Archive for the "News" Category

  • How to ensure good governance for your NFP

    Posted on December 11th, 2019 by WLF

    In this instalment of our NFP series Marg Marshall looks at the ten principles of good governance, as identified by the Australian Institute of Company Directors.
    Tune in now for Marg’s expert commentary, and you can also find out more on the AICD website. 

    We hope you enjoy this sixth instalment in our series.  The next and final topic we will cover is financial literary and reporting for NFPs. 
    If you have any queries about the information and how it relates to your organisation, please feel free to contact the WLF team.
    Marg Marshall

    Posted in News
  • Growing a state-wide business with a focus on service and culture – the expansion of Fork Truck Specialists

    Posted on November 27th, 2019 by WLF

    Operating a successful family business is much more than just a job – it involves care, commitment and of course a lot of hard work! It’s also important to establish your goals early, and this shouldn’t be limited to just your financial goals. For real success, you need to consider the organisational culture you want to achieve and develop a shared understanding across the team of what you are all working towards.
    For Virginia Chilcott, Managing Director of Fork Truck Specialists (FTS), these goals are clearly defined. “World domination isn’t on our list” says Vi…

    Posted in News
  • New online resource for Tasmanian Not-for-Profit organisations

    Posted on November 27th, 2019 by WLF

    We’ve recently launched a new online resource to assist the Not-for-Profit sector in Tasmania.  The ‘NFP Series’ has been rolling out over the past month, through a combination of written and video articles covering everything from start-ups to compliance, accounting processes to governance, insurances and more.   
    WLF Partner Marg Marshall, who leads our Specialist Taxation Advisory division says the series is a way of sharing our expertise in a format accessible to everyone.  
    “Over the past few years our team has noticed a significant increase in the num…

    Posted in News
  • WLF Accounting & Advisory office hours for Christmas

    Posted on November 27th, 2019 by Jo Bailey

    The WLF Accounting & Advisory office will be closed for the Christmas and New Year break from 12 PM Tuesday 24 December 2019 and will re-open on Thursday 2 January 2020.

    The WLF Partners and team wish all our valued clients a Merry Christmas and a wonderful year ahead.  We look forward to working with you in 2020….

    Posted in News
  • What home office expenses are tax deductible?

    Posted on November 27th, 2019 by WLF

    Home Office expenses fall into the following categories:

    Running expenses relating to income earning activities
    Telephone expenses
    Depreciation on equipment
    Occupancy expenses where the home is a place of business

    A deduction can be claimed for home office running expenses comprising of electricity, gas and depreciation of office furniture (e.g. desk, tables, chairs, cabinets, shelves, professional library) in the amount of:

    The actual expenses incurred; or
    52 cents per hour

    Like making a motor vehicle claim, diary/logbook evidence should be maintai…

    Posted in News
  • Taxes and your charity

    Posted on November 25th, 2019 by Claire Thornett

    The board of a charity or not-for-profit is ultimately responsible for ensuring the organisation is meeting its tax obligations. This may not be as straight forward as you think, for instance, if your not-for-profit has employees, you need to consider Fringe Benefits Tax, PAYG withholding and superannuation obligations.
    Also, if you’re a board member of a not-for-profit you have can be held personally responsible for ensuring PAYG withholding, super and GST obligations are met. So take some time to consider the below and contact us if you need help.
    Income tax
    Whilst al…

    Posted in News
  • Accounting software and financial processes review

    Posted on November 22nd, 2019 by Rachel Mendlik

    We emphasised the importance of the finance function in not for profit organisations in Article 2 of this series, which is why it is also critical to have the right accounting software and financial processes. These underpin the finance function and allow for meaningful data to be extracted for inclusion in reports for all stakeholders.
    A review of both should be done at least every 3 years to ensure the finance function is being as effective and efficient as possible.
    Accounting software:
    At the very least you should be asking these questions of your accounting softwa…

    Posted in News
  • Notifying agencies when your charity’s details change

    Posted on November 20th, 2019 by Claire Thornett

    The nature of charities, especially small ones, is that they are often run by volunteers who may not be aware of all necessary steps required to effectively handover control of a charity when board or committee members change.
    In an ideal world, government agencies and systems would talk to each other, but unfortunately that is rarely the case. So even if you notify the ACNC of certain changes to your charity, you will probably also need to notify the ATO of the same information.  
    For instance, if you don’t arrange for the departing Public Officer to personally notify…

    Posted in News
  • The importance of the finance function and budgeting in Not-For-Profits

    Posted on November 13th, 2019 by Rachel Mendlik

    Not-for-profit organisations are a significant part of Australian society.  They provide essential services to the underprivileged, aged, disabled and other vulnerable people and animals in the country.  They also employ many people on a full-time, part-time and casual basis. 
    They are funded in many ways including local, state or federal government grants, donations and fundraising activities.
    These organisations have a huge responsibility to ensure the funds they receive are used appropriately and effectively in delivering the services they are funded to provide.

    Posted in News
  • Establishing and managing a Not-for-Profit entity

    Posted on November 7th, 2019 by WLF

    Over the past few years our team at WLF has noticed an increase in the number of not-for-profit entities being set up in Tasmania.  We have a long history of supporting Tasmanians, and decided to do our bit to assist by sharing our expertise and commentary in this area. 
    We are proud to present our Not-for-Profit series, a collection of video and written articles developed by Marg Marshall, Rachel Mendlik and Claire Thornett.  Throughout the series we will cover everything from start ups to compliance, accounting processes to governance, insurances and more.  Please t…

    Posted in News
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