An audit, in accordance with AUSs, provides assurance to the presented financial statements. It allows the reader to feel confident that the financial statements are free from errors or omissions or material misstatement. The objective of an audit is to enable the auditor to express an opinion whether the financial report is prepared, in all material respects, in accordance with an identified financial reporting framework. The auditor should adopt an attitude of professional skepticism throughout the audit and will need to obtain evidence regarding management representations and not assume they are necessarily correct. There are inherent limitations on any audit as to the extent to which risk can reasonably be expected to be reduced.
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Do I need to have an Audit / who needs Audit?
If you are a foreign owned company, publicly listed company, large company or non-profit organisation you require audit services. Other reasons why an audit of the financial services is required include trust account audits, travel compensation fund audits and franchise code of conduct audits. The Corporations Act 2001 requires the following entities to prepare and lodge audited financial reports:
- Public companies;
- Disclosing entities;
- Large proprietary companies;
- Managed investment schemes;
- Small proprietary companies (foreign controlled);
- Small proprietary companies (ASIC direction to lodge financial reports)c
What is the difference between Audit and Due Diligence?
Due Diligence is the intense examination of a target business for a merger or acquisition by a prospective buyer and it can be described as fact-finding to assist in determining whether to buy the business at all, how much to pay for the business and how to structure the acquisition. The principal purpose of Due Diligence is to verify assertions made by the Seller and to identify caveats that may not have been disclosed to the Buyer. It is a reasonable investigation about the state of affairs of the business to be acquired, focusing on matters which may have an effect on the future of the business. More specifically, a due diligence audit is performed to help a buyer understand details of the development process, degree of regulatory compliance, etc. of a target company. The level of assurance required from due diligence will determine what level of audit needs to be conducted.
Due Dates
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Budgeting & Wealth Building
Having difficulty saving for a house deposit, the fun trip away, the new car or that special item for yourself or a loved one? IPS will structure a plan to ensure you have the funds to accomplish what you really want. With specialists to structure your investments, salaries or business ventures that maximise your wealth and reduce your tax, you can take comfort in knowing you are in the right position to achieve your goals.
Are you paying too much interest?
Let IPS review your loans and financial position, obligation free, to identify opportunities that may help you to:
• repay debt faster;
• reduce interest paid;
• meet lending covenants;
• optimise your tax structure; &
• increase borrowing capacity.
IPS has a wealth of experience in finance and lending. Through our list of lenders, which include major banks; we will assist you to obtain the best facility available.
Are you a business owner who would like to:
• recoup your capital from your business operations;
• restructure your lending capabilities;
• increase your lending for non-business wealth creation opportunities;
IPS can help you find alternative lending possibilities that will help you meet your goals and provide you with the level of comfort that is currently missing.
IPS can help you with any of the following stages:
• buying your first home;
• buying an investment property;
• gearing an investment;
• maximising your debt efficiency;
• budgeting; &
• refinancing.
R&D Tax Incentive Eligibility Tool
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Onnicha Lin
B.Com (Acc. Fin.), C.A.
Onnicha joined the International Professional Services team in April 2012 as a graduate accountant and subsequently graduated with a Bachelor of Commerce (Accounting & Finance) at Griffith University in 2010.
Onnicha has experience working within the accounting industry specialising in taxation and compliance and has recently graduated as a Chartered Accountant.
Onnicha works with a broad client base in all types of business structures including sole traders, partnerships, trusts and companies. She is responsible for the preparation of financial statements and tax returns and also provides advisory services such as financial performance reviews, structure planning and reviews, benchmarking.
Onnicha prides herself in being committed to developing her skills and knowledge through her work in addition to learning from senior members of IPS.
Arno Lozovskis
B.Com (Accounting) C.A.
Arno joined IPS as Graduate Accountant in 2011. His dedication and commitment to the firm has seen him progress into the role of Accountant in a short period of time.
Coupled with Arno’s academic history is his passion for developing his skills and knowledge within the accounting industry as a whole.
Arno works closely with senior accountants and management to provide taxation and business advisory services to a diverse group of clients and specialised audit services where needed.
Arno is extremely personable and prides himself in always providing a highly professional service to clients and completing accounting responsibilities in a timely manner. Arno is extremely dedicated to IPS and this can be seen through the work and contribution he makes to the firm as a whole.
2016 | June
| Date | Obligation |
| 5 June | Tax return lodgment, including companies and super funds where the tax return is not required earlier and both of the following criteria are met:
This is for all entities with a lodgment end date of 15 May 2016, excluding large/medium taxpayers and head companies of consolidated groups. |
| Tax returns due for individuals and trusts with a lodgment end date of 15 May 2016 provided they also pay any liability due by this date.
Note: This is not a lodgment end date but a concessional arrangement where you will not have to pay failure to lodge on time (FTL) penalties if you lodge and pay by this date. |
|
| 21 June | May 2016 monthly activity statement – due date for lodging and paying. |
| 25 June | 2016 fringe benefits tax annual return – lodgment due date for tax agents (if lodging electronically). Payment (if required) is due 28 May. |
| 30 June | Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2015–16 financial year. |
2016 | May
| Date | Obligation |
| 15 May | 2015 tax returns for all other entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June 2016 concession.
Due date for:
Note: Individuals and trusts in this category to pay as advised on their notice of assessment. |
| 21 May | April 2016 monthly activity statement – due date for lodging and paying. |
| Final date for appointing a tax agent for a fringe benefits tax role. You must tell us who your new clients are by this date to make sure they receive the lodgment and payment concessions for their fringe benefits tax returns. Fringe benefits tax annual return – due date for lodgment (if lodging by paper). |
|
| 26 May | Eligible quarterly activity statement, quarter 3, 2015–16 – due date for lodging and paying if you lodge using any of the following:
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| 28 May | Fringe benefits tax annual return – due date for payment. |
| Due date for lodging the Superannuation guarantee charge statement – quarterly (NAT 9599) and paying the super guarantee charge for quarter 3, 2015–16 if the employer did not pay enough contributions on time.
Employers who lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They will still have to pay the remaining super guarantee charge to us. Note: The super guarantee charge is not tax deductible. For help with working out the super guarantee charge and preparing the Superannuation guarantee charge statement – quarterly, use our Super guarantee charge statement and calculator tool. |