Technical News

The Australian Accounting Standards Board has issued an exposure draft on proposed amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities, AASB 1054 Australian Additional Disclosures and AASB 1049 Whole of Government and General Government Sector Financial Reporting that would require entities to disclose material accounting policy information rather than significant…

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There are new penalties in Victoria for not complying with Long Service Leave requirements of paying out LSL on an employee’s last day of employment.  This rule is not a new rule however penalties have increased for noncompliance, with 60 penalty units now able to be applied for each day there is a delay in payment.  Currently 60 penalty units…

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Record Keeping Requirements

The ATO has produced a guide to record keeping requirements for all business and organisations, to meet tax, superannuation and employer obligations. To view the ATO guide, click here

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ASIC Industry Funding

For all companies registered with the Australian Securities and Investments Commission (ASIC) that are not registered with the Australian Charities and Not-for-profits Commission, the annual industry funding return is due to be lodged by 23 September 2021.  ASIC has sent correspondence and instructions regarding the return to all relevant entities. To view further ASIC information , click here

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Digital Transformation Hub

A set of digital capability tools for Australian NFPs to help strengthen their post-COVID operations has been launched with Infoxchange Group’s Digital Transformation Hub going live. It has been found that many not for profit organisations need to invest in digital technology but lack time, capability or budget to move swiftly to resolve their IT issues. The pandemic has only…

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The Institute of Community Directors have a bank of over 70 template policies and procedures that are available free to any not for profit organisation to download, adapt and use. To view the ICDA policy bank, click here

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The Government is collaborating with the charity sector to develop a voluntary code to improve the transparency of the use of charitable donations during natural disasters. The Transparency Code will provide charities which choose to become signatories with a framework for transparent reporting of disaster recovery fundraising and activities. A working group of charity representatives and Treasury officials has developed…

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Treasury is seeking feedback and views from stakeholders on the issues identified in recommendation 17 of the 2018 Australian Charities and Not-for-profits Commission Legislation Review. Specifically, the consultation paper seeks to understand stakeholder views around the following: concerns and impacts of the ACNC’s current secrecy provisions; views about the benefits and sensitivities of public disclosure of certain information about the…

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The Australian Government has announced amendments to Governance Standard 3 to ensure that Australian charities that engage in or use their resources to actively promote unlawful behaviour face enforcement action. The new regulations will empower the Australian Charities and Not‑for‑profits Commissioner to investigate charities engaging in or promoting serious unlawful acts of trespass, vandalism, theft or assault and threatening behaviour.…

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