13/02/2024 From 1 January 2024, there is a new process for not-for-profit (NFP) organisations wishing to apply for deductible gift recipient endorsement (DGR) from the Australian government. This change is designed to streamline the administration and review of DGR eligibility. DGR endorsement means that donations received by the NFP to support its organisation may be …
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Non-charitable not-for-profits with an active ABN, including sporting clubs, now need to report annually to the Australian Taxation Office to maintain their income tax exemption. The reportable self-assessment will need to be lodged through a Not-for-Profit (NFP) Self-Review Return from the 2023-24 financial year onwards.
Late last year, a number of amendments were made to charity regulations which impact on ACNC reporting obligations from this year. The changes relate to: The charity size thresholds have been amended, from the 2022 annual reporting period, as follows: Charity Size Defined now as: From 2022 Annual Information Statement reporting period, defined as: Small …
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There are many changes to the laws and regulations commencing over the next 6 months. Here we summarise some of those key changes: PROPERTY Some lucky buyers will no longer have to pay stamp duty on properties purchased in the ACT. Stamp duty has been abolished on properties sold in the ACT from 1 July …
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Throughout the year we assist clients with their corporate governance and regulatory compliance. The Australian Charities and Not-for-profits Commission (ACNC) has imposed new obligations on charities, in some cases in addition to existing reporting obligations. We often find that charities are not up to date with their ACNC lodgements. If you work for a charity, …
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A “Responsible Person” is a person that is responsible for governing a charity, for example a member of the board or committee or trustee of a charity. The Australian Charities and Not-for-profits Commission (ACNC) has high expectations on Responsible Persons and ACNC Governance Standard 4 is premised on the expectation that Responsible Persons governing a charity are …
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STRENGTHENING FOR PURPOSE: AUSTRALIAN CHARITIES AND NOT-FOR-PROFITS COMMISSION LEGISLATION REVIEW 2018 The Report following a review of the Australian Charities and Not-for-Profits Commission (ACNC) legislation was released on 22 August 2018 after much industry consultation. While the review is focused on the Act and operations of the ACNC, it makes a number of recommendations which …
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