Financial reporting thresholds lifted for small and medium charities

Alex Crerar, 5th July 2021

In recent years all charities, regardless of size, registered with the Australian Charities and Not-for-profits Commission (ACNC) have been required to provide annual financial reporting.

However, those rules are about to be changed as the Australian Government has put forward terms, agreed upon by the Council of Federal Financial Regulations, to ease reporting obligations for the upcoming financial year. 

The thresholds will take effect from 1 July 2022 (reporting against the 2021‑22 financial year).

The new ACNC financial reporting threshold for small charities will increase to under $500,00 annual revenue. This will mean that almost 2,500 charities will no longer be required to provide annual financial statements, saving each one around $2,400 in account expenses each year.

Reporting thresholds for medium charities will increase to under $3 million annual revenue, meaning over 2,700 charities will no longer be required to provide audited financial statements, saving each one around $3,000 in accounting expenses each year. 

Additionally, Large charities (over $3M) will be required to report aggregated remuneration for directors and senior executives (from 1 July 2022) and related party transactions (from 1 July 2023).

With a significant portion of the community radio sector registered as charities, the CBAA welcomes the reduced reporting burden and reduced annual costs.

For further information on the changed regulations head to the ACNC website.

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