Virtual Audits

📢 **APESB Issues Revised APES 310 on Client Monies** 💼 The Accounting Professional & Ethical Standards Board Limited (APESB) has issued a revised **APES 310 Client Monies**, bringing key updates to support professional accountants in managing client funds. **Key changes include:** - Flexibility to use alternative terms like “client account” instead of “Trust Account” when opening bank accounts (new paragraph 5.2) - Practical options to prevent situations that might lead to a right of set-off (new paragraph 5.5) - New definition for confidential information and updated definition of assurance engagement to align with **APES 110 Code of Ethics** (including Independence Standards) - Amendments to assurance report templates to incorporate quality management changes and align with the revised **ASAE 3100 Compliance Engagements**, effective for engagements starting after **15 December 2022** (Appendix 2 & 3) 📅 **Effective Date**: The revised APES 310 applies to engagements or assignments starting on or after **1 April 2025**, with early adoption permitted. #APES310 #ClientMonies #TrustAccount #APESB #AccountingEthics #Compliance #AccountingStandards #Audit

ATO: Lodge NFP self-review return online The ATO has issued a reminder that non-charitable not-for-profits (NFPs) with an active Australian business number (ABN) need to lodge an annual NFP self-review return to notify the ATO that they are eligible to self-assess as income tax exempt. The ATO says that if you have already set-up your myGovID and linked it to your NFP in Relationship Authorisation Manager (RAM), you can lodge the NFP self-review return using Online services for business. https://lnkd.in/gCSxYBpX Virtual Audits virtualaudits.com.au

📌Climate-related financial disclosures are now mandatory in Australia 📌 The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 has now passed the Australian Parliament and brings into effect mandatory climate-related financial disclosures for certain entities commencing from 1 January 2025. https://caanz.com/ksy

ATO: Results from property management data matching The ATO has advised that its property management data matching protocol has recently been extended. It said the information gathered (including rental data from banks, landlord insurers, rental bond authorities and sharing economy providers) gives it insight to common investment property mistakes. In this regard, it said recent results from property data matching found the following common errors: - instead of reporting gross rental income and claiming expenses, net rent (after expenses) is reported and the same expenses are claimed a second time - properties are being omitted from returns - where they are owned by multiple stakeholders, only one owner reports the property – when both are required to report - not reporting the rental income received when purchasing an already tenanted property that the new owner intends on moving in to - capital works or depreciating assets being claimed as repairs and maintenance. The ATO said if your clients have forgotten to tell you about any rent received or made mistakes with claiming expenses, lodge an amendment as soon as possible. https://lnkd.in/gwssrren Virtual Audits www.virtualaudits.com.au

$780 Fixed Price for Real Estate/Accountants/Conveyancers Trust Audit. Contact us at: https://lnkd.in/g5BWrgEa #AssuranceServices #TrustAudits #CompanyAudits #AFSLAudits #NFPAudits #SARealEstate #QLDRealEstate

📢 Important Update: Material Accounting Policy Information Starting from January 1, 2023, there has been a significant change in the way we disclose accounting policies. The term “Significant Accounting Policies” has been replaced with “Material Accounting Policy Information” in financial statements. This change is in line with the new amendments to AASB 101 “Presentation of Financial Statements” and AASB Practice Statement 2 "Making Materiality Judgements". 🔍 What does this mean? The focus is now on disclosing accounting policies that are material to the financial statements, rather than just significant. Material accounting policy information is expected to influence the decisions of users of the financial statements. 📈 Example: Previously, a company might have disclosed its accounting policy for office supplies as significant. However, this policy might not be material if the cost of office supplies is relatively small and does not significantly impact the financial statements. Under the new standard, such a policy would not need to be disclosed unless it is material. Stay informed and ensure your financial statements comply with the latest standards! 📊 #Accounting #FinancialReporting #AASB101 #AASB #MaterialAccountingPolicies Virtual Audits www.virtualaudits.com.au

At its meeting today, the Reserve Bank Board decided to leave the cash rate target unchanged at 4.35 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.25 per cent. Virtual Audits www.virtualaudits.com.au

Benchmark interest rate for Div 7A loans The ATO has released the benchmark interest rate for the 2024–25 income year for Div 7A purposes. It is 8.77% pa. Note: The benchmark interest rate is used to determine if a loan from a company to a shareholder is a complying loan for Div 7A purposes. https://lnkd.in/gyjsBNST Virtual Audits www.virtualaudits.com.au

Proposed amendments toAPES 220 Taxation Services Accounting Professional and Ethical Standards Board (APESB) invites comments on an exposure draft which proposes amendments to APES 220 Taxation Services. The proposed amendments are to incorporate proposed Tax Planning and Related Services amendments to APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (APES 110), address matters on the APESB Issues Register and quality management-related conforming amendments. Stakeholders are invited to submit their comments by 27 September 2024 via APESB's website: www.apesb.org.au. Virtual Audits www.virtualaudits.com.au

Small Business and Charities Bill passed – $20,000 instant asset write-off The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 was passed by Parliament on 25 June 2024. Among other things, the Act will implement the $20,000 instant asset write-off for assets first used or installed ready for use between 1 July 2023 and 30 June 2024. Virtual Audits www.virtualaudits.com.au