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Lease Changes Impacting Financial Statements
THE ESSENTIALS
Effective from 1 January 2019, a new Accounting Standard “AASB 16 Leases” brings current non-cancellable operating lease commitments into account for financial statement purposes with the exception of low value and short term leases.
The new standard no longer distinguishes between finance and operating leases with both to be recognised as a ‘right-of-use’ asset (ROU) and impacting a lease liability onto the Statement of Financial Position as well.
These changes are likely to impact almost every business to some extent therefore it is important businesses take proactive steps to assess any issues that may arise from the new standard.
Effective from 1 January 2019, a new Accounting Standard “AASB 16 Leases” brings current non-cancellable operating lease commitments into account for financial statement purposes with the exception of low value and short term leases.
The new standard no longer distinguishes between finance and operating leases with both to be recognised as a ‘right-of-use’ asset (ROU) and impacting a lease liability onto the Statement of Financial Position as well.
These changes are likely to impact almost every business to some extent therefore it is important businesses take proactive steps to assess any issues that may arise from the new standard.
Celebrity status no excuse for underpayment of wages
Following an investigation by the Fair Work Ombudsman (FWO), Made Establishment, celebrity chef George Calombaris’ hospitality empire, has been found to have underpaid more than 500 employees.
7 myths about business cash flow
Setting up and running a business can be an exciting time, but it comes with its fair share of stress. Planning and monitoring business cash flow is crucial in all stages of a business lifecycle to ensure you can fund growth, ride out the tough times and invest wisely in the good times.
Here we dispel seven common myths about business cash flow:
Here we dispel seven common myths about business cash flow:
Government approves increased tax relief for Low and Middle Income earners
Following the Federal Budget handed down in April this year, the Government has now approved an increase to the Low and Middle Income Tax Offset of originally $530 to become a maximum of $1080. The Government has also agreed to increase the eligible income threshold from $125,333 to $126,001.
Export Market Development Grant now open
Austrade’s Export Market Development Grant (EMDG) Scheme for the 2019 financial year is now open. The EMDG aims to encourage small and medium sized Australian businesses to develop export markets through increased international marketing and promotional activity.
$500K Agribusiness Grant Now Open
Coles Nurture Fund (CNF) Grants are now open offering up to $500,000 in funding to eligible small to medium Australian producers, farmers and manufacturers.
When is a bad debt, a “bad debt”?
Unpaid debts owed to your business can significantly impact cash flow and profitability, so it is important when deducting a bad debt that the right care is taken to ensure the deduction is processed properly and in line with Australian Taxation Office (ATO) guidelines.
FBT Exempt Taxi Travel
Employers may wish to re-consider the tax consequences of reimbursing employees for trips taken in ride-sharing vehicles for hire such as Uber.
When disciplining employees make sure you have all your ducks in a row
If disciplinary action is necessary, employers should heed the Fair Work Commission's warning that the discipline must not only be appropriate in the circumstances of the individual employee, but it must be consistent with other disciplinary outcomes in the business generally.
Mazars in Australia celebrates its expansion
Mazars in Australia officially launched and celebrated its expanded presence in Brisbane, Melbourne and Sydney during June following the merger of three well-respected professional services providers earlier in the year. The addition of Hanrick Curran in Brisbane and Cummings Flavel McCormack in Melbourne joining Mazars in Sydney and Melbourne has seen Mazars in Australia grow to over 330 staff with four offices across the Eastern Seaboard in 2019.