Red tape reduced for Queensland charities

Red tape reduced for Queensland charities

Law changes have been introduced to reduce red tape and improve internal governances for the 22,900 incorporated associations in Queensland, including 3750 registered as charities. Associations Incorporation and Other Legislation Amendment Bill 2019 was passed by...
COVID-19 and going concern

COVID-19 and going concern

COVID-19 is having an unprecedented impact on the economic outlook for Australian and global economies.   For the first time, many entities will be required to consider in more detail their solvency and ability to continue operating as a going concern.  ...
COVID-19 causes Leases amendment

COVID-19 causes Leases amendment

AASB 16 Leases has been amended to exclude rent holidays caused by COVID-19 from being assessed as lease ‘modifications’. The amendment provides a practical expedient that permits lessees not to assess whether rent concessions such as rent holidays and temporary rent...
Several AASBs operative for 30 June

Several AASBs operative for 30 June

Under AASB 15 Revenue from Contracts with Customers, revenue is recognised so that promised goods and services are transferred in an amount that reflects the consideration to which their provider expects to be entitled. AASB 15 requires the application of a five-step...
New financial year, new perspective

New financial year, new perspective

The start of the financial year is always an excellent time to take stock of your current situation and visualise where you’d like to be in the future.  It’s fair to say this year hasn’t been ‘business as usual’! While no-one could have predicted the first six months...
The Housing Market: Shaken not stirred

The Housing Market: Shaken not stirred

With Australia in a COVID-induced recession, residential property is not immune to falling economic activity. Yet housing prices are proving surprisingly resilient.  Only months ago, economists were forecasting a housing price slump of 20 per cent or more. Now, most...