Does AASB 15 affect the way your business records its Contract Revenue streams? AASB 15 “Revenue from Contracts with Customers” was released on 12 December 2014, incorporating IFRS 15 [harmonising our Accounting Standards with International Standards] and including specific disclosure requirements for entities applying Accounting Standards – Reduced Disclosure Requirements. This new Accounting Standard supercedes
Xero Tip of the Month – Go Mobile
Go Mobile with the Xero App You can access Xero whenever and wherever you can access the Internet — while waiting for a meeting to start, or at a mining site hundreds of miles away from your office. Download the free Xero app onto your iPhone or iPad, or access Xero on your mobile via
Is a TRIS right for you?
There are many reasons why people continue to work past age 55. Some need the money. Others enjoy the mental stimulation and social interaction that a job offers. Some will reduce their working hours as a way to slowly ease into retirement. The Australian Government has made it possible for you to keep working while
Superannuation for Temporary Residents
Many people work in Australia as a temporary resident but is the superannuation guarantee contribution payable? And if it is, what happens to their super on departure? The superannuation guarantee is payable for all employees and some contractors regardless if they are temporary residents subject to the usual provisions. That is, they earn $450 or
2015 Budget Summary
Our industry had its biggest night of nights last night with the release of Joe Hockey’s second budget. It was forecast as an important budget for the government and it appears to deliver on several key tax issues. From Initiative’s perspective, we’ve welcomed many of the proposals outlined, and in particular, those that apply to
ASIC Investigations
Initiative welcomed ASIC’s announcement last week advising they would be increasing the extent of their investigations into financial advice firms. ASIC have already announced it is reviewing NAB Wealth practices and will now extend this to other large financial institutions, including the big 4 banks. This follows after ASIC revealed they have identified multiple instances of financial
Xero Tip of the Month – Dashboard Highlights
Here are six key overviews to lookout for on the Xero home dashboard: 1. Charts in the Invoices Owed to You dashboard: Click on the bars for each chart in this section of the home dashboard to view underlying detail of transactions. From the information in this area, you can find out which customers to
What type of Investor are you?
Any investment decision you make means that you must take a risk of some sort. The decision will directly relate to the amount of money you invest, your circumstances at the time and your needs for the future. Did you know your Superannuation is an investment Are you happy with your Super returns? Do you
Customer Focused Xero
I was fortunate to attend the Xero roadshow in Maroochydore recently. Is it any wonder that the Xero software is proving so popular with the business community when it is being developed by a business that listens to its customers and takes every opportunity to interact with them. They proactively let the customers know what
De-registering for GST
Normally, GST registrations are cancelled when a business or enterprise ceases or when a business is sold. Usually when you sell a business you sell all the assets, however you may keep some business assets for your personal use. When this happens you need to consider whether you need to make an adjustment before deregistering
