SW Accountants & Advisors (SW) is pleased to announce the appointment of Christine Krause as a Director in our Risk Advisory and Internal Audit team.

“We are thrilled to be able to attract such quality talent in Christine. This not only demonstrates our commitment to supporting our clients’ needs, but also to our culture that is underpinned by a clear purpose and strong values. With Christine, we see great alignment with our capabilities, clients and broader SW networks,” said Mr Duane Rogers, CEO.

SW’s strong reputation in financial services related to Foreign ADIs, and funds management will be further strengthened by Christine’s expertise in financial services, including investment management. Christine’s long-standing role in Risk with Australia’s sovereign wealth fund, Future Fund, will strengthen SW’s risk advisory and assurance capability.

Ms Christine Krause says: “I am excited to be joining the SW team and being part of the internal audit and risk advisory growth strategy. I am proud to be joining an organisation that has built its culture from focusing on both its people and clients in order to achieve shared success, and am looking forward to living and breathing that every day.”

Partner, and Head of SW’s Assurance and Advisory Division, Mr Rami Eltchelebi says: “It’s fantastic to have Christine join SW as a partner. Her appointment strengthens our capability as she brings 25+ year of professional experience working both in the profession (KPMG, PwC) and in industry. Developing and leading internal audit and risk management functions in industry makes Chrstine an advisor of choice as she draws on her industry experience to provide value that clients can relate to.”

Mr Rogers says, “Together with the appointment of Vanessa Priest and Kirsty McDonnell last month in Sydney, and Trent Godden-Minette in Melbourne in January this year, we are excited to bring four new partners on board that all have specific talents and a desire to drive growth in their respective markets. Pleasingly, and with a lot of hard work from our people and the support of our clients, we are on track to deliver on our four-year strategic plan. These appointments further bolster our momentum in the market and ensure we can support our growing client needs.”

In addition to financial services, our experienced team also service several other key sectors: government, utilities, education, hospitality and the private sector.

SW Accountants & Advisors (SW) is pleased to announce the appointment of Vanessa Priest and Kirsty McDonnell as Tax Partners in our growing Sydney office.

“We are thrilled to welcome Vanessa and Kirsty to our Sydney office,” said Mr Duane Rogers, CEO. “Their combined expertise and leadership qualities will undoubtedly strengthen our team and enhance our ability to continue to deliver exceptional service to our clients.”

Bringing a wealth of experience from a boutique practice, with extensive backgrounds in large and mid-tier firms, Vanessa and Kirsty are set to play a pivotal role in advancing SW’s national growth strategy. Their appointment marks a significant step forward in the firm’s commitment to sustained and meaningful growth.”

Says Partner Ms Kirsty McDonnell: “I am excited to be part of SW’s growth strategy, supporting the Sydney office in particular. I’m proud to be joining a very a strong technical team of advisors that have a clear culture of driving success for their clients and team members. Joining SW will support our clients’ broader needs across audit, specialist tax services and corporate finance. Additionally, having a strong collaborative and supportive culture is important to me, and one that we feel proud to be a part of.”

Ms Vanessa Priest, Partner, says: “Caring for my clients, providing support and growth for my team and contributing to a great work culture are the key drivers for me. SW has the core values and principles and has the technical expertise and services my clients need.”

National Head of Tax, Ms Sam Morris said: “Their complementary capabilities and strong presence in the tax market will not only bolster our brand recognition in Sydney but also contribute to the firm’s continued growth and success.”

“We are confident that Vanessa and Kirsty will seamlessly integrate into our organisational culture,” added Mr Rogers. “Their addition to our team underscores our commitment to attracting top talent and providing unparalleled value to our clients.”

Please join us in extending a warm welcome to Vanessa Priest and Kirsty McDonnell as they embark on this exciting new chapter with SW Accountants & Advisors.

感谢您一直以来的支持。 祝愿您在新的一年里幸福安康、成就辉煌。Thank you for your support throughout the year. We wish you a healthy, successful & prosperous new year.

SW Accountants & Advisors (SW) is excited to announce the promotion of Trent Godden-Minette to partner, effective 1 January 2024, growing its partner ranks nationally and demonstrating an ongoing commitment to growth and client support.

Mr. Duane Rogers, CEO and Partner of SW congratulates Trent on his appointment and is pleased to see the firm’s purpose ‘Build lasting relationships with our clients and people to achieve shared success’, being demonstrated today. “Trent has displayed exceptional talent over many years to be promoted. His milestone achievement today is a testament to the firm’s unwavering commitment to support dedicated and talented individuals on their career journey,” says Mr Rogers.

“Our values are at the heart of our culture and Trent was the inaugural winner of the Open Doors Values Award, recognising his technical skill, approachability, and consistent positive demeanour towards colleagues at all levels,” remarked Mr Rogers.

National Head of Assurance & Advisory, Mr Rami Eltchelebi congratulates Trent: “Trent has been part of our growth story since he started with us as a graduate. We are so pleased to now have him join our partnership. Trent’s admission will create further capacity for growth and allow the firm to achieve its aspirations around creating a growing national practice with full capability in every area.”

Having been with the firm since accepting a graduate role in 2015, Trent became a Chartered Accountant in 2018 and has been busy building his knowledge and capability, having undertaken two secondments, one in the UK and the other at the University of Melbourne to facilitate the adoption of AASB 15 & 1058 (revenue standards). His deep technical accounting expertise has led him to present financial reporting and accounting standard updates across various platforms.

The firm’s recent record growth has coincided with the development of SW’s Senior Leadership program. Says Mr Rogers, “We have invested in developing our people with the right mix of skills required to not only service our clients, but also become great leaders in our business. I look forward to seeing Trent continue to open doors to opportunities for his team, his clients and the firm.”

Trent’s promotion is in addition to the three appointments made in July this year, with Laura Toscano and Janelle McPhee, and the lateral Partner appointment of Paul Hum. SW now has 42 partners across Brisbane, Melbourne, Sydney and Perth.

SW is delighted to announce the appointment of Greg Will, Director, to the SW Executive Board, effective 1 January 2024.

Says Chair of SW, Mr Stephen O’Flynn, “Since Greg and his team joined SW in 2022, he has played a key role in building our visibility and capability in our Sydney market and more broadly nationally with a focus on business and private client support. Having worked in professional practice for over 30 years, Greg is a trusted advisor to business and a well-regarded authority on private business issues, regularly commentating in national and local press on how to increase business value.

Being voted in by his fellow partners so quickly speaks to his calibre and professional standing. Greg’s leadership role will further enhance the firm’s strategic priority to build a larger presence in the Sydney market and I look forward to working closely with him.”

Greg fills the vacancy created by Steven Allan, Business & Private Client Advisory Director, who steps down from the Executive Board after 5 years’ service.

“I would like to thank Steve for the significant role that he has played on the Board and Executive Committee over a number of years. Steve has played an instrumental role in growing our national practice, being involved in the recruitment of most lateral partners and has had many international trips to meet with our friends at SW International as the international network has grown.” said Mr O’Flynn.

Mr Greg Will stated: “”I am really excited and honoured to be voted onto the board by my fellow Partners and to have a hands-on role in upholding the governance of the firm. The firm is in a strong growth phase, and I am looking forward to working with my fellow board members to maintain this momentum.”

Steve reflects on his time on the SW Board: “During my tenure, I have had the privilege of working alongside dedicated individuals committed to the success of our firm. I would like to express my gratitude to each member for their collaboration and support. Reflecting on my service, I am proud of the progress we’ve made together. The commitment to excellence, emphasis on teamwork, and the prioritisation of our goals have been instrumental in our achievements. I remain confident in the firm’s continued success and growth and extend my best wishes to the incoming leadership and the entire team.”

Over the next four years, SW has a strategic focus on: Growth, People and Digital, with leadership, governance and culture being the key building blocks that will underpin success. With a ranking of 22 in the 2023 Australian Financial Review Top 100 Accounting Firms*, SW continues to be a source of interest for clients and practitioners looking for a firm they can work with that has a long history with good financial stability, and an eye to the future.

Greg Will will work closely with reappointed board member Hayley Underwood, Duane Rogers as CEO, Bessie Zhang, Stephen O’Flynn (Chair) and independent director, Sangeeta Venkatesan.

SW congratulates Greg on his appointment and thanks Steve for his significant contribution during his tenure.

*Of all national accounting practices, SW ranks 9th.

Welcome to an exclusive interview series where SW’s Director, Rick, engages in insightful conversations with Polar 993 Founder, Adam Lindell. Together, they dissect the intricate world of fund management, offering an insider’s perspective on the nuances of navigating the financial landscape.

Embark on a journey into the fundamentals of fund management as SW’s Director, Rick Hemphill and Polar 993 Founder, Adam Lindell share invaluable advice tailored for first-time fund managers. Uncover the key insights, strategies, and essential knowledge that lay the groundwork for a successful venture into the world of fund management.

In the second episode, SW’s Director, Rick Hemphill and Polar 993 Founder, Adam Lindell unravel the complexities of capital sourcing, focusing on the pivotal task of raising the initial $25 million. Discover proven strategies, actionable tips, and real-world experiences that illuminate the path for fund managers seeking to secure the crucial capital to kickstart their investment journey.

Join SW’s Director, Rick Hemphill and Polar 993 Founder, Adam Lindell in the final chapter of this enlightening series, where they explore the ever-evolving investment market trends. Delve into the realms of Build-to-Rent (B2R), Build-to-Sell (B2S), and Managed Investment Schemes (MIS). Gain a comprehensive understanding of these trends, empowering fund managers to navigate the dynamic landscape of investment opportunities.

From all of us here at SW, we would like to thank you for your continued support throughout 2023. We are incredibly proud of how our community has demonstrated the values in this year #ownit #loveyourwork #embracetheride #sharetheload #opendoors. We wish you and your family the very best for the festive season and a healthy, happy and successful 2024.

Our offices will be closed from Friday 22 December 2023, reopening Monday 8 January 2024.

Welcome to the future of global investments! At SW, we’re proud to be part of the conversation at International Mining and Resources Conference (IMARC) and, as a long-standing partner, we are once again thrilled to be Silver Sponsors of the Mines and Money Investment Theatre. We’re delighted for the chance to connect with industry leaders and be part of shaping the global future of businesses and economies alike. 

Invest Today, Lead Tomorrow

Date: Tuesday 31 October – Thursday 2 November 
Location: International Convention Centre (ICC) Sydney, 14 Darling Dr, Sydney NSW 2000 
Time: 8.30am – 5pm daily  

SW is proud to be part of the conversation at IMARC for the sixth time, taking the lead on sustainable and equitable futures by sponsoring the Investment Theatre.

Join us as we hear from industry experts on all things Mining and Investments, including company updates and announcements from over 100 Junior Mining Corporates. 

Rick Hemphill, John Dorazio and Blayney Morgan will be introducing critical minerals and mining companies to the stage in the SW Investment Theatre. In addition, the team will facilitate several panel discussions and interviews as outlined below. 

Reimagining the future and reinventing the way we approach it.

Panel discussions

4.10pm Tues 31 October | Mines & Money Investment Theatre sponsored by SW


Bessie Zhang, Partner, Assurance & Advisory, SW Accountants & Advisors


Louis Chien, Director, ASF Group

Capital raising and attracting investment for junior exploration

1.45pm Thurs 2 November | Mines & Money Investment Theatre sponsored by SW


Blayney Morgan, Partner, Assurance & Advisory, SW Accountants & Advisors


John Forwood, Director, Lowell Resources Funds Management 

Lucy McClean, Director, New South Wales, Victoria & Tasmania, AMEC  

Campbell Olsen, Founder and Chief Executive Officer, Arete Capital Partners 

Sarah Dulhunty, Capital Markets and Corporate Adviser, MinterEllison. 

Connect with the SW Accountants & Advisors team on the IMARC Connect app or in person next week to see how we can #opendoors for your business.

Australia’s first sustainability reporting standards are out! The Australian Accounting Standards Board (AASB) has issued the much anticipated exposure draft (ED).

The exposure draft contains Australian Sustainability Reporting Standards (ASRS) 1 and 2, both of which focus on disclosure of climate-related financial information.

This approach contrasts with the approach taken by the International Sustainability Standards Board (ISSB) that issued a general sustainability standard (IFRS S1) and a climate standard (IFRS S2). Whilst the ISSB standards were used as the baseline, the proposed Australian standards in ED format contain a number of differences. The key differences between the proposed Australian standards and the international equivalent are as follows:

The proposed standards will also be applicable to not-for-profit entities that meet the reporting criteria. However, the mandatory disclosure for not-for-profit entities will be less onerous than applies to for profit entities.

The Australian Parliament, rather the AASB, determined the entities scoped into the legislation. The AASB have included Treasury’s proposed roadmap, from its second consultation paper, for mandatory adoption of sustainability standards.

Treasury’s proposed roadmap for mandatory adoption includes:

Group 1 | 2024-25

Entities preparing accounts in accordance with the Corporations Act (chapter 2M) and meets at least two of the following:

AND Entities preparing accounts in accordance with the Corporations Act (chapter 2M) that are a ‘controlling corporation’ under the NGER Act and meet the NGER publication threshold.

Group 2 | 2026-27

Entities preparing accounts in accordance with the Corporations Act (chapter 2M) and meets at least two of the following:

AND Entities preparing accounts in accordance with the Corporations Act (chapter 2M) that are a ‘controlling corporation’ under the NGER Act and meet the NGER publication threshold.

Group 3 | 2027-28

Entities preparing accounts in accordance with the Corporations Act (chapter 2M) and meets at least two of the following:

AND Entities preparing accounts in accordance with the Corporations Act (chapter 2M) that are a ‘controlling corporation’ under the NGER Act.

ASRS Application Date

The AASB is proposing that ASRS 1, ASRS 2 and related references would be applied:

What we are advising our clients to do as next steps

You should also attend SW’s financial reporting webinar on Thursday 16 November to hear more about these proposed standards. Click here to register

How SW can help

Our team of audit and assurance experts are fully informed of the requirements of the sustainability accounting standards and can assist with providing guidance for your business, as well as keeping you abreast of developments from an Australian reporting context.

Reach out to your SW contacts or the key contacts here for a conversation.


Jimmy Cao

James Serpell

Treasury has released for public comment an exposure draft of changes to the proposed thin capitalisation reforms.  The proposed changes do not go as far as many would have hoped, but certainly include some welcome amendments in relation to trusts.   

Significant reforms to the thin capitalisation regime were introduced in the Bill1 into the House of Representatives on 22 June 2023.  A detailed outline of the reforms contained in this Bill were provided in an earlier SW client alert.  The original Bill contained rules considered by many to be controversial. These issues were highlighted in submissions made by many stakeholders (including SW) to the Senate Economics Legislation Committee (Committee) as part of a review conducted on the impact of the Bill.  In response to this review, on 18 October 2023, Treasury has released in exposure draft form a further round of proposed amendments for public comment.  These amendments address some of the concerns raised in relation to the original Bill.   

We have summarised below the issues and recommendations made in the SW Accountants & Advisors submission to the Committee compared to the changes to the Bill that have been proposed by the exposure draft. 

Concerns raised with original Bill  Changes proposed in the exposure draft 
Trusts and partnership are excluded from applying the third-party debt test (TPDTThe Bill will be amended so that the TPDT also applies to trusts and partnerships 
Cross guarantees by member of the same group will preclude the application of the TPDT The conditions of the TPDT will be relaxed to allow recourse arrangements to be implemented in relation to assets held by other entities in the same obligor group 
Interest rate swap payments will not be deductible under the TPDT when the modified rules for conduit financing arrangements apply A deduction will now be permitted under the TPDT for the payments made under an interest rate swap when the modifications to conduit financing arrangements apply 
Foreign currency borrowings that are hedged and on lent under AUD loan terns will not satisfy the TPDT conditions when the modified rules for conduit financing arrangements apply No change proposed 
Trust distributions are excluded from the calculation of tax EBITDA for the fixed ratio test (FRT).  Furthermore, there is no ability for excess tax EBITDA of a subsidiary trust to be ‘pushed up’ to a head trust.  This means that property trusts with borrowing at the head trust would be severely disadvantaged with significant denial of debt deductions The FRT will be amended to permit certain subsidiary trusts to ‘push up’ their excess EBITDA to a parent trust that has at least a 50% interest in the subsidiary 
Proposed commencement date is 1 July 2023 (deferral requested) No change to the commencement date  

We have below provided a brief summary of the main proposed changes included in the exposure draft.  

Main changes  

Welcome amendments proposed for trusts  

The amount of excess EBITDA that may be transferred from the subsidiary entity will be the parent’s proportionate share of the excess.  Any amount of transferred EBITDA will also be taken into account in determining whether the transferee has any excess EBITDA, so that there may be successive ‘push up’ transfers in multi-tiered groups of eligible trusts.   

Third Party Debt Test (TPDT) 

Where the TPDT is being considered for ‘conduit financiers’, the modifications referred to above will broadly also apply to the conduit financier and entities that borrow from the conduit financier.  

Debt creation rules  

Commencement, application and transitional provisions 

Many submissions made to the Committee urged the Committee to conclude that the new measures, particularly the debt creation rules, be deferred until 1 July 2024.  However, the Committee has not adopted such recommendations, save for one exception.  The effective date for the thin capitalisation measures remains 1 July 2023, so that any income year starting on or after that date would be affected.  The one timing concession that is reflected in the new proposals is that for financial arrangements established before 22 June 2023, there is to be a one-year grace period in relation to the debt deduction creation rules.  However, the debt creation rules will apply to all arrangements (whether pre-existing or new) from 1 July 2024.   

SW comment  

The changes proposed to the thin capitalisation rules in relation to trusts are most welcome.  The changes proposed to the TPDT and the debt creation rules are positive, but many would have been hoping for changes of a more substantive nature.   

Should the legislation proceed, inclusive of the most recent round of proposed changes, the thin capitalisation rules changes and the new debt creation measures will represent significant changes to the tax law affecting multinational groups.        

We are now four months into the first year of operation of the new rules. Given these rules are still not settled, a 12-month deferral of the start date seemed appropriate. This, of course, will not be the case with the commencement date unchanged at 1 July 2023 (subject to the one exception noted for the new debt creation rules).   

However, consultation on the reforms continues with submissions in relation to the exposure draft changes closing on 30 October 2023.  

How can SW help?  

Given that the basic thrust of the new thin capitalisation regime remains unaltered, it is important that if you are affected by the new rules, you clearly understand how these arrangements are likely to impact your existing arrangements.  To understand how these measures and the proposed amendments referred to above may impact you, please contact your SW adviser or, alternatively, one of the contacts listed.  


Ned Galloway