Financial reporting thresholds for charities to be increased: Minister
July 8, 2021
The Government announced on 30 June 2021 that it will increase the financial reporting thresholds for small and medium charities from 1 July 2022 (reporting against 2021-22 financial year).
The changes include:
- financial reporting thresholds for small charities will increase to under $500,000 annual revenue
- financial reporting thresholds for medium-sized charities will increase to under $3 million annual revenue
- large charities with two or more key management personnel will be required to report remuneration paid to responsible persons (directors) and senior executives on an aggregated basis in their 2022 Annual Information Statement and
- from 1 July 2023, all charities will be required to report related party transactions in their annual reporting to the ACNC.