How do these changes impact your organisation?

The Office of Management and Budget (OMB) have issued pre-released proposed changes to Uniform Grants Guidance on the 21 September 2023 for public comment. The guidelines are issued to all Federal agencies for use across all United States (US) Federal Grants and other types of financial assistance. 

The proposed changes to OMB’s Uniform Grants Guidance include the following:

• increase of various thresholds to provide flexibility
• changes to procurement standards
• cost principles including removing prior written approval requirements for certain items and raising the de minimis indirect cost rate to 15%
• remove barriers to entry
• ensure assistance serves intended communities
• increase to the audit threshold from USD$750,000 to USD$1,000,000.

What are the impacts of this update?

The proposed changes aim to streamline compliance process to enable recipients to have more time and resources available to deliver outcomes.

SW continues to review the anticipated changes to Uniform Guidance. Get in touch for further details and how these changes may impact you. We will continue to monitor the progress of any changes that impact US Federal Grants and financial assistance.

SW are education specialists

We have worked with 35 of the 40 major Australian Universities and have extensive experience in assisting education providers with an appropriate audit of US Government sourced funds as required by the OMB Uniform Guidance.

This includes:

• quality expertise and industry insight in compliance with us uniform guidance reporting requirements
• assessment of internal controls to ensure that research grants are managed in compliance with legislative/regulatory requirements
• direct link to Uniform Guidance experts in the US, and
• tailored and collaborative audit methodology.

Get in touch

Our approach to Uniform Guidance audits offers best practice expertise in a practical and commercial manner that is delivered using senior personnel with significant educational sector experience.

Contributor

Matthew Paull

The post Uniform Grants Guidance | proposed updates appeared first on SW Accountants & Advisors.

从2021年7月1日起，SIV合规基金的基金经理需要任命一名外部审计师，每年按照合规投资框架对基金进行审计，包括新兴公司部分和平衡投资部分。

基金经理和移民代理也将了解到，重大投资者类别和投资者类别签证的申请人必须按照合规投资框架进行资金投资。

根据《2015年移民（IMMI 15/100：合规投资）工具》的规定，内政部最近对相关要求做出了一些修改，其中包括对合规资产的修改，以及对合规投资框架中的新兴公司部分和平衡投资部分进行年度合规审计。

SIV申请人–您需要做什么？

所有在2021年7月1日之后获提名申请重大投资者签证或投资者签证的申请人都要在其签证申请中附上审计报告，以证明在截至2022年6月30日的一年中以及往后每一年，他们所投资的基金符合合规投资框架的规定。基金经理将提供这些文件。

在没有合规性审计报告的情况下，签证申请被批准的可能性非常小。

SIV基金经理和移民代理——您需要了解什么？

信永中和澳大利亚如何帮助您

在我们与整个行业的基金经理广泛合作的基础上，信永中和澳大利亚的专业审计团队完全了解签证申请人、移民代理和基金经理的适用审计要求，并拥有丰富的相关审计工作经验。

我们的SIV基金审计服务为SIV合规基金提供高效率且有实效的审计，以确保这些基金符合《2015年移民（IMMI 15/100：合规投资）工具》所规定的新兴公司和平衡投资部分。

请联系本事务所的SIV审计专家穆芮内和艾汝谧咨询。

基金管理领域的税务专家包括：

池澜滨、谭赛蒙、欧斯迪

The post 重大投资者签证基金 – 合规审计 appeared first on SW Accountants & Advisors.

From 1 July 2021, fund managers of SIV compliant funds are required to appoint an external auditor to annually audit the fund with the Complying Investments Framework for the emerging companies’ component and the balancing investments component.

As fund managers and migration agents will know, visa applicants for the significant investor stream and the investor stream visas are required to invest their funds in accordance with the Complying Investments Framework.

The department of Home Affairs recently made several changes to the requirements, as stipulated in the Migration (IMMI 15/100: Complying Investments) Instrument 2015. These included changes to complying assets and for the emerging companies component and the balancing investments component of the complying investments framework to be audited annually for compliance.

SIV applicants – what do you need to do?

All applicants who were nominated to apply for a Significant Investor Visa or an Investor Visa after 1 July 2021 will be required to attach audit reports to their visa application to show that for the year ended 30 June 2022 and annually thereafter, the fund/(s) they have invested in comply with the complying investments framework. These will be obtained from their fund managers.

It is highly unlikely that a visa application will be approved without the compliance audit report.

SIV fund manager & migration agents – what do you need to know?

How SW can help

Building on our extensive work with fund managers across the sector, the SW specialist audit team fully understands the audit requirements as applicable to visa applicants, migration agents and fund managers, and has significant experience with these audits.

Our SIV fund audit service provides efficient and effective audits for SIV compliant funds to ensure these comply with the emerging companies and balancing investments components as required by the Migration (IMMI 15/100: Complying Investments) Instrument 2015.

Reach out to our SIV Audit experts, Rene Muller and Rami Eltchelebi, to start the conversation.

Fund management tax experts include:

Abi Chellapen, Simon Tucker, Stephen O’Flynn

The post Significant Investor Visa Funds – compliance audit appeared first on SW Accountants & Advisors.

Compliance obligations apply from a wide range of bodies at various times in the year, including:

• Australia Taxation Office
• income tax returns
• Fringe Benefits Tax returns
• Goods and Services tax returns
• superannuation payments and reporting
• Australian Securities and Investments Commission
• Australian Stock Exchange
• financial Institutions
• industry bodies and regulators
• State Revenue Offices(s)
• Land Titles Offices(s)
• Australian Charities and Not For Profits Commission.

Our team has both the experience and adaptability to deal with your evolving needs as compliance becomes more complex.

We work with you to help you understand your requirements and establish lodgement deadlines. We then provide the accounting and taxation services to ensure you meet your obligations.

Our compliance services are designed to work with you efficiently so that you can continue focusing on your business while we take care of the back office requirements.

We also utilise the latest technology where appropriate to make compiling your documents as pain free as possible. Our team provides advice to maximise your position while ensuring you meet your obligations.

The post Compliance services appeared first on SW Accountants & Advisors.

He has a particular focus on property and construction and is the audit partner for several of our large clients in this sector. He also works with clients in the manufacturing, exploration and private business sectors.

Over the past 25 years, Nick has developed broad experience across audit and both transaction and advisory services. In addition to Nick’s extensive experience with financial and compliance audits, he has been involved in investigating accountant reports, financial model reviews and financial due diligence assignments.

Nick spent two years as Group Financial Controller of ConnectEast during the capital raise and construction phase of the outer eastern Melbourne toll road. This enabled him to better appreciate a client’s perspective of what’s required from a professional services relationship.

Nick’s experience includes:

• Successful public capital raising of $25 million
• Led fraud review over management spending for large private company
• Advised large private company Board on best practice corporate governance framework
• Engaged to perform a pre lending review for a bank
• Report to minority shareholder on financial viability of ongoing private business

Nick is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

The post Nick Michael, Partner appeared first on SW Accountants & Advisors.