Treasurers Training. 5 March 2016

Transcription

1 Treasurers Training 5 March 2016

2 Presentation Outline Introducing the Finance Team Parish Assessment Where does the money go? Annual Financial Returns Treasurer s Workbook GST ACNC Housekeeping Issues

3 Diocesan Office Finance Team Here Today Darren Cutri (Director of Finance) Beth Burrow (Finance & Projects Manager) Dhanushka (Dan) Kularathna (Accountant) Emer McFadden (Accountant) Other Staff Lisa Dixon (Accounts Payable) Sue Meyrick (Payroll) Sharon Jayasekera (Administration)

4 Parish Assessment Where does the money go? INCOME AVAILABLE TO DIOCESAN COUNCIL Voluntary contributions 1% Investments 8% Contributions from other organisations 37% Parish Contributions through assessment 54%

5 Parish Assessment Where does the money go? ASSESSMENT CONTRIBUTION TO DIOCESAN COUNCIL MISSION Diocesan Mission Plan Implementation 4% Other Expenditure 11% Synod Expenses 5% Professional Standards Unit 6% Ministry Costs 33% Wollaston Education Centre 34% Chaplaincies 7%

6 Annual Financial Returns Introduction Deadline - 31 July Important items to be included with the Annual Financial Return information: Annual Return Template Income Statement for 12 months ending 30 April Balance Sheet as at 30 April Budget for the next financial year Auditor/ Independent Reviewer s Report ACNC information Diocesan Office Assessment response in August/ September

7 Annual Financial Returns Main Areas in the Return: - Current Working Income - Income not subject to assessment - Commercial Income - Expenses not deductible - Deductible expenses - Assessment Calculation - Bank Balance Reconciliation

8 Annual Financial Returns Frequently Asked Questions Money raised with a Specific purpose and applied outside the Parish Obtaining prior approval of the Diocesan Council to exclude money raised for capital works/ projects the Assessment Statute the Process (Section 4A)

9 Annual Financial Returns Frequently Asked Questions (Con t) Hire of Properties Gross not Net Rectories: occupied vs. rented Donations to the organisations in 3(a) Anglican Board of Mission - Australia Church Missionary Society SPCK Australia Bush Church Aid National Home Mission Fund The Mission to Seafarers Op Shops - Net

10 Treasurer s Workbook Link between monthly/ weekly transactions and the Annual Return Transactions classified into categories

11 Independent Auditors Every Parish requires a Auditor or Independent Examiner OWC Statute 2007: S21 Outlines which type Need to be qualified in some form of accounting/bookkeeping S68 Outlines duties of the Auditor/Independent Examiner

12 Independent Auditors Every Parish requires a Auditor or Independent Examiner OWC Statute 2007: S21 Outlines which type Need to be qualified in some form of accounting/bookkeeping S68 Outlines duties of the Auditor/Independent Examiner

13 Independent Auditors Every Parish requires a Auditor or Independent Examiner OWC Statute 2007: S21 Outlines which type Need to be qualified in some form of accounting/bookkeeping S68 Outlines duties of the Auditor/Independent Examiner

14 GST Outline Areas that attract GST in Parishes Authorised Persons for ATO Auskeys

15 GST Areas that Attract GST Supply Example Implication Three types of supplies: Taxable GST is payable on taxable supplies and Parishes must charge GST on their taxable supplies. GST Output on supplies the parish make that are taxable GST input on supplies the parish receives which are taxable Input Taxed Supplies Residential rents GST is not charged on the supply but a parish cannot claim input tax credits on supply costs GST Free GST free categories GST is not charged or payable to the ATO Nominal consideration rule GST Free Price charged and received is less than 50% (75% if the supply is accommodation) of the market value or less than 75% of the cost of making the supply

16 Residential Rent GST Examples Item Amount GST Net Residential Rent $10,000 N/A $10,000 Repairs expense ($1,100) ($100) ($1,100) Electricity ($550) ($50) ($550) Surplus $8,350 Costs include GST which cannot be claimed as the residential rent is input taxed and does not attract GST Fundraising Activities Activity Attract GST Related Expenses Fete Sales, Sausage Sizzles, Book clubs Yes, unless nominal consideration rule is applicable GST can be claimed on expenses Treasurers Training

17 GST Auskeys and Authorised Persons Authorised Persons Auskey Online submission of BAS Steps to get an Auskey Register for and Auskey (Administration Auskey) You will require the ABN of the Parish and an address Download the Auskey Software Follow the prompt for the final part for setting up the Auskey

18 Tips for Auskeys GST Auskeys (Con t) Use a common computer to download the Auskey or use a USB Flash Drive Keep the information for login simple Keep a note of who has Auskeys

19 30 April reporting ACNC Reporting required by the ACNC Charity Sizes Size Revenue Small Revenue < $250,000 Medium $250,000 > Revenue < $999,999 Large Revenue > $1,000,000

20 Housekeeping Archdeacon is your best friend Stipends Direct Debits (DC Resolution April 2012 No Choice) Bank Accounts (OWC Statute s65.1 to s65.6) Hiding Bank Accounts Accounting Systems Cash versus Accrual Accounting 2016/17 Cost Increases: Stipends 2.0% Insurance 5.0% CPI (Perth Year Ended December 2015) 1.5% (1.5% to 2%)

21 Questions & Thank You Questions? Thank you for volunteering in this role your work is greatly appreciated.

22 Contact T: Beth Burrow: e: Darren Cutri: e: Dan Kularathna: e: Emer McFadden: e: Ian Ludlow: e: Jeff Vance: e: