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Anthony Whyte & Leah Russell
The charity sector’s interest in the financial reporting regulatory requirements will have been sparked following a recent announcement proposing some relief from their currently burdensome financial reporting requirements.
In December 2020, Josh Frydenberg, Federal Treasurer, and Senator Zed Seselja, Assistant Minister for Finance, Charities and Electoral Matters, announced they will be providing the relief under an agreement signed by all Federal, State and Territory treasurers.
The announcement is expected to be welcomed by the charity sector who have been pushing for reduced complexity and duplication particularly associated with the compliance of operating across multiple jurisdictions, which ultimately diverts their focus and resources away from their core purpose.
Further detail regarding the potential changes was provided in the Increasing financial reporting thresholds for ACNC – registered charities, consultation paper released by the Australian Government’s Treasury department, in February. Responses to the consultation paper close on 21 March 2021.