02 9683 5999On 3 December 2012 the ACNC commenced which marks a significant change to regulation of all not-for-profits (NFP) in Australia. The ACNC now determines if a NFP organisation is a charity rather than the ATO. The ATO will subsequently determine any tax concessions available.
If you are involved in the control of a NFP, here are some steps to follow:
- Check the ACNC register to ensure your organisation is registered. If it was registered with the ATO it will be automatically transferred.
- Religious institutions who previously self-assessed being income tax exempt are required to register with the ACNC by 2 June 2013.
- Automatically registered charities that have the purpose of advancing religion must notify the ACNC of their subgroup by 2 Dec 2013 in order to continue to receive additional tax benefits.
- If the NFP has a reporting period other than the financial year (ending 30 June) you must notify the ACNC by 2 June 2013. n All ACNC registered charities are required to lodge an annual information statement within 6 months of their reporting period end.
- Medium and large charities are required to prepare an annual financial statement.
- All charities are to comply with governance standards.
For further information about the ACNC and what it means for your NFP charity please go to www.acnc.gov.au or talk to your CIB contact.
