As we advised in previous alerts, the ACNC regulation is continuing to roll out.

2014 Annual Information Statements

Through the discussion paper along with the commentary provided more generally by the ACNC, we understand the intention in developing the 2014 AIS is:

  • To provide relevant updated information to the public in relation to their needs regarding the Registered Entity.
  • For the registered entity to confirm compliance with their obligations under the Act and
  • To provide relevant information to the ACNC to enable it and the ATO in respect to the identification of risks which require appropriate recognised assessment activities to be undertaken.

In this context, we have provided in our submission our views in relation to the following proposed disclosure areas within the 2014.

Disclosure of related party information.

  • The alignment of disclosure of financial information in the AIS and the requirements under the draft financial reporting regulations.
  • The disclosure of specific details regarding Reserves.
  • The relevance of the reporting of business activities.

In summary, we recognise the need for ACNC to gather information in a consistent and comparable manner and we have provided them with some alternative approaches within our submission.

We are supportive of the inclusion of optional questions to allow Registered Entities to satisfy their other governmental requirements providing the ACNC work closely with the States to ensure consistency in requests for information and that all information can be provided in the most cost effective manner for the Charities themselves.

We highlighted the need for the ACNC to be mindful of the content of the AIS. The AIS forms part of the information which at this stage is intended to be publicly available on the ACNC register. It may be prudent to restrict certain information from publication where it may result in misinterpretation.

Please click here to read our submission in full

Statutory Definition of Charity

Our last NFP alert covered the release of the Exposure Draft for on the Definition of Charity. Our last alert summarised the key elements of the new definition.

Submissions closed last Friday on this draft bill. Please click here for a copy of our submission

The Government has stated that it intends to introduce the Bill into Parliament in the Winter sitting which commences next week.
It is anticipated that as the first week of the sitting will be focused on the budget, the Bill may be introduced in late May/early June.

We will keep you informed as it progresses through Parliament.

Attachments

AIS Public Consultation Paper - April 2013

Statutory Definition of Charity - 3 May 2013

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