EXTENSION OF TRANSITION REPORTING ARRANGEMENTS

The Federal Government is continuing to support philanthropic work in Australia by announcing the further extension of the ACNC transitional reporting arrangements.

These transitional reporting arrangements aim to reduce the reporting burden on charities that are required to report to multiple regulators by allowing the ACNC to use its discretion to accept documents that were originally prepared for another regulator.

'The extension will reduce red tape for over 7,000 charities and allow them to focus on philanthropy and giving,' said Assistant Minister for Finance, Charities and Electoral Matters, Zed Seselja.

This additional extension will be in place for the next five years, covering the 2019-20, 2020-21, 2021-22, 2022-23 and 2023-24 financial years. The previous extension of the transitional reporting arrangements applied until the 2018-19 financial year.

Since 2012, the ACNC has streamlined reporting requirements for incorporated associations with a number of States and Territories, including the Australian Capital Territory, New South Wales, Northern Territory, South Australia, Tasmania and Victoria.

It has also streamlined reporting requirements for charitable fundraisers with the ACT and South Australia, and is continuing to work with the remaining states and territories on similar requirements.

"The additional five-year extension reduces red tape for charities while the ACNC continues to work with the states and territories to harmonise reporting requirements," Assistant Minister Seselja said. Dan Wade is the audit expert at Wrights Chartered Accountants, make an appointment to speak with him here .