and residents in some aged care facilities.

29 October 2019

Riding the Rollercoaster of Financial Reporting reform in Australia

Reform is upon us and some of the following topics may have some in a head spin!

25 October 2019

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! 

25 October 2019

Seeking finance – how to put your best foot forward

As traditional banks tighten their lending appetites, a new wave of lenders have emerged to plug the gap. While these alternate financiers appear to be more welcoming of new to bank customers, they are known for their rigorous review and vetting process. So, as a business owner or manager, how do you put your best foot forward when applying for new finance?

25 October 2019

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’. Find out what needs to be done. 

25 October 2019

Employer Tax Update

You will no longer have to give your employees a payment summary for the information you've reported and finalised through Single Touch Payroll.

02 September 2019

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

Going into business is hard work. Most businesses start small but are wonderful for the economy. SMEs create innovative solutions to problems, care about service, pay their taxes and small business alone provides almost 4.8 million jobs for the community. Isn’t it fair that the rewards include more money and more free time for the owner?

02 September 2019

Direct Property In An SMSF

Before investing in a large illiquid asset like real estate it is critical to consider your current and future SMSF cash flow needs.

02 September 2019

As Australian Interest Rates Hit New All-Time Lows, Where Do Investors Go For An Income?

It remains to be seen if the RBA’s interest rate policy will be effective in delivering on this aim. What is certain, though, is that it is now becoming very difficult for conservative investors to earn a reasonable return on their cash and term deposits.

02 September 2019

Have all Australians become Frogs?

Fortunately, the alternative view of the future sees our country leveraging off our strong economic base, creating an economic and tax environment that stimulates.

02 September 2019

Whistleblowing In The Boardroom l Part 3

It is common for businesses to think that it wouldn’t happen in their business, but the reality is that fraud is happening to them and it can happen anywhere. The risk of not having a hotline is too high, both financially and culturally.

02 September 2019

ATO Reporting Unpaid Liabilities To Credit Reporting Bureaus

The intent of the measure allowing the ATO to disclose such information is to support more informed decision-making within the business community and banking and finance industry, by making overdue tax debts more visible.

02 September 2019

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?

31 July 2019

Back To The Future – Expected Credit Loss Model

General provisioning of debtors was removed many years ago, never to return, or so we thought.

31 July 2019

Financial Reporting Changes On The Horizon

The Australian Accounting Standards Board has been busy over the last few months which has resulted in some proposed changes to accounting standards being released for comment. 

31 July 2019
31 July 2019

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

Foreign incorporated companies that are controlled by Australian groups should assess their Australian residency status to identify any risks and remedial action that may be required, especially where there are potential decision-making influencers in Australia.

27 June 2019

AASB 16 Leases – What Is The Impact?

While the modified retrospective approach with practical expedients is the easiest of the three approaches to implement, it is undoubtedly the one that most reduces comparability of information in both current and future periods.

27 June 2019

Why People Choose To Have A Self-Managed Super Fund

There are around 600,000 SMSFs in Australia today with over 1.1 million Australians who are members of their own SMSF.

27 June 2019

New Legislation Reinforces Need For Directors To Get The Right Advice

Though most Directors would not knowingly participate in illegal phoenixing, moving assets to protect a Director’s personal financial wealth when a business is facing liquidation, could be viewed as phoenixing and both the Director and their adviser may now be held liable.

27 June 2019

If You Owned A Money Printing Machine, Would You Insure It?

For most, this money printing machine just sits there at home, unprotected and uninsured…You guessed it – this machine is YOU… What would you do if you could no longer meet those large mortgage repayments?

27 June 2019

Are The Banks Still Lending?

A business needs to articulate the position of a good investment. The more risk for an investor (in this case the bank), the higher the reward they will expect (in this case the interest rate).

27 June 2019

Whistleblowing In The Boardroom l Part 2

In order to effectively implement a whistleblower hotline, a company must be trained effectively to professionally receive the disclosure of sensitive material and ensure the effective management of such matters.

27 June 2019

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.

02 May 2019

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 be considered worthless.

02 May 2019

What’s “Special” About The End Of Special Purpose Financial Statements?

The Australian Accounting Standards Board (AASB) is currently tackling one of the biggest financial reporting issues facing Australian companies at the moment.

02 May 2019

Tax Tips For Doing Business Overseas

On exit, and provided certain conditions are met, any capital gains realised by an Australian company from the disposal of shares in a foreign subsidiary may be disregarded in Australia.

25 March 2019

NFP Sector Getting Caught In Red Tape With Peppercorn Leases

A peppercorn lease refers to leases of assets where the required lease payments are significantly below market value.

25 March 2019

Successful Leaders, Time Is Of The Essence

The way business leaders manage their time impacts not only their own effectiveness and success but the success of their whole organisation.

25 March 2019

Superannuation Contribution Limits

Many people don’t know about investment bond tax structures which allow wealth to be accumulated on a flat tax rate on earnings at 30%.

Contribution limits prevent me from putting more into my super now…. what do I do?

25 March 2019

Selling Your Business to Private Equity is not for Everyone

In a Private Equity Funds sale scenario, sellers need to understand that, unlike a full exit in a traditional ‘trade sale’ situation, this type of transaction is generally a two-step process that requires their ongoing commitment.

25 March 2019

Property Never Goes Backwards (Or Does It?)

Anyone who had a mortgage in the early 90s will be quick to tell you about the 17% interest rates (or worse) that they were paying on their mortgage at that time.

25 March 2019

Whistleblowing In The Boardroom l Part 1

Three common traits have been found to be present in fraud cases. This has come to be known as the Fraud Triangle... made up of pressure, opportunity and rationalisation.

25 March 2019

Illegal phoenixing

New legislation reinforces need for Directors to get the right advice

Whilst the tidal wave of regulation, governance and accountability continues to grow, the Federal Government has announced the introduction of new laws to combat illegal phoenixing and to focus on the accountability of directors and their advisers.

March 2019

ASIC Releases Proposed Industry Funding Fees

After much anticipation and speculation, the Australian Securities and Investments Commission (ASIC) has released their Summary of 2017-2018 levies.

22 January 2019

Interim Reports – New Disclosures For AASB 9 & 15

There are a number of disclosure matters that you need to consider in relation to their impact on the interim half-year financial report.

22 January 2019

Peppercorn leases – update on recent changes in standard

A peppercorn lease refers to leases of assets where the required lease payments are significantly below market value.

22 January 2019

To hedge or not to hedge under IFRS 9

IFRS 9 introduces a number of choices to the application of hedge accounting, and its overall objective is to improve the value of financial statements in decision-making by capturing the impact of an entity’s risk management strategies on its financial operations.

22 January 2019

Changes to Tax Laws Make Division 7A Loans A Poisoned Apple for Many

Division 7A is an integrity rule that is designed to prevent shareholders from using private company profits without paying tax at their marginal tax rates.

06 December 2018

Time To Focus – How Prepared Are You?

As we approach the Christmas break, it is a great time to sit back and reflect and consider how your organisation can improve in 2019.

06 December 2018

What Is TBAR Reporting and How Is It Affecting Self-Managed Super Funds?

From 1 July 2018, some SMSFs are required to now report events on a quarterly basis within 28 days of the end of each quarter.

06 December 2018

IPSO FACTO Law Reforms

The introduction of the new law is a timely reminder to all business operators to regularly review supply agreements and the contracts that govern your business arrangements with customers and suppliers alike.

06 December 2018

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.

06 December 2018

Information: Your Key to Business Finance

The majority of accountants provide compliance services the statutory bodies require – but we believe true advisory means taking business owners where they want to go, rather than just reporting on where they’ve been.

06 December 2018

Why Accountants Need to Worry About Whistleblower Protections

It’s imperative that change begins at the top and leaders effectively communicate new policies as well as act upon them. An ethical and transparent leadership not only breeds a positive and open internal culture but also helps deter misconduct in the long-term.

06 December 2018

How to systematically hit your business targets

Collaboration is key to success when setting goals. Organisations are more likely to achieve goals when key staff and personnel are involved in the decision-making process from the start.

06 December 2018

Why Whistleblowing Should Be Encouraged in The Workplace

A Whistleblower Hotline provides a discreet method for the whistleblower to seek assistance which can ensure your business maintains its integrity and reputation.

18 November 2018

AASB 15 Revenue – Time to Act is (Almost!) Over

The mood following the on-going Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry, suggests that ASIC may be prepared to take punitive legal action where there is non-compliance with the law and that includes accounting standards.

06 November 2018

AASB 16 Leases - Assess the financial impact now

The initial market analysis suggests that the way Leases are currently structured, may drastically change, given the impact on key metrics such as increasing Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)…

05 November 2018

Lush Cosmetics – Lessons Learnt

Having a crisis management strategy in place is beneficial but employing it should always be a last resort, these situations are entirely avoidable if the right steps are taken.

29 August 2018

The Wave is Coming

When stacked against competition, does your business stand out? Can you articulate why it should stand out?

26 August 2018

Death and Your Superannuation Entitlements

In the case of a Self-Managed Superannuation Fund (SMSF), the trustees at the time of death of the member have ‘control’ over where the member’s benefits are paid, irrespective of what the will says.

26 August 2018

Building Financial Models That Really Work

Financial models have continuously evolved over the last three decades to become one of the most important financial tools in the modern business world.

26 August 2018

Cash Flow Crunch for Property Developers

The changes [to GST laws] now put the onus of collecting and remitting the GST on the purchaser and the risk of non-collection is reduced.

26 August 2018

It’s All About Respect

Life moves on and some standards change with time… But common courtesy is something that should never become uncommon – it’s all about respect.

26 August 2018

Have You Assessed The New Accounting Standards Yet?

ASIC will be scrutinising financial reports this reporting season to ensure that boilerplate disclosures are not continuing to be made, with no impact assessment.

31 July 2018

Accounting for the Research and Development Tax Incentive

As an investment tax credit is accounted for either as a government grant or as income tax or as both but alarmingly it falls outside the scope of both relevant accounting standards AASB 112 Income taxes and AASB 120 Accounting for Government Grants and Disclosure of Government Assistance.

31 July 2018

Top Of Asic Agenda - Impairment Assessments Again!

Of the 54 inquiries made by ASIC over financial reports for 30 June 2017, 20 related to the impairment of assets. 

31 July 2018

The Landscape of Governance in 2018

The 2018 governance landscape is being dominated by a number of major events which have Boards and management teams racing to ask – “tell me we don’t do that, do we?”

31 July 2018

GST: New Residential Premises and Residential Land settlements

Any amount required to be withheld at or before settlement will need to be paid to the Australian Taxation Office by the purchaser. The vendor will be entitled to credit for the amount paid to the ATO by the purchaser when the vendor lodges its next business activity statement.

06 July 2018

Time to take control?

An effective internal audit not only identifies areas of waste that could be eliminated but considers ways the business can improve its existing processes.

06 July 2018

How's your health?

Only once you’ve articulated your goals should you take the next step: to review your business and make sure it is synchronised with achieving these goals.

06 July 2018

SMSF friendly 2018-19 Federal Budget

With SMSF members still working through the wide-reaching and complex superannuation changes which took effect from 1 July 2017, this Federal Budget will provide much needed stability while looking to reduce costs for SMSFs and prove additional flexibility.

06 July 2018

Selling your business to your employees

Careful planning, preparing your business for transition and the early involvement of management will ensure a more successful transaction.

06 July 2018

What is the address of your company’s “registered office”?

The message here is to ensure you have a system in place to deal with incoming correspondence where your registered office address is not your principal place of business, or that of your accountant.

06 July 2018

The view from the other side of the pond

On previous trips I have seen…some very noticeable phenomena; the massive support for start-ups, the huge investment in data capture and analysis…and now a need to show customers how and from where you source the elements of your product or service.

06 July 2018

Fraud Prevention – A Timely Reminder

Every business is vulnerable to the threat of fraud, and whilst we often operate in a “high trust” environment, it is also timely to remember "trust is not a control—it is an emotion."

06 July 2018

Are you ready for GDPR?

Do you know all the locations where your data resides? It might be embedded in supplier records, websites, excel files, emails and HR records. But are there more? Missing one location can prove fatal!

18 April 2018

Disclosure Overload - Is It Time to Declutter the General Purpose Financial Report?

When companies are looking at acquiring businesses or companies from each other their first request is to be provided with detailed information on the target via a secure data room. So, the GPFR is never used to make investment decisions, which of course highlights the potential irrelevance of information in such a report.

14 April 2018

Time To Get Serious About Dirty Money

Adopting the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations should not be seen as a compliance headache, but as a chance to mitigate the risk of doing business with inappropriate parties, and to protect your organisation’s reputation.

14 April 2018

Time To Get Serious About Dirty Money!

Adopting the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations should not be seen as a compliance headache, but as a chance to mitigate the risk of doing business with inappropriate parties, and to protect your organisations’ reputation.

27 March 2018

What are you doing to engage the next generation of leaders?

If you want to scale back your hours but retain your business, you’re going to need to identify, motivate and build up the next leader(s) – preferably someone who can take the business to a higher level.

27 March 2018

Bitcoin what is it and can an SMSF invest in it?

Cryptocurrency is not specifically disallowed as an investment in a Self-Managed Superannuation Fund (SMSF). If it is to be included as an investment in an SMSF there are many rules to contend with to not breach the superannuation laws (Superannuation Industry (Supervision) Act (SIS Act)).

27 March 2018

Growth opportunities expected to remain strong in 2018

Despite recent corrections the medium-term outlook for both the Australian Stock Exchange (ASX) and National Stock Exchange (NSX) continues to be positive. The long-term outlook remains strong and both equity capital markets continue to provide a good opportunity for companies to list.

27 March 2018

Director Identification Numbers

The introduction of director identification numbers is a welcome improvement to Australian business and will improve regulators data matching abilities in identifying and removing the small number of directors who do not observe their duties.

27 March 2018

Why We Outsource

Offshore Outsourcing is not for everyone, but we have found it an excellent option for meeting the demands of changing technology and expectations. The opportunity for our staff to experience a different country and culture first hand is a bonus.

 

27 March 2018

Enhanced Whistleblower Protection – New Legislation Looms In 2018!!

Many companies use an outsourced whistleblower hotline that provides an independent, fully resourced 24/7 service staffed by experienced investigators who not only provide the right level of support to the whistleblower, but also ensures that the right questions are being asked and appropriate evidence is secured.

27 March 2018

Poor Data Quality – Impediment or Opportunity?

Poor data quality is cited by so many businesses as the key reason that they don’t try to extract more value from their data. But is poor data quality really an impediment, or is it rather an indicator of a great opportunity for the business? Is your data glass half-full or half-empty?

27 March 2018

The Small Business $20,000 Instant Asset Write-Off Extended… Time To Go Shopping!

If you buy an asset to use for business purposes and it costs less than $20,000, you can immediately deduct the business portion of the cost in your tax return.

08 March 2018

Data Analysis – is your organisation still sitting on the sideline?

We live in a world where data is all around us – collected as we use our personal devices, as we create and sell in our workplaces, and by government through statutory reporting.

22 January 2018

Grants

Support available to NSW Businesses

As we enter a new period of restrictions and disruption, staying in touch with each other is paramount to ensuring we all receive the support we need. Whether that be financial, business or people related.

31/06/2021

The office of the past - thankfully

This was long before the NSW Anti-Discrimination Act came into force in 1977, and fair to say gender discrimination was rife.

13/10/2021

ACNC Update - National risk assessment into charities and not-for-profit organisations

The ACNC Act states that the aim of the external conduct standards will be to give the public confidence that funds sent outside Australia by registered organisations are reaching legitimate beneficiaries and being used for legitimate purposes; and that both funds sent, and activities engaged in outside Australia will not contribute to terrorist or other criminal activities.

SaaS Under The Spotlight

As a benchmark, revenue growth rate plus profit margin should exceed 40%. Young companies are expected to beat that mark with rapid growth. More mature companies, where growth has tapered off, expect to grow profit margins to hit their metrics.

The Importance of Strategy and Alignment across the Business

A business strategy will facilitate decision making within your business so you’re focusing your time and efforts on achieving your goals and getting to where you want to go. 

Business Email Compromise: The scam duping businesses across the world

BEC scams generally occur when a hacker gains access to a business or a business’ supplier’s email account and mimics a legitimate email address using a domain similar to the targeted business’ actual domain.

The Christmas Cash Flow Crunch

The most common mistake we see is the lack of planning leading up to a known quiet period, which results in our clients having to implement last minute, unideal, “firefighting” strategies to manage overdue and upcoming creditor payments.

Cryptocurrency

Cryptocurrencies and tax – The new world of trading and investing

Cryptocurrency popularity continues to rise which means it will remain a focus area for the ATO.

Assistance Dogs Australia | Pro Bono Audit

"Your support has meant even more in a year where we have experienced a huge disruption to life as we know it, and our world has felt extraordinarily fragile."

Corporate Finance

QMS Media | PKF’s Corporate Finance team’s Cross Border Transactions delivers due diligence advice to leading media company

PKF’s independence, experience, commercial acumen, attention to detail and objectivity enabled them to provide QMS with detailed advice on several issues. 

Business Advisory

Cellmid | Driving force behind identification of government grants

 PKF considers itself a part of the Cellmid team, guiding its growth in the global market and assisting with development of important medical products through our advisory services.

2020

Business Advisory

WillowBee Early Learning Centre | Providing financial expertise on expanding business portfolios

PKF works with family businesses to help create the balance family and their business needs - planning for succession, implementing governance frameworks, and policies and procedures to ensure long-term success.

Business Advisory

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

“PKF is our go-to for business advice, which I guess has proved to be a great decision as we have expanded exponentially!"

2019

Business Advisory

Gilbert Motors | Putting Tom and Sally behind the steering wheel for business growth

“PKF is an amazing foundation for our business – they make sure we make prudent decisions with investments and various other decisions.”

20th March

Taxation

JumpStart | PKF Business Advisory Services power up JumpStart to get to where they want to go faster

“PKF understand my position as a start-up…and for me, this means that we’ve been able to succeed earlier.”

Newsletter

Winter 2022 Cover

Business insights

Pulse - Winter 2022
21 June 2022
Clarity Autumn 2022 Cover

Audit & Assurance

Clarity - Autumn 2022
23 May 2022
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Corporate Finance

Corporate Finance Deal Sheet

The PKF Corporate Finance team share the current mandates/opportunities from the PKF in Australia network within this edition of the Corporate Finance Deal Sheet, outlining the current deals seeking buyers, investors, capital and acquisitions in a wide range of sectors.

May 2022
Pulse Autumn 2022 Front Cover

Business insights

Pulse - Autumn 2022
1 March 2022
2021 Clarity Summer Front Cover

Audit & Assurance

Clarity - Summer 2021
15 February 2022
2021 Summer Front Cover

Business insights

Pulse - Summer 2021

Closing in on the end of the year, we reflect on the rollercoaster that has been 2021, and look into the new year with hope.

December, and the holiday period, is a time for us all to relax, be thankful for the good times and give back to those less fortunate. The Salvation Army Christmas Appeal is an initiative close to the hearts of our team, and each year we look forward to placing gifts underneath the PKF Christmas tree, that are then gifted to those in need on Christmas Day.

16 December 2021
2020 Summer Pulse Front Cover

Business insights

Pulse - Summer 2020

Well what a year 2020 has been, one that none of us will forget. I am sure we will all look back on this period and take from it learnings about business and life as we were accustomed to but equally the positive lessons in life that it has delivered. As I recently read “2020 is not the year to get everything you want but the year to appreciate everything you have”. With Christmas less than a month away not a bad thought to reflect on for us all.

9 December 2021
Clarity Spring 2021 Front Cover

Audit & Assurance

Clarity - Spring 2021

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

26 October 2021
Pulse 2

Business insights

Pulse - Spring 2021

Spring has officially sprung, bringing us warmer and brighter months to look forward to.

With only three months left of 2021 and a roadmap out of the current COVID restrictions, we look to the future with hope. With New South Wales on the verge of 80% of people fully vaccinated and talk of international travel on the cards by Christmas, it is positive to see some light, shining on the other side of the COVID tunnel.

13 October 2021
Pulse Winter 2021 Front Cover

Business insights

Pulse - Winter 2021

The new financial year is finally upon us, enabling us to reflect on the good, the bad.. and the ugly to best prepare ourselves for the future.

With the recent celebrations around Pride month and NAIDOC Week, we saw a time to reflect on our role in the community in raising awareness about diversity and inclusion and making a difference through action.

23 August 2021
COV

Audit & Assurance

Clarity - Winter 2021

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

19 August 2021
Pulse Aut21 Front Cover

Business insights

Pulse - Autumn 2021

We are well into 2021 and it feels like we have an exciting year ahead. From new revelations about overseas travel to a hopeful vaccine, we are lucky to live in a country with such strong platforms for care and resilience. This year brings new opportunity for businesses as we edge towards a new form of ‘normal’, recognising how important the digital world is in connecting us all.

7 June 2021
Clarity autumn 21 front cover

Audit & Assurance

Clarity - Autumn 2021

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

7 May 2021
2021 01 National Audit & Assurance Clarity Thumbnail

Audit & Assurance

Clarity - Summer 2020/21

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

28 January 2021
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Corporate Finance

Guide to Listing on the ASX
January 2021

Audit & Assurance

Clarity - Spring 2020
18 October 2020
Pulse Spring 20 Front Cover

Business insights

Pulse - Spring 2020

Welcome to the Spring edition of PKF’s Pulse. The last quarter of  FY19/20 saw us enter into a new way of life with the COVID-19 pandemic dominating our news, our working life and our personal life. For PKF in Sydney and Newcastle, this meant fast responses and putting new practices in place to ensure our team and clients were well looked after and safe whilst the business continued to tick over. We went from working from home to returning to a new office environment under a two-team approach. We’ve developed new ways of interacting with each other and adapted to how we can continue to service our clients in these times.

16 September 2020

Audit & Assurance

Clarity - Winter 2020
18 August 2020
Clarity Autumn 2020

Audit & Assurance

Clarity - Autumn A COVID-19 Special Edition 2020

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 April 2020
Pulse Autumn 20 Front Cover

Business insights

Pulse - Autumn 2020

Welcome to the first edition of PKF Sydney & Newcastle’s Pulse newsletter for 2020. Though the festive season seems so long ago now, the devastation that we all saw is a not-so distant memory with the effect felt across the country – from wildlife to people and businesses.

16 March 2020
2020 02 National Audit & Assurance Clarity Thumbnail

Audit & Assurance

Clarity - Summer 2020

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 January 2020
Pulse Summer 19 Front Cover

Business insights

Pulse - Summer 2019

With Christmas less than a month away, as always, it is a time known for reflection as the end of the year fast approaches. For us here at PKF, I would like to reflect on the importance of corporate social responsibility (CSR). CSR is an essential part of a business in today’s world where accountability, transparency and sustainability are paramount. PKF is not only devoted to CSR but our team is too, being involved in many charities and Not-For-Profit (NFP) organisations externally as well.

20 December 2019
Clarity Spring 2019

Audit & Assurance

Clarity - Spring 2019

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 October 2019
Pulse Spring 18 Front Cover

Business insights

Pulse - Spring 2018

Welcome to the Spring edition of Pulse. Spring has certainly sprung with everyone in overdrive this busy season, giving us a timely prompt to the importance of time management and planning. 

In this edition, a great article from Partner Bob Bell reminds us why the fundamentals of being polite and respectful are behaviours that should never be forgotten, and with the Australian population ageing (by 2057, according to the Australian Government, it is projected there will be 8.8 million older people in Australia aged 65 and over) we must review our Aged Care Plan (and that of our parents) and if you are a business owner, it may be time to consider if your business is sale ready – if you have not already done so.

2 October 2019
Pulse Spring 19 Front Cover

Business insights

Pulse - Spring 2019

Key business insights, tips and value direct from our team of specialist advisers. This edition we outline a range of issues and thought leadership for business such as interest rates hitting all-time lows, whistleblowing in the boardroom to tax updates and understanding your "why" in your organisation.

4 September 2019
Clarity Winter 2019

Audit & Assurance

Clarity - Winter 2019

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 July 2019
Pulse Winter 19 Front Cover

Business insights

Pulse - Winter 2019

As we welcome you to the Winter edition of Pulse, the new financial year has arrived, and we can move forward with greater certainty and stability with the shock election result that sees Scott Morrison hold on to his seat and continue with the Coalition at the helm.

5 July 2019
Clarity Autumn 2019

Audit & Assurance

Clarity - Autumn 2019

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 April 2019
Pulse Aut 19 Front Cover

Business insights

Pulse - Autumn 2019

Happy New Year(ish) to our clients, contacts and family – it’s hard to believe it’s the end of February already – where does the time go?!

Firstly, welcome to the 2019 Autumn edition of Pulse. As the flooding disaster continues throughout Queensland, fires rage in Tasmania and the drought continues to bite across most of NSW, we send our thoughts and prayers to those affected in these areas during this time. As noted by the Bureau of Meteorology, January was Australia’s hottest month on record, with the country’s average temperature exceeding 30C for the first time since records began – a reminder that the drought is far from broken. Last year, PKF donated $10,000 to the farmers’ relief and those affected continue to be in our thoughts.

4 March 2019
Clarity Summer 2018

Audit & Assurance

Clarity - Summer 2019

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 January 2019
Pulse Sum 18 Front Cover

Business insights

Pulse - Summer 2018

As Christmas fast approaches, it brings with it a time of reflection, high hopes for what is coming and a chance to look back on the year that was 2018.

This year has been a tumultuous time for Australia as the country continues to face political turmoil, the drought for our farmers and the findings of the Royal Commission but, as always, the silver lining is apparent through the nation’s long-history of profound resilience. Each time due to our culture and sense of community, we have been able to reinvent ourselves and band together to create a future we are proud of.

12 December 2018
2018 11 National Audit & Assurance Clarity Thumbnail

Audit & Assurance

Clarity - Spring 2018

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 October 2018
2018 08 National Audit & Assurance Clarity Thumbnail

Audit & Assurance

Clarity - Winter 2018

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 August 2018
Pulse Winter 18 Front Cover

Business insights

Pulse - Winter 2018

As we welcome you to the Winter edition of Pulse, the new financial year is underway, which means many of you will have taken the opportunity to reassess your personal and business goals.

Have you achieved everything you set to accomplish in the last year? Have you looked at your business strategy and budgets – what areas need improving? If you couldn’t tick certain targets off your list, perhaps it is time to ask yourself why? Now is the time to create those building blocks and turn your goals into reality to make 2019 your best year yet. At PKF, we aspire to assist you kick those goals and I encourage you to read and reflect on the relevance of articles from our team of specialists to get you thinking about the game plan for your business.

13 July 2018
2018 04 National Audit & Assurance Clarity Thumbnail

Audit & Assurance

Clarity - Autumn 2018

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 April 2018
Pulse Aut 18 Front Cover

Business insights

Pulse - Autumn 2018

Welcome to the Autumn edition of Pulse. As the weather begins to cool down, things are heating up on the business and political fronts. With what appears to be a revolving door at Parliament House, the Australian Government is blighted by citizenship issues and most recently, personal issues which appear to be taking the focus away from business as usual.

13 March 2018
Pulse Sum 17 Front Cover

Business insights

Pulse - Summer 2017

As we head towards the end of 2017, it is fair to say that it has been a year of renewed confidence and progress across many areas.

With the economy expected to expand at a reasonable pace over the next couple of years and in an environment where business confidence has grown, indications of interest rate remaining at all time lows for the short to medium term and new and emerging opportunities continue to present, it is a good time to be in business.

21 December 2017
Clarity Spring 2017

Audit & Assurance

Clarity - Spring 2017

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

19 October 2017
Pulse Spring 17 Front Cover

Business insights

Pulse - Spring 2017 (1)

As we welcome you to the Spring edition of Pulse, the end of the first quarter of this financial year is almost upon us, and with that, it brings us some timely lessons.

A few weekends ago, I watched my son’s Rugby League grand final. It was a great game going down to the wire to determine the winner. Even though the boys didn't win they walked away with their heads held high, knowing they'd played a great game, given their best and had worked as a united team. It got me thinking about business and the parallels that can be drawn from this.

1 September 2017
Clarity Winter 2017

Audit & Assurance

Clarity - Winter 2017

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 July 2017
Pulse Wint 17 Front Cover

Business insights

Pulse - Winter 2017

As the end of the 2017 financial year rapidly approaches we welcome you to our winter edition of Pulse.

The Federal Budget as handed down by the Turnbull Government creates a level of optimism with a forecast return to surplus in 2020/21 supported by large scale Infrastructure Projects spending in the order of $75 billion.

1 July 2017
Clarity Autumn 2017

Audit & Assurance

Clarity - Autumn 2017

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 April 2017
Pulse Aut 17 Front Cover

Business insights

Pulse - Autumn 2017

As we welcome you to this Autumn edition of Pulse, the end of the first quarter of 2017 is almost upon us.

2017 has begun with a level of increased activity across most industry sectors with some positive movements in the resources and energy sector and property continuing to remain relatively strong. Many of our clients are talking positively about 2017 off the back of a strong finish to 2016, the New Year bringing an opportunity to get clear about your targets, your personal and business goals, as well as engaging with your people to ensure the effective implementation of these strategies and goals.

21 March 2017
Clarity Summer 2017

Audit & Assurance

Clarity - Summer 2018

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 January 2017
Pulse Summer 16 Front Cover

Business insights

Pulse - Summer 2016

As 2016 begins to close and we start to look forward to 2017, setting goals and expectations for ourselves and our business is a key initiative we should all embrace.

19 December 2016
Pulse Spring 16 Front Cover

Business insights

Pulse - Spring 2016

Since we last went to print, we have seen a very close Federal election, the end of another financial year, completion of the Olympic Games and as we circulate this edition of Pulse we are almost to the end of the first quarter of the 2017 financial year - how time flies. Congratulations to all of the Australian Olympic athletes on their performance. As business owners there is a lot of similarities as business owners.

7 September 2016
Pulse Winter 16 Front Cover

Business insights

Pulse - Winter 2016

Welcome to our Winter edition of Pulse as the end of another financial year closes in.

The Federal Budget handed down by the Turnbull Government was very much aimed at business owners, encouraging them to invest in their businesses with a range of tax and infrastructure initiatives. The bottom line is that economic and employment growth relies on the continued investment and development of these businesses. These initiatives are important and have, in general, been welcomed by the business community.

14 June 2016
Pulse Aut 16 Front Cover

Business insights

Pulse - Autumn 2016

As we welcome you to this Autumn edition of Pulse, we are almost a quarter of the way through 2016 already.

14 March 2016
Pulse Summer 15 Front Cover

Business insights

Pulse - Summer 2015

As we head towards the end of 2015 it is fair to say that the year has been a bumpy ride across financial and business sectors.

21 December 2015
Pulse Spring 15 Front Cover

Business insights

Pulse - Spring 2015

As we rapidly move into the 2016 financial year it is fair to say that business conditions remain inconsistent across the various industry sectors with some areas still challenged by the impact of commodity prices and overseas economies, while others in the property and retail space experiencing steady performance.

30 September 2015
Clarity 2015

Audit & Assurance

Clarity - 2015

Our aim is to deliver greater clarity and understanding to our clients on the current and emerging accounting and audit issues. We also look to provide thought leadership and share our knowledge and expertise, in areas that will solve problems and create solutions for clients.

18 August 2015
Pulse Winter 15 Front Cover

Business insights

Pulse - Winter 2015

Welcome to our first edition of PKF Pulse which rebrands our previous Lawlerlink, a publication that has been well received by clients and contacts over many years.

22 June 2015

Explore all articles

2020 M~1

Business Advisory

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

“PKF is our go-to for business advice, which I guess has proved to be a great decision as we have expanded exponentially!"

2019
Bri Arita

Insolvency

ARITA announces key timing issue in COVID-19 temporary relief measures

Australian Restructuring Insolvency & Turnaround Association (ARITA) announced on 29 September 2020 that it has “become aware of a key timing issue in the COVID-19 temporary insolvency relief measures that has not been widely appreciated.”

2 October 2020
Audit & Assurance - Risk Management in a COVID-19 World - Ken Weldin - 2020

Risk management

Risk Management in a COVID-19 world

A business’ reputation is one of its greatest assets and can be severely damaged by being ...

10 February 2021
2020 A~3

Business Advisory

Gilbert Motors | Putting Tom and Sally behind the steering wheel for business growth

“PKF is an amazing foundation for our business – they make sure we make prudent decisions with investments and various other decisions.”

20th March
2020 Adelaide Jumpstart Edward Juers Low Res (1)

Taxation

JumpStart | PKF Business Advisory Services power up JumpStart to get to where they want to go faster

“PKF understand my position as a start-up…and for me, this means that we’ve been able to succeed earlier.”

Clarity Summer Edition 2020 Edm Image Shaun Lindemann (1)

Audit

Regulation of Auditing in Australia – What does the future hold?

In this radically changing environment, independent and accurate external auditing is more critical than ever in helping determine efficient and effective capital allocation. Most would agree that recent headwinds – not the least being the COVID-19 pandemic – have created a heightened level of general uncertainty.

17 February 2020
201209 BRI Insolvency Laws

Insolvency

Watch Out for New Insolvency Laws in 2021
09 December 2020
Pulse Summer Edition 2020 EDM Image Christina Manfre

Business Advisory

Seven leadership qualities that will make you a more effective leader
13 January 2021
Pulse Summer Edition 2020 EDM Image David Morgan

Whisteblowing

Whistleblowing in Australia is still a work in progress – part 2
3 March 2021