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June 2022

Accounting for Portable Long Service Leave

Portable long service leave has become more prominent as staff shift to short term contracts. The accounting for these arrangements can be complex and will depend on the specifics of the scheme.   

An internship with Moore

We sat down recently with Ms Devanga Amaratunga who completed a four week internship with our Corporate Finance Division in Moore Australia's Melbourne office. Devanga is a first year university student who wanted to start gaining some work experience in her chosen field of study.

MOORE AUSTRALIA CELEBRATES INTERNAL PROMOTIONS AND NEW APPOINTMENTS

Moore Australia is proud to announce the promotion of nine colleagues, the appointment of a new Associate Director and a change in role for an existing director, as we come to the end of the 2021-2022 financial year.  

NSW State Budget 2022-23

The 2022-23 NSW State Budget was handed down by Treasurer, Matt Kean on 21 June 2022. The budget focuses on easing cost of living pressures along with a commitment by the State to ensure more affordable housing. We have listed some of the measures announced.  

QLD State Budget 2022-2023

The 2022-23 QLD State Budget was handed down by Treasurer, Cameron Dick, on Tuesday 21 June 2022.   In his speech, the Treasurer announced a budget surplus of $1.9 billion for the 2021-22 financial year. Despite the ongoing impacts of COVID-19 and floods, the Queensland economy is forecast to grow by 3% in 2021–22, and then average ongoing growth of 2.75% per annum over the rest of the forward estimates.   The budget outlines the biggest capital program investment since 2010 of $59.1 billion over 4 years, which is expected to support 48,000 jobs in 2022–23. The budget also provides $6.8 billion in concessions to ease cost of living pressures for Queenslanders in 2022–23. This includes a $175 Cost-of-Living Rebate to help manage electricity costs.  Our article includes a summary of the key budget measures.

Charity and NFP reporting changes

If you are a Charity or Not-for-Profit (NFP) there are a number of financial reporting changes that will impact your annual information statement (AIS) and financial reporting obligations at 30 June 2022. 

Technical Accounting Standards Update Guide

Moore Australia is pleased to publish its guide to the 2022 Technical Accounting Standards. 

Year End Tax Planning for Businesses 2021-2022

With the end of the 2021-2022 financial year fast approaching, there are many tax planning strategies that as a business owner you need to consider and have in place before 30 June 2022. If you haven’t done so already, now is the time to review your tax affairs to ensure you have taken advantage of relevant reliefs available to you, addressed items that need to be done, and considered planning opportunities. Our team has worked together to prepare a handy year end tax planning guide for businesses which is available for you to download.

ASIC Financial Reporting Guidance for AFSL holders

All Australian Financial Services Licensees (AFSLs) are now required to prepare general purpose financial statements (GPFS) as a result of the new Australian financial Reporting Framework issued by the Australian Accounting Standards Board (AASB).  ASIC has just released additional guidance to assist AFS Licensees to determine whether these financial statements can be the Tier 2 Simplified Disclosure financial statements or whether they will have to prepared Tier 1 financial statements with full compliance with Australian Accounting Standards (AAS).  It has also deferred the application date by 12 months for those Licensees that do not have financial reporting obligations under Chapter 2M of the Corporations Act (2001).

Containers bring change to the Australian Wildlife Conservancy

In a bid to engage tenants in recycling and separating recyclable containers from landfill waste, Exchange Tower Perth introduced an incentive scheme for businesses residing in the building. The tenant with the largest number of containers recycled through the scheme were then able to select the destination charity for proceeds from the recycling efforts of all tenants in the building. Moore Australia (WA) is proud to announce it was the tenant with the largest number of recycled containers and have chosen the Australian Wildlife Conservancy as the charity of our choice.