Press Releases

PKF celebrates the 2025 Water Polo Australia PD Scholarship recipients

For the third year running, PKF Sydney and Newcastle is incredibly proud to stand behind Water Polo Australia’s Professional Development (PD) Scholarship Program, a cause close to our hearts. Supporting these remarkable athletes as they chase their dreams beyond the water isn’t just an investment in their futures, it’s a...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

New laws criminalising wage underpayments

Ensuring employees receive their rightful wages is a fundamental aspect of fair employment practices. In line with this commitment, the Australian government has introduced new laws that criminalise the deliberate underpayment of wages, commonly referred to as 'wage theft.' These legislative changes carry significant implications for businesses, making compliance with...

2 contributors

Sydney

Insights

Navigating Superannuation and KiwiSaver Transfers Between New Zealand and Australia

Thinking about making a permanent move between New Zealand and Australia in 2025? Whether you're relocating for work, family, or lifestyle reasons, there's one important thing you’ll need to consider: your retirement savings. The good news is that the Trans-Tasman Retirement Savings Portability Scheme makes it possible to transfer your...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Understanding Your Business Income, Use of Funds, and Losses: Key Insights from the ATO

Do you know what business income is? On 12 September 2024, the ATO released a guide about the different types of business income. Broadly, business income is income earned from selling goods or services through physical stores, websites, apps or even personal advertisements. However, individuals who earn extra income, have...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Grant opportunity — Export Market Development Grants (EMDG) round four: What you need to know.

Round four of the Export Market Development Grants (EMDG) will open for applications from 12 November 2024 at 9:00AM AEST for Tier 1-3 applications. The EMDG provides grants to Australian small and medium enterprises to support them in globally marketing and promoting their goods and services and in receiving export...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Understanding Main Residence Exemption Basics

The Main Residence Exemption (MRE) is one of the most significant tax concessions available to Australian residents but also one of the most misunderstood. Our unofficial statistics rank it the most frequently misquoted at summer barbeques every year. The basic premise is simple but the law itself is complex, loaded...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Industry Growth Program Grant Opportunities for SMEs

The Australian Government is set to launch the Industry Growth Program, an initiative aimed at supporting startups and small and medium enterprises (SMEs) in their innovative commercialisation and growth endeavours. This program is aligned with the priority areas outlined in the Australian Government’s National Reconstruction Fund (NRF) and aims to...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Secure Your Financial Future Before the End of the 2024 Financial Year

As we approach the end of the 2024 financial year, it is sensible to take proactive steps to ensure that your tax and financial affairs are in order. With 30 June 2024 almost upon us, now is the perfect time to review your tax planning strategies and make any necessary...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Urgent Reminder: 2024 Lodgement Deadline Approaching

As the 2024 lodgement deadline approaches, we remind you of the importance of submitting your tax returns on time. Failure to meet this deadline may result in penalties and interest charges being applied to your account. In many instances the ATO was lenient on lodgement penalties during the pandemic period...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

ATO increases focus on personal use of company funds

The Australian Taxation Office (ATO) is intensifying its efforts to curb instances where business proprietors divert funds or utilise company assets for personal benefit. It's a common occurrence for business owners to blur the lines between their personal and professional lives, often intertwining their personal expenses with those of the...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Getting ready for the Land Tax year of 2024

To gear up for the Land Tax year of 2024, we’ve put together key information that might prove helpful. The Land Tax rate and thresholds for 2024 are subject to change annually. Previously, the Land Tax thresholds were officially announced on 15 October each year, however, recent legislative amendments have...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Handling unforeseen tax debts: A guide for small business owners

Late last year, a wave of unexpected news swept through the Australian business community as thousands of taxpayers and their representatives received notifications from the Australian Taxation Office (ATO) regarding outstanding historical tax debts. What made this revelation particularly startling was that many recipients had no prior knowledge of these...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Navigating tax implications: Learning by example

Entrepreneurs often invest their personal finances into their businesses to kickstart operations and sustain them until they become self-sufficient. However, a recent case underscores the importance of understanding the tax implications associated with withdrawing funds from a company. Before the Administrative Appeals Tribunal (AAT), a taxpayer faced repercussions for blurring...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Industry Growth Program welcoming applications from inventive SMEs

Is your small or medium-sized business thinking about taking the next big step in growth or innovation? If so, you could be eligible for valuable support through the Federal Government's Industry Growth Program. Even though the grants are slated to open over the course of 2024, SMEs with projects aligned...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Recent Taxation Development- ATO Shift

ATO shifting to firmer debt collection activity The ATO has flagged a return to firmer debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to do so. It warns business taxpayers not to treat tax...

Nicholas Falzon

Director

Sydney, Newcastle

2023 Water Polo Australia PD Sponsorship

Insights

PKF Proudly Sponsors Water Polo Australia’s Professional Development Scholarship Program

PKF Sydney and Newcastle is thrilled to announce our second consecutive year of supporting the Professional Development (PD) Scholarship program. This program is aimed at benefiting current senior squad and National Age Group Program members, as well as senior squad members from the past two years. Water Polo Australia (WPA)...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Self-education expenses — The ATO’s latest target

The Australian Taxation Office (ATO) has just released its latest draft ruling, TR 2023/D1, focused on the intriguing world of deductions for self-education expenses. This ruling takes the stage, replacing the seasoned TR 92/8 and TR 98/9, which have gracefully retired. So, what else have they announced? The ATO has...

Nicholas Falzon

Director

Sydney, Newcastle

Press Releases

PKF advises respiratory protection innovator, CleanSpace on “beyond expectations” IPO

PKF has advised long-term client CleanSpace on their recent Initial Public Offering (IPO) which outperformed all expectations in record time. CleanSpace’s IPO raised a total of $131.4 million, and its shares have risen by more than 50% since listing resulting in a market capitalisation in excess of $500 million. PKF’s...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

The benefits of good governance

Last year I watched with interest the fluctuating fortunes of WeWork and pondered the importance of companies transitioning from start-ups to mature businesses. This is a very challenging process and seldom handled perfectly. I find it one of the most interesting times in a business’ life cycle and the WeWork...

Nicholas Falzon

Director

Sydney, Newcastle

Case Studies

Cellmid: Driving force behind identification of government grants

Cellmid came to PKF in 2009, having already established a relationship with PKF Business Advisory Director/Partner Nicholas Falzon previously when he was at a different firm. Cellmid’s CEO, Maria Halasz recalled that at the time they required assistance with tax compliance and preparation of financial reports. “Nick had obviously provided...

Nicholas Falzon

Director

Sydney, Newcastle

Case Studies

PKF supports the establishment and sale of thriving start-up

Looking for more than an accountant to support the establishment and sale of your start-up? In 2008, CEO Brendan Darcy of the United Kingdom founded business, Hometrack, was looking for help to bring their product to Australia. Hometrack digitally assesses valuation and property risk whilst maintaining safe decisions – all...

Nicholas Falzon

Director

Sydney, Newcastle

Case Studies

WillowBee Early Learning Centre: Providing financial expertise on expanding business portfolios

When Jon Fitch decided to expand his business portfolio to include childcare operations, he knew he wanted a leading business accounting adviser at hand to ensure his success. Jon took over ownership of WillowBee Early Learning Centre in 2010 and reached out to PKF Business Advisory Director/Partner Nicholas Falzon for...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Have all Australians become frogs?

Does anyone remember the fable of a frog being boiled slowly? A frog dropped in boiling water would hop straight out but if you put the frog in cool water and warmed it gently the poor little frog would boil to death. The current government’s personal and corporate tax cuts...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

The view from the other side of the pond

A great sentiment but certainly nothing I ever expected to hear from a General Manager of a rapidly growing, American manufacturing company. Then it got even better as he continued; “By focusing on having quality inputs, great supplier relationships and technologically advanced manufacturing we not only have great products but...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

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