The Thresholds Working Group, comprised of State, Territory and Commonwealth government officials, is consulting on developing a framework to harmonise the financial reporting arrangements and obligations across jurisdictions for ACNC-registered charities.
An individual charity can be regulated by a number of state, territory
and federal bodies, including the national charities regulator, the Australian Charities and Not-forprofits Commission (ACNC), and, where a charity is an incorporated association, or authorised to fundraise, by relevant state and territory authorities.
It is proposed to increase the financial reporting thresholds for ACNC-registered charities based on size, with thresholds of less than $500,000 for a small entity, from $500,000 to less than $3 million for a medium entity and $3 million or more for a large entity.
By 30 June 2021, the Council on Federal Financial Relations intends to announce the new ACNC financial reporting thresholds and the commencement date for their implementation.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.