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Changes to Association’s laws and Local Government Amalgamation News from QAO
Changes to Association Laws
The changes are effective 15 June 2007
The Associations Incorporation Act 1981 (Act) governs the way incorporated associations are run in Queensland. The Act sets out the association’s minimum legal obligations and requirements. The main changes have simplified the annual financial reporting and public liability insurance requirements for many of the 20,000 registered associations in Queensland.
Previously, the Act treated all associations equally requiring the same financial reporting no matter their size, activity or revenue. Changes to the Act mean associations will have different financial reporting requirements depending on whether they are a Level 1, Level 2 or Level 3 association.
Level 1 associations have either current assets of more than $100,000 or total revenue or more than $100,000. There is no change in financial reporting requirements for Level 1 associations. These associations must lodge financial statements audited by a person registered as an auditor under the Corporations Act 2001.
Level 2 associations have either current assets between $20,000 and $100,000, or total revenue between $20,000 and $100,000. Level 2 associations will be required to lodge financial statements that have been verified by a person who can audit Level 1 associations or by a person approved by the Chief Executive.
The verification statement must state:
"I have sighted the association’s financial records and the financial records show that the association has bookkeeping processes in place to adequately record the association’s income and expenditure and dealings with its assets and liabilities."
or words to the same effect.
Level 3 associations have total revenue of less than $20,000 and current assets of less than $20,000. Level 3 associations will need to lodge financial statements that have been verified by the President or Treasurer of the association.
The verification statement must state:
"The Association keeps financial records in a way which properly records the association’s income and expenditure and dealings with its assets and liabilities."
or words to the same effect.
If your client’s financial year ends on 30 June 2007 you can take advantage of the new reporting requirements.
Fact sheets are available from the Queensland Government’s Office of Fair Trading and the link is as follows:
Office of Fair Trading
Audits of Local Governments – Amalgamation Impacts of Queensland Audit Office’s contract auditors
As you know the Report of the Local Government Reform Commission, released on 27 July, recommends significant changes to local government area boundaries, classes and names. This has resulted in an amalgamation of 156 local governments (excluding Brisbane City Council) to 72 councils.
The Auditor-General is the auditor of all existing 157 local governments and their various controlled entities, and has contracted out to private sector accounting firms a majority of the audits of these local governments. Existing councils will have to prepare and have audited a set of general purpose financial reports at the date they cease operations, which is expected to be 14 March 2008, the day before the council elections. Councils not affected by the reforms will continue as usual with the preparation of financial statements at 30 June 2008.
The amalgamation will have a significant effect on the current and future contract audit arrangements, which the Auditor-General has with private sector accounting firms. The current contracts for the audit of the financial statements for the 2006-07 financial year will continue without change. Consideration is currently being given to the most appropriate arrangements for those Councils, which will be amalgamated after 15 March 2008.
The Queensland Audit Office meets regularly with the Department of Local Government, Planning, Sport and Recreation’s Local Government Reform Task Force to discuss the impact of the reform process from an audit perspective. The Auditor-General will inform firms with contractual arrangements of developments as they occur.
Lastly it was great to meet so many regional members in Mackay, Rockhampton, Gladstone, Bundaberg and the Fraser Coast. Next month we hit Accountancy Week in Townsville.
Cheers
Simon Grant
General Manager, Qld
simon.grant@charteredaccountants.com.au
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State Chairman's News
State Chairman's News
Last week, I experienced one of the highlights of my year in office when I participated in the annual Central Queensland trip. The State Council met in Rockhampton and, like last year, we invited local members to participate in the meeting. The State Councillors received firsthand feedback from the members about the issues that are affecting them. I found it a rewarding experience and I strongly endorse the practice of the State Council getting out of Brisbane and meeting regional members on their own turf. Simon Grant, Elizabeth Wilmot and I also visited Mackay, Gladstone, Bundaberg, and Hervey Bay. We met with a range of members from both public practice and commerce and again received first hand feedback about the services our Institute offers and also the conduct of the regulators. As usual the trip was planned like a military exercise and went off without a hitch.
Many of the other Regional Chairmen do not travel outside of their capital city while in Queensland the Regional Chairman normally travels to both North Queensland and Central Queensland each year. Why is that ?
The answer to this question is very important and needs to be understood by all members of our Institute not just those resident in Queensland. Queensland is different from the rest of Australia and those differences require a different servicing model. Queensland is the second largest State and the travelling distances between Brisbane and the vibrant regional centres up the coast are significant and in many cases significantly more than Sydney or Melbourne members are used to. In each of the other States more than 90% of Chartered Accountants work in the metropolitan area. In Victoria, for example, 94% of Chartered Accountants work in Melbourne, in Adelaide it is 96%. In Queensland, only 68% of Chartered Accountants work in Brisbane. This significant demographic difference arises due to the mining and other activities that are conducted in central and north Queensland. Also Queensland is the only State where more people live outside the capital than in the capital.
What does this mean for our Institute – the service delivery model that is appropriate in other States may not be the most appropriate model for Queensland. The Queensland State Council and the Board are looking at how we can better support members in regional areas and overseas.
Another example of how Queensland is different from the other States is the number of universities that are located in our great State. We have 18 universities spread from Cairns to the Tweed. There are as many universities on the Gold Coast as there are in South Australia and more than in the Northern Territory and Tasmania. Thus, careers marketing in Queensland is a very different proposition and significantly more resource intensive than the other States. I know that Simon Grant works diligently to explain and champion Queensland’s differences to head office and the other regional offices.
Andrew Arkell FCA
State Chairman
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Business Manager, Training & Development Update
In-House Training*
Do you or your staff need to improve your business knowledge and your ability to deliver that knowledge to clients in a fresh and approachable way?
Anyone can take advantage of in-house training delivered by the Institute. Smaller firms can partner with others of a similar size to form a training community - and still take advantage of all the benefits of in-house training.
Our members, like you and your colleagues, tell us they are time-poor and they value customised training that is wholly relevant, addresses particular skill gaps and is at a convenient time and place. In-house training allows you to train in your offices or a convenient nearby venue. The training is tailored to match your specific business requirements, so it is 100% directed at you.
Get in touch with your business manager, Elizabeth Wilmot, on 07 3233 6506 or 0416 112 305 or email Elizabeth Wilmot to start putting your personalised training program in place.
In-house Training: Grooming the senior financial professionals of tomorrow. Helping you to achieve your personal and professional goals.
(*In-house training is the provision of tailored training solutions at your place of business. This is distinct from ‘public’ training & development the Institute provides such as seminars and conferences.)
Calling all Trainers
Due to increased demand for the Institute’s In-house Training, we are seeking talented and experienced trainers to deliver quality tailored training programs to members. Can you help?
As a trainer with the Institute, you benefit from being able to focus on your core expertise of training while we help find you business. We partner with you to develop solutions for clients and look after all the administration that goes with delivering personalised training. As the Institute’s in-house business grows, so will your opportunities to train within the top practice firms and commerce organisations nationally.
We offer training in tax and financial planning, audit and assurance, business management, management accounting, practice management and personal development.
To offer your services as an Institute-contracted trainer, contact your Business Manager, Elizabeth Wilmot, on 07 3233 6506 or 0416 112 305 or elizabeth.wilmot@charteredaccountants.com.au
Solicitors Trust Accounts Update - special offer from the Queensland Law Society
The Law Society are running a number of Trust Accounts Seminars (2 hours), which have been revised to include a summary of the major legislative changes in relation to solicitor's trust accounts. The new legislation will involve changes to solicitor's trust account record keeping requirements, the introduction of new concepts and terminology and new provisions in relation to keeping and dealing with trust money.
As a special offer the price for Institute members to attend is $198 (incl GST). Note that numbers are strictly limited.
For any queries or a registration form please contact the Regional Coordinator Leanne Connell at Queensland Law Society 07 3842 5822 or l.connell@qls.com.au
Please mark on the registration form you are a member of The Institute of Chartered Accountants in Australia.
Various session dates and times are listed below.
Note: Registration commences 30mins prior to each session
Toowoomba
Date: 18 September 2007
Time: 8.30 – 10.30
Venue: University of Southern Qld, West Street, Toowoomba
Price: $198 (inc GST).
Mackay
Date: 28 September 2007
Time: 10.45 – 12.45
Venue: Country Comfort, 154 Nebo Road
Price: $198 (inc GST).
Brisbane
Date: 12 October 2007
Time: 9.00 – 11.00
Venue: Queensland Law Society, Level 4 Auditorium, 179 Ann Street
Price: $253 (inc GST)
Ipswich
Date: 2 November 2007
Time: 8.30 – 10.30
Venue: Ipswich International, 43 South St (cnr Foote Lane)
Price: $198 (inc GST).
Elizabeth Wilmot
Business Manager, Training & Development
elizabeth.wilmot@charteredaccountants.com.au
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Customer Services Division - Events Update
Regional Roadshow Series
Want to know the latest changes and strategies for tax, including trusts and Division 7A? Or recent AIFRS changes and how to apply the provisions of APES 320? You’ll get valuable insights and practical solutions, at the Regional Roadshow, which will be in the following venues:
- Rockhampton Leagues Club - 8th & 9th October 2007
- Hotel Ibis Townsville - 9th & 10th October 2007
- Hotel Cairns - 10th & 11th October 2007
For further information registration.qld@charteredaccountants.com.au
2007 Golf Tournament
For a great fun day of golf, networking & prizes - mark your diary!
Where: Hillstone St Lucia
When: Tuesday 23rd October 2007
Time: 11.00am Shotgun start
Lunch to go, course drinks, great prizes and BBQ dinner and drinks are all provided.
Look out for the email to inform you that registrations have opened. You will need to be quick.
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Chartered Accountants Advisory Group
Are you facing unfamiliar or challenging professional circumstances, uncertain about a career decision or under pressure to act unethically?
Talk to someone who knows. Contact the Chartered Accountants advisory group in Queensland. This is a confidential and free service, staffed by highly experienced and specially trained senior Chartered Accountants from the local region.
If you have a professional or ethical issue you are unsure how to address, please do not hesitate to call and discuss it with one of the group members.
To be placed in contact with a Chartered Accountants advisory group counsellor for guidance, contact Robina Lawson on 07 3233 6516 or email: robina@icaa.org.au
(The Chartered Accountant advisory group counsellors will not address technical matters or personal issues.)
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Notice of (Annual) Ordinary General Meeting of Queensland
The (Annual) Ordinary General Meeting of Queensland members of The Institute of Chartered Accountants in Australia will be held in the Institute’s offices, Level 32 Central Plaza One, 345 Queen Street, Brisbane on Monday 15 October 2007 at 4.15pm.
Business
- To receive the report of Regional Council for the year ended 30 June 2007.
- To elect three Councillors. The following retiring Councillors were eligible for re-election and have offered themselves accordingly under the terms of the By-Laws.
- Simon Crane CA
- Sharon Houghton CA
- Brendan Worrall FCA
- To transact any other business which under the By-Laws may be transacted at an Ordinary General Meeting.
Members are invited to join Regional Councillors for refreshments following the meeting. At this time, the State Chairman will deliver a brief address and various presentations will be made to members.
For catering purposes, please advise Robina Lawson by Wednesday, 10 October 2007 if you will be attending. Phone: 3233 6516, or by email: robina.lawson@charteredaccountants.com.au
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Looking to save on your next laptop or PC?
As a member of the Institute you are entitled to discount coupons for use in the Dell online web store through the Member Benefits Program.
This offer now includes up to 10% off the Professional and Small Business series, as well as up to 8% off the Home and Home Office range.
These discounts are on top of other Dell special offers (excluding other coupons), so you can be assured you are getting the best possible price on the day.
The Professional series discount coupon is applicable to selected Dell Precision™, OptiPlex™ Desktops and Dell Latitude™ notebooks.
Also available through the Small Business series is Dell's new Vostro range. Vostro is designed specifically for small businesses, satisfying the need for performance, data protection, design and usability whilst providing great value for money.
Member discounts in Home and Home Office range are available on all Inspiron™ desktops and notebooks, Dell Printers, Dell Monitors and Dell Projectors.
For more information on the Dell offer and other great member benefits, visit charteredaccountants.com.au/benefits or call 1300 137 322.
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Chartered Accountants Local News – Queensland
Contents
- Simon Says
- State Chairman's News
- Training & Development Update
- Training & Member Services Events
- Chartered Accountants Advisory Group
- Annual General Meeting
- Member Benefit - Save on computers
- Have you seen these members?
- New Members
- Touch Football - The fall out
- Townsville Business Professionals Week
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Have you seen these members?
Sydney Gould
Peter Manttan
Neol Rossow
Peter Brafield
Anne Meagher
Celia Llyod
Grant Creed
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New Members
July
Nicole Boucher
Denis Cahill
Kathleen Dickson
Sean Edwards
Belita Fletcher
Kylie Friend
Graeme Hopgood
Tania Katene
Isabelle Lechene
Clayton Lewis
Grace Lie
John McGinty
Julia Patterson
Celestina Pozzebon
Kyla Rake
Christopher Stewart
Dean Wagstaff
Lena West
Vesna Zalovic
Hanneli Combrinck
August
Rohan Abeyewardene
Sarah Castle
Frances Eriksen
Samantha Graham
Roland Lagarnia
Melissa Martin
Jason Ritchie
Shane Ryan
Grace Sarta
Peter Thornton
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Touch Football 12 August 2007 – the Fall-Out
Teams on Sunday morning gathered at Whites Hill Reserve to contest the Institute’s Perpetual Touch Football Trophy. The marquees went up and, the Team Captains received final instructions then the games began.
The weather was wonderful for us all day, the games were very hard-fought and the final winners of the Trophy were 'Dark Horse' team from PricewaterhouseCoopers. Runners–up of the grand final were PKF 2. Plate Winners were BDO Kendalls (BDO 2) and Plate Runners up were MBA Partnership.
The Umpires voted Female Best & Fairest kerri-Ann Lowther for the Day, and Male best & fairest was Joe Prior – both from BDO 2 team. Ali James from sponsors “Career Path” presented the prizes.
Congratulations to all of the winners, and many thanks to all those who came on the day to support, and to play hard for their teams.
A special Thank-you to Career Path for their ongoing support of the Institute.
Photos:
Winners - PWC Dark Horse
Runners Up - PKF
Plate Winners BDO Kendalls
Plate Runners Up - MBA Partnership
Best & Fairest - Ladies
Best & Fairest - Mens
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Townsville Business Professionals Week
The Townsville Business Professionals Week is a combined event with The Institute of Chartered Accountants in Australia, James Cook University and CPA Australia and will be held from Tuesday 16 to Friday 19 October (inclusive). Activities are as follows:
Grant Workshops
Presented by Department of Primary Industries
Dates: Tuesday 16, Wednesday 17 & Thursday 18 October.
Small Business Workshop
Presented by Department of State Development
Date: Tuesday 16 October
Newspaper feature - Townsville Bulletin
Date: Wednesday 17 October
Schools Breakfast for Commerce teachers and students
Sponsored by various firms and organisations
Date: Thursday 18 October - morning
Meet & Greet at James Cook Universityfor students and professionals in the Townsville area
Guestin attendance:
Sandra Harding, Vice Chancellor, James Cook University
Simon Grant FCA, General Manager, Qld, The Institute of Chartered Accountants in Australia
Andrew Arkell FCA, State Chairman/Deputy President, The Institute of Chartered Accountants in Australia
Chris Hurling, Relationship Manager, Students, Educators & Employers, The Institute of Chartered Accountants in Australia
Paul Meiklejohn FCPA, President CPA Australia
Annual Golf Day at Townsville Golf Club
For further information please contact Troy Popham FCA, Moore Stephens on 07 4760 0800 or Email
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Editor: Wendy Perriman
Ph: 07 3233 6515
Email: Email
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