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Justice Connect has made a submission to the Treasury in response to its proposal to increase financial reporting thresholds for ACNC-registered charities.
If the reporting thresholds are increased, many charities will 'drop' into a lower reporting tier and have simpler financial reporting requirements to the ACNC.
While these changes will benefit many charities, Justice Connect believes that the most important priority for regulators should be to align reporting obligations across all jurisdictions. Many charities structured as incorporated associations currently have duplicate reporting requirements. This is because several states and territories still have their own thresholds for financial reporting that do not align with the current ACNC thresholds.
It would be easier for the vast majority of charities to wait for a fully aligned reporting system across all jurisdictions, rather than grapple with the introduction of successive changes and overlapping transition periods.
Justice Connect believes that the best outcome for the sector is to have a single register for charities, with data shared securely by the ACNC with the states and territories.
This is the most efficient and effective way to preserve regulatory and charity resources – and also serves as an excellent foundation to #fixfundraising with a national harmonised fundraising scheme.
Read our full submission.