AASB staff post FAQs for NFPs
Dan Wade • February 23, 2020
AASB STAFF POST FAQs FOR NFPs
Australian Accounting Standards Board staff have posted eight new frequently-asked questions that will help NFPs.
They concern AASB 15 Revenue from Contracts with Customers , AASB 1058 Income of Not-for-Profit Entities and AASB 16 Leases.
They cover the standards' scopes and effective dates, performance obligations under research grants, and identifying and recognising performance obligations in NFP schools.
Fringe Benefits Tax (FBT) has moved firmly onto the ATO’s radar. Over the past year we’ve seen more data-matching, sharper guidance, and “nudge” letters landing with employers, especially around cars, reimbursements, entertainment, and employee benefits that blur the line between business and private use. This shift was widely anticipated, and highlights that FBT is now a standard year-end obligation, not a “maybe.” 
Payday Super is one of the biggest practical changes to employer superannuation in years. The intent is simple: super payments will move from a “set-and-forget” quarterly rhythm to a process that runs alongside your normal payroll cycle. For most businesses, the key is not “more work” - it’s making sure your payroll setup, cash flow planning and employee fund details are ready so payments can flow through cleanly and on time. 
When profit feels tight, many businesses jump straight to chasing more revenue. Growth matters, but so does the quality of each dollar you keep. A practical way to improve your profit and loss (P&L) without disrupting sales is to take a fresh, focused look at your overheads .
The halfway mark is the perfect moment to pause, review, and reset. A calm, honest look at the first six months helps you protect profit, steady cash flow, and focus your team on what matters for the rest of the year. Think of it as a service for your business: check the gauges, make small adjustments, and keep moving confidently.
If you’re closing over Christmas/New Year, a little prep now means you can actually switch off, and reopen without a scramble. Use this simple plan to line things up before you lock the door, and to be ready for the first week back.
Getting the “employee vs contractor” call wrong can be expensive. It affects how you pay people, what taxes and super you owe, your workers comp and payroll tax, and your risk if the ATO or Fair Work take a closer look. Here’s a practical guide to the key differences, the hidden traps, and how a diligent accountant helps you stay on the right side of the rules.
What You Need to Know and Do
From 1 July 2025 , interest charges applied by the Australian Taxation Office (ATO) are no longer tax deductible .
What These Changes Mean for Your Business – and How to Prepare Now
What do I want next year to look like - and how much profit do I want to make?