By Maryna Prodanovski, Audit Manager
The new AASB 16 Leases standard is now effective. It replaces IAS 17 Leases for reporting periods beginning on or after 1 January 2019. There have been several pronouncements released to address accounting for leases and it can be challenging determining what is current methodology and what is applicable for trading companies versus Not-for-Profit entities.
We have been assisting our clients with adoption of the AASB 16 Leases standard as well as with the ongoing accounting advice in relation to this standard. We have recently completed the accounting advice for one of our local peak sporting clients who prepare General Purpose Financial Statements. This client had leases with various terms and conditions including peppercorn leases. Depending on the type of lease, the accounting can vary significantly. We can review your lease contracts, determine the accounting treatment for each lease, and provide you with calculations and journal entries required.
This standard affects all entities with operating and finance leases. If you are not sure how the new leases standard impacts your business or if you require help in meeting your AASB 16 Leases reporting requirements, do not hesitate to contact our team on (08) 8333 3666 or email us This email address is being protected from spambots. You need JavaScript enabled to view it.
Team Lee Green are regular participants in the Cancer Council’s Adelaide Central Relay for Life, this year held at the Adelaide Showgrounds on the 23-24 February 2019. Relay teams aim to keep a team baton moving around a track for the duration of the relay and raise vital funds for Cancer Council’s support, treatment and prevention programs.
Dr George Manos started Project Yeti to give back in his retirement, and team Lee Green couldn’t be happier to help.
by Mike Sweeney
Update - Legislation passed in February 2019 to extend Single Touch Payroll (STP) to employers with 19 or fewer employees starting from 1 July 2019. Small employers (5-19 employees) will need to begin reporting by 30 September 2019 but can begin reporting early if already using payroll software which offers STP. Deferrals past 30 September 2019 can also be applied for from the ATO. Micro Employers (1-4 employees) not currently using STP enabled software will have the option of reporting quarterly instead of each time payroll is run. Flexible reporting options are also available for employers with closely held payees (eg family members working in a business). More information on STP and reporting requirements and options can be found here https://www.ato.gov.au/Business/Single-Touch-Payroll/About-Single-Touch-Payroll/
Lee Green has reviewed the low ($10 or less per month) and no cost STP software solutions listed on the ATO website and can provide advice on which option will best suit your business. Lee Green may also be able to report through STP on your behalf. Please call us on (08) 8333 3666 or This email address is being protected from spambots. You need JavaScript enabled to view it. us for any STP queries.
by David Charlesworth
A Reconciliation Action Plan (RAP) provides a framework for organisations to support the national reconciliation movement. It includes practical actions that will drive an organisation’s contribution to reconciliation both internally and in the communities in which it operates.
There are four RAP types Reflect, Innovate, Stretch and Elevate.
The Russell Bedford 35th Annual Global Conference was held in New York City from 17th to 21st October. As one of the 300 offices in 100 countries that make up the network, Lee Green sent Michael Sweeney to represent the firm at the event. Although we’ve been with the network for almost two years this was the first global conference we attended, and a highpoint was the chance to introduce Lee Green to the 200 delegates from around the world.
To celebrate the start of Keep Australia Beautiful (KAB) week, Lee Green Consultant Tim Major has shared with us five handy tips for recycling at home.
Here at Lee Green, we are proud to be part of something bigger to bring you the best of the global accounting network. Lee Green & Co were the first South Australian member firm to join the Russell Bedford International team and on 14-15 June, Directors Mike Sweeney and Tom Green attended the Russell Bedford 2018 Asia-Pacific Meeting in Ho Chi Minh City, Vietnam.
GroPep Bioreagents have been a highly valued client of Lee Green & Co for almost eight years. GroPep sells growth factors and associated reagents to university, institutional and industrial researchers.
With over 100 products in their product range and a worldwide network of specialised distributors, GroPep were recommended to Lee Green to look after the innovative biotechnology company’s general accounting and taxation services.
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