Draft ACNC Financial Reporting regulations released
In late December, the Government released draft financial
reporting regulations for charities regulated by the ACNC. These
draft regulations provide further detail on the financial reporting
required by the ACNC, including transitional concessions.
Draft ACNC Governance Standards Released
Under the new ACNC regime, all registered charities will be
required to comply with various Governance Standards in order to
retain their tax concessions. In late December, the Government
released draft Governance Standards in a consultation paper,
detailing the six key standards. The Governance Standards will apply
from 1 July 2013.
Preparing for NFP reforms
All charities should be preparing for the NFP reforms. Key
actions needed include understanding their new financial reporting
requirements, documenting the organisation's structure and
documenting the basis for on-going entitlement to tax concessions.
Saward Dawson can assist your charity to understand the reforms and
the new financial reporting obligations. We can assist with
documenting your compliance with current and impending tax