Australian Charities and Not-for Profit Commission Updates
July 18th, 2022
Charities have an ongoing obligation to report to the Australian Charities and Not-for-Profit Commission (ACNC), and filling out the Annual Information Statement is a vital part of meeting this obligation.
The information submitted through charities’ Annual Information Statements contributes to improved charity transparency, helps the ACNC to develop a greater understanding of the sector and reduces duplicated reporting.
The ACNC’s 2021 Annual Information Statement Hub (AIS) contains information and resources to help charities complete the 2021 Annual Information Statement.
All charities (except charities that are corporations registered with the Office of the Registrar of Indigenous Corporations) must submit an Annual Information Statement every year. The Annual Information Statement is due within six months of the end of a charity’s reporting period and is submitted online in the ACNC Charity Portal.
The due date for charities that operate on a calendar financial year (1 Jan to 30 Dec) was 30 June 2022.
Read more: 2021 Annual Information Statement Hub | ACNC
From 1 July 2022 (reporting for the 2021-22 financial year), the Australian Charities and Not-for- Profit Commission (ACNC ) financial reporting thresholds for charities will increase as follows: small charities will increase (from under $250,000) to under $500,000 annual revenue. The threshold for medium charities tripled to $3 million. These changes come into effect for the 2022 Annual Information Statement.
From 1 July 2023 (reporting for the 2022-23 financial year), all charities will be required to report related party transactions in their annual reporting to the ACNC. This measure is intended to increase the transparency of transactions between charities and related people or organisations.