The Australian Accounting Standards Board (AASB) is proposing some changes that may impact not-for-profit organisations. The definition of ‘not-for-profit’ The current AASB definition of a not-for-profit organisation is ‘an entity whose principal objective is not the generation of profit’. The AASB proposes to change the definition to ‘an entity whose primary objective is to provide goods or services for community…

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Changes to modern award laws

Every four years the Fair Work Commission reviews Australia’s modern awards. The Fair Work Commission has now confirmed that, as a result of its most recent review, it’s making significant changes to many of the modern awards. The Fair Work Ombudsman has published information about these changes. Modern awards that have been varied can be identified by the year 2020…

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Each Australian state and territory has its own rules regulating fundraising activities. These laws are complicated and don’t cover fundraising activities using the internet and online platforms. A donation made online is not necessarily received in the same state or territory where the donation was made. So, online donations are often made and received in different places. This means fundraisers…

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The way you access the ATO Business Portal is changing. AUSkey and Manage ABN Connections will be retired on 27 March 2020 and will be replaced with myGovID and Relationship Authorisation Manager (RAM). These tips might help you get started: What device can I use? Why am I having trouble verifying my identity documents? I have myGovID set up, now…

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myGovID and Relationship Authorisation Manager (RAM) will replace AUSkey and Manage ABN Connections after 27 March as the new security login method for the ATO’s Online services. The ATO has now revealed that it will not be able to move on that deadline, with the AUSkey technology physically expiring at 12pm on 30 March. To view the AccountantsDaily article in…

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NFPs that don’t require an Australian business number (ABN) but have employees, or are required to withhold an amount from a payment to a supplier, will need to have a withholding payer number (WPN). This may include organisations such as school canteens or small sporting clubs. Generally, all employers need to report using Single Touch Payroll (STP). However, the exemption…

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AUSkey and Manage ABN Connections will retire at the end of March. You can use myGovIDExternal Link and Relationship Authorisation Manager (RAM)External Link to access the Business Portal and other government online services now. If you use the Business Portal, get your organisation ready with myGovID and RAM. To view the ATO step by step instructions, click here.

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ACNC Commissioner, the Hon Dr Gary Johns, addresses concerns raised about charities’ use of funds for bushfire relief in a column published by The Australian. To view the opinion piece written by the ACNC Commissioner, click here.

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NFP Governance Principles

Connecting Up is running a free webinar on NFP Governance Principles which provides a snapshot of the 10 governance principles outlined by the Australian Institute of Company Directors and forms a foundation for NFP’s to apply to their own organisations. This webinar is suitable for anyone involved in governance and compliance within a Not-For-Profit organisation. By the end of this…

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New disclosure requirements for NFPs preparing special purpose financial statements (SPFS) take effect for financial years ending on or after 30 June 2020. You will need to make new disclosures about your compliance with the recognition and measurement (R&M) requirements in Australian Accounting Standards (AAS) if you are a: charity registered with the Australian Charities and Not-for-profits Commission with an…

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