Technical News

In May 2022, the Fair Work Commission issued a provisional decision to include paid family and domestic violence leave in awards for full-time and part-time employees. This decision isn’t finalised yet and the Commission has asked for input from interested parties before making a final decision. The proposed paid leave would apply to permanent employees only and be paid at…

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From the first pay period starting on or after 1 July 2022, part-time employees under the Social and Community Services Award will be paid the following minimum number of hours for each shift or period of work in a broken shift: social and community services employees (except when doing disability services work) – 3 hours all other employees – 2…

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Super Guarantee Rate On 1 July 2022, the super guarantee (SG) rate will increase from 10% to 10.5%. The rate you’re required to use depends on when your employee is paid, not when the income is earnt. This means the new rate will need to be applied to any payments of salary or wages made on and after 1 July…

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Director ID

Company directors are required by law to apply for a director identification number (director ID). From 5 April 2022, new directors must apply for their director ID before being appointed as a director. Directors appointed before 1 November 2021 have until 30 November 2022 to apply. A director ID is a unique identifier that a director will apply for once…

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Following the issue of AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities, from 1 July 2021, certain for-profit private sector entities will no longer be able to prepare special purpose financial statements (SPFS). This includes: entities preparing financial statements under Part 2M.3 of the Corporations Act 2001, such…

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The Australian Charities and Not-for-profits Commission has published the initial findings of their review into the integrity of the Charity Register. In the 2020-21 financial year, the ACNC began a project to ensure the integrity of the Charity Register by reviewing the information it contained about Australia’s registered charities. The records of thousands of charities were reviewed to ensure that…

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The Australian Charities Report is based on the most current data available for Australia’s charities and builds on analysis from previous years. For this edition of the report, data from the Annual Information Statements of more than 49,000 charities from the 2020 reporting period is used. The report illustrates the contribution of Australia’s charities to the economy and to thousands…

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A number of significant changes are imminent for charities registered with the Australian Charities and Not-for-profits Commission. 1. New Reporting Thresholds – from 30 June 2022 financial year Size Current Threshold New Threshold (from 30 June 2022) Financial Statements required Audit or Review required Small Revenue less than $250,000 Revenue less than $500,000 No No Medium Revenue between $250,000 and…

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The head of the Australian Charities and Not-for-profits Commission the Hon Dr Gary Johns has announced he will step down from the role at the end of July. Johns, a long-time critic of charities, was appointed to the position in December 2017 to replace the inaugural commissioner, Susan Pascoe. The Assistant Minister for Competition, Charities and Treasury, Dr Andrew Leigh…

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The ATO Not for Profit Stewardship Group met in March, and covered a range of topics including: Requirement to lodge self-review for NFPs, from 2023 New DGR categories Refund of franking credits Director ID Distribution Guidelines for Ancillary Funds ACNC reporting changes Emerging risks, issues and trends To view the detailed notes from this meeting, click here

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