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Jun 07, 2024 / News
Not-for-profits | New self-review return due 31 October – Part 2
Not-for-profit (NFP) entities that are not ACNC-registered charities are now required to lodge an annual self-review return, re-affirming their eligibility to self-assess as income tax exempt. In Part 1 of this article, we previously explained which NFPs are required to lodge the self-review return, and which are not. In Part 2, we now take you through the set-up process and return preparation. Read more
Jun 06, 2024 / News
Not-for-profits | New self-review return due 31 October – Part 1
Completing the return itself might be relatively straightforward for many NFPs. However, before you can do that, you must first set up your return access. The set-up process is fraught with possible complications, as it requires working through and connecting four different interactive platforms across two different government bodies in the correct order. Read more
Feb 13, 2024 / News
Not-For-Profit Newsletter - Edition 19
Welcome to the newest edition of our Not-for-Profit Newsletter. Please feel free to contact us if you have any questions about the content of this Newsletter. Read more
Apr 28, 2023 / News
Not-for-Profit Newsletter | Edition 16
Welcome to the newest edition of our Not-for-Profit Newsletter. Read more
Mar 06, 2023 / News
Not-For-Profit Newsletter - Edition 15
This edition covers several governance and compliance considerations including self-assessing income tax exemptions, deductible gift recipient registration requirements, and cybersecurity matters. In respect to financial reporting, we have included details of the latest ASIC focus areas and updates to accounting standards. There are also a number of items relating to ACNC and government activities. Read more
Nov 22, 2022 / News
Proposed new Tier 3 NFP reporting framework
From 2022 for-profit entities required to lodge financial reports with regulators have to prepare either Tier 1 or Tier 2 general purpose financial statements. The AASB is intending to extend this requirement to not-for-profit entities (NFP), which would affect ACNC–registered charities, co-operatives, NFP companies limited by guarantee, and others. But before doing so, it has issued a Discussion Paper detailing a proposed new third tier of general purpose financial statements. Read more
Aug 09, 2022 / News
Not For Profit Newsletter
This edition covers important changes to financial reporting requirements for charities around financial statement disclosures, reporting thresholds, key focus areas and lodgement extensions. Read more
Nov 24, 2021 / News
Financial Reporting Changes for Charities
The financial reporting thresholds for charities reporting to the Australian Charities and Not-for-profits Commission (ACNC) have now been increased, providing relief to thousands of charities, whilst also requiring Key Management Personnel remuneration and related party disclosures. Read more
Nov 04, 2021 / News
Financial Reporting Developments - Spring 2021
This Financial Reporting Development explains the AASB’s project to address the future of financial reporting for NFP entities and other developments affecting the sector. Read more
May 05, 2021 / News
Not-for-Profit Newsletter | Edition 8
This edition covers a number of financial reporting matters including commentary on the lodgement of incomplete financial reports, proposed changes to reporting thresholds, and ACNC best-practice disclosures. Read more
