IS YOUR SMSF PLAYING BY THE NEW RULES?
With the end of the 2017/18 financial year, now is a good time to take stock of some critical regulatory requirements to keep in mind as you prepare your clients for SMSF audit season.
$1.5 Billion for Vocational Education – An unexpected boon
In a surprise move, the Federal Government announced a Skilling Australians Fund of $1.5 billion from the 2017 Budget, to provide for vocational training over the next four years in an aim to deliver 300,000 new apprentices and trainees.
The funding will prioritise towards apprenticeships, and traineeships in occupations in high demand that currently rely on skilled migration, or with future growth potential, including in regional Australia.
This funding program replaces the incumbent National Partnership Agreement on Skills Reform, which expired on 30 June 2017. Overall, the announcement brought enormous relief to the Vocational Education and Training (VET) sector which was widely expecting to face a funding black hole on expiration of the Partnership Agreement.
The initiative appears to be a renewed push to attract more school leavers to the Vocational Education sector and address the critical skill gaps in the markets.
If you are an existing VET provider, the audited accounts will need to be submitted, along with the Financial Viability checklist, within 6 months after the year end.
Follow this link for further information about the financial audit requirements stipulated: https://goo.gl/6RuFMa
At HeedPro, we are well versed in audit engagements for Registered Training Organisations (RTO) and our dedicated team will keep you abreast of all your financial audit requirements.
With the submission deadline for Financial Viability fast approaching, contact us to initiate arrangements for your financial audits