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Guidance on ACNC Reporting Changes

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 $1m Revenue between $500,000 and $3m Yes Review or Audit
Large Revenue over $1m Revenue over $3m Yes Audit


There is further information from the ACNC here

2. Disclosure of Key Management Personnel Remuneration – from 30 June 2022 financial year

If a medium charity prepares general purpose financial statements, key management personnel remuneration will need to be disclosed.
If a medium charity prepare special purpose financial statements, the disclosure of key management personnel remuneration will be optional.
A large charity must report key management personnel remuneration.

There is further information and guidance from the ACNC here

3. Disclosure of Related Party Transactions – from 30 June 2023 financial year

Disclosure of material related party transactions and balances in accordance with AASB 124 (Related Party Disclosures) will become mandatory for all medium and large charities preparing special purpose financial statements for reporting years ended 30 June 2023 and later. Medium and large charities preparing general purpose financial statements will already be including this information. Given the record keeping required, it is important to start thinking now, about what these disclosures will entail and how the required information should be obtained.

There is further information and guidance from the ACNC here

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