Consultation to modernise document execution across Federation miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
Australian Treasury
The Coalition Government will cut red tape for thousands of Australian charities, with financial reporting obligations to be eased from the upcoming financial year.
Under reforms agreed to by the Council on Federal Financial Relations, financial reporting thresholds for small and medium charities registered with the Australian Charities and Not‑for‑profits Commission (ACNC) will be lifted, allowing over 5,000 charities to redirect their resources to help vulnerable Australians.
The new ACNC financial reporting thresholds for small charities will increase to under $500,000 annual revenue. This will mean nearly 2,500 charities will no longer be required to produce reviewed financial statements, saving each charity around $2,400 in accounting expenses annually.
Date Time
Easing regulatory burden on charities
Australian charities hit hard by the impacts of the COVID-19 pandemic will receive relief from burdensome financial reporting requirements under an agreement signed by all Federal, state and territory treasurers.
Inconsistent and outdated regulations across jurisdictions create an estimated regulatory burden of $13.3 million a year for the charitable fundraising sector. The recent Royal Commission into National Natural Disaster Arrangements highlighted the crucial role charities play in disaster recovery efforts, but noted the complexities of operating across jurisdictions with distinct regulatory schemes.
Charity financial reporting
The Council on Federal Financial Relations (CFFR) agreed to develop a framework by mid-2021 to lift the financial reporting thresholds to benefit over 5,000 small and medium charities, allowing those charities to redirect resources to help vulnerable Australians.
National Cabinet 11 December miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.