Risk identification & mitigation

You may think you have planned for sustainability and growth but if you haven't considered the risks facing your organisation all the planning you have done could be to no avail. It is important not to lose sight of the mission of the organisation. There are a number of risks that can significantly put this mission in jeopardy (as shown in the BDO not-for-profit fraud survey).

To mitigate these risks you must firstly understand what they are to your organisation. These risks vary from organisation to organisation and reflect the area you operate in, the structure of your organisation and the services you deliver. As such, there is no one solution for risk identification and mitigation.

At BDO Kendalls we can assist in a number of areas including:

Forensic accounting

As fraud can occur in any organisation, it is important to be pro-active and implement strategies and controls to reduce the likelihood that fraud will occur. We can assist by working with you to implement an Anti-Fraud Program...but we will also be there with you should your organisation suffer a fraud. We conduct the investigation and prepare the evidence in a way that it can be handed to the police.

• Anti-Fraud Program
• Fraud investigation

Tax advice & consulting

For the majority of not-for-profit entities, taxes are not costs which are seen to affect the organisation's activities. However, taxes must still be managed effectively to ensure that they do not, through lack of resources or understanding or complacency, become a cost. This can occur without an organisation realising it - sometimes with dire consequences.

Not-for-profits are also potentially exposed to many other tax-related issues including fringe benefits tax, PAYG withholding from employee's wages, 9% superannuation guarantee contributions for employees, payroll tax, various state taxes including duties and land tax, and most importantly, goods and services tax (GST).

The current climate of taxation reform and changing compliance requirements requires organisations to respond quickly but also to be informed about the risks and opportunities they are exposed to.

BDO Kendalls can assist in identifying and optimising opportunities for not-for-profits, as well as ensuring best practice compliance and tax effective solutions.

• Performing tax 'health' checks and providing practical solutions for mitigating all tax risks
• Providing practical solutions and advice regarding income tax exemptions and concessions, including practical application of 'mutuality'
• Providing assistance and advice regarding Income Tax Exempt Charity (ITEC) endorsements
• Applying for and maintaining Deductible Gift Recipient (DGR) status and providing assistance with tax issues surrounding gifts or contributions
• Identifying where GST registration is required and providing practical solutions for maximising access to all GST-related concessions
• Providing advice and assistance for accessing Fringe benefits tax (FBT) concessions and developing salary packaging solutions
• Providing advice on the application of pay-roll tax, duties and land tax and the associated exemptions
• Providing practical solutions for structuring organisations and transactions to achieve tax-effective outcomes
• Assistance with establishing and operating Prescribed Private Funds

For more information on our tax services click here.