No images? Click here [link removed]
The Charitable Purpose
ACNC monthly e-newsletter
July 2024
Commissioner's Column
Transparency and accountability in financial disclosures are crucial, as they reflect charities' commitment to manage resources responsibly, and maintain public trust and confidence. Each year, we conduct a detailed review of a selection of Annual Information Statements (AIS) and Annual Financial Reports (AFR) submitted by charities. It’s one of the ways we work to help charities proactively comply with their ACNC obligations.
Read more [[link removed]] Charity news and updates Guidance and resources for charities
Key management personnel remuneration
Key management personnel (KMP) are senior decision-makers in a charity, such as board members and senior staff. Their remuneration includes wages, benefits, and post-employment benefits. Reporting requirements vary by charity size and financial statement type. Our guidance can help your charity understand its reporting obligations.
Read more [[link removed]]
Related party transactions and your obligations
Charities must manage related party transactions to avoid conflicts of interest. All charities (except Basic Religious Charities) must report these transactions in their Annual Information Statement. Our guidance can help your charity understand what related party transactions are and how to manage them.
Read more [[link removed]]
2023 Annual Information Statement
Is your charity's Annual Information Statement overdue?
The 2023 Annual Information Statement (AIS) due date for charities that operate on a calendar financial year (1 Jan to 31 Dec) was 30 June 2024.
If you haven't submitted yours yet, submit now via the Charity Portal to avoid penalties.
Submit via the Charity Portal now [[link removed]] Answering your questions
A few of the most common questions we have been hearing from charities recently...
Q. Do we have to report on key management personnel remuneration in the 2023 Annual Information Statement?
A. Some charities need to report key management personnel (KMP) renumeration.
All large charities and some medium charities (those which provide a general-purpose financial statement), must provide this information.
Small charities are exempt and Basic Religious Charities (BRCs) usually don’t need to provide it. However, if a BRC volunteers to submit financial information, then it is required to report KMP renumeration.
Read more about reporting key management personnel remuneration [[link removed]].
Q. I've just realised that my charity has not submitted an Annual Information Statement (AIS) and it is now overdue. What should we do?
A. All charities are required to submit their AIS before the due date each year. Failing to submit can result in penalties. Failure to submit two statements can result in revocation of your charity's registration.
If your charity has an overdue AIS, you should log in to the Charity Portal [[link removed]] and submit it as soon as possible to avoid potential penalties or revocation of registration. There is no need to contact us to request an extension.
Resources for newly-registered charities
Charities must meet ongoing obligations to retain registration. You must notify us each time a Responsible Person (a committee or board member or trustee) commences or resigns from a position. Learn more [[link removed]]. Holding an annual general meeting is a good way to be accountable to your members. Read more about AGMs and view our free resources [[link removed]].
Stay up to date
Follow us on social media
[[link removed]] Subscribe to The Charitable Purpose [[link removed]] Share this newsletter [link removed]
The ACNC acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to them and their cultures and elders past and present.
Australian Charities and Not-for-profits Commission
GPO Box 5108
Melbourne VIC 3001
© Commonwealth of Australia
Preferences [link removed] | Unsubscribe [link removed]
