There has been a lot of commentary on the potential impacts of Covid-19 on health, businesses and the economy, but what does all this mean for Australian charities and the millions of people who rely on these services?  Covid-19 threatens potential workforce shortages and further funding cuts as the economy slows.  The challenges faced by the not-for-profit sector are unique;…

READ MORE

As part of the Federal Government’s DGR Reforms, the ACNC will be reviewing approximately 500 registered charities each year to assess their eligibility for registration as a charity, commencing in July 2020. The initial focus will be on Public Benevolent Institutions (PBIs), which will be identified for review based on a risk profile. The review process will not place an…

READ MORE

The ACNC recognises that charities’ usual operations may be disrupted by the outbreak and spread of COVID-19, as well as measures being taken to try to control its spread. To assist charities, it has compiled some relevant information and published it on the ACNC website.  This includes an extension for AIS submission, federal government support for eligible charities, charity meetings…

READ MORE

Check the list of government loans/grants that the business might be eligible to apply for. Create a COVID-19 coronavirus/natural disaster team which will meet daily (10 – 15 minutes) to review issues and to recommend new or amended strategies. If not already done so, implement strategies to enable team members to productively work from their homes. To view the For…

READ MORE

Certain types of for-profit private sector entities will no longer be able to prepare Special Purpose Financial Statements under AASB Standards, for periods beginning on or after 1 July 2021.  From the same date, a revised GPFS Tier 2 framework, Simplified Disclosures, will replace the current RDR framework.  The revised Tier 2 framework will be available for both for-profit and…

READ MORE

Attempting to promote consistency in financial reporting, AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current aims to help companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current.…

READ MORE

If your NFP provides fringe benefits to employees, you may have a fringe benefits tax (FBT) liability. Depending on your type of organisation, you may be eligible for FBT concessions. Whether you are eligible for concessions or not, the ATO Fringe benefits tax will help you understand which benefits may attract FBT and what concessions and exemptions your organisation may…

READ MORE

ACNC Commissioner, the Hon Dr Gary Johns, in a column for the Australian Financial Review, writes about the challenges charities face managing the donations they received in support of the bushfire relief efforts. To view the article, reproduced in full on the ACNC website, click here

READ MORE

ACNC Legislation Review

The Government has responded to the ACNC Legislation Review that was conducted in 2018, and has agreed with 18 of the 30 recommendations. Key recommendations supported by the government: Supporting ACNC as an effective regulator Enabling swifter decision making through expanded delegation powers Enhancing ACNC powers to detect breaches of governance standards and deal with misconduct Allowing ACNC to continue…

READ MORE

The Boosting Cash Flow for Employers measure will provide up to $25,000 back to business, with a minimum payment of $2,000 for eligible businesses. The payment will provide temporary cash flow support to small and medium businesses that employ staff during the economic downturn associated with coronavirus. The payment will be tax free. Small and medium business entities with aggregated…

READ MORE