For Impact is HLB Mann Judd’s regular newsletter for the not for profit community.

In Issue 31 we address NFP governance updates, ACNC activities, financial reporting insights, compliance and governments.

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A summary of the key points:

NFP Governance Updates

  • Digital skills need boosting says report
    Infoxchange’s Technology in the Not-for-Profit Sector report is an annual research project that aims to recognise areas of growth and improvement by understanding how NFPs across Australia and New Zealand use technology.
  • Smith Family reports major cyber-attack
    The Smith Family, one of Australia’s longest-running children’s charities, has announced a major cyber-attack that might have exposed the details of some 80,000 donors.

Compliance

  • RSL LifeCare backpays millions
    Aged and veteran services organisation RSL LifeCare Ltd has back paid staff in NSW and the ACT more than $5.25 million and entered into an enforceable undertaking with the Fair Work Ombudsman (FWO).
  • Prepare to self-review tax exemption
    From 1 July, NFPs that self-assess income tax exemption and have an active Australian business number will be required to lodge an annual self-review return.

ACNC

  • Hundreds of charities deregistered
    The ACNC has revoked the registration of more than 550 charities because they failed over successive years to complete their annual reporting.
  • Consider crypto-assets risks
    Australian Charities and Not-for-profits Commission boss Sue Woodward has urged charities to consider fully the risks and benefits of accepting donations of crypto-assets and investing in them.

Financial Reporting Insights

  • ASIC highlights key reporting areas
    The Australian Securities & Investments Commission is urging directors, report preparers, and auditors to assess whether financial reports provide useful and meaningful information.

Governments

  • ROC to be abolished
    From no later than 6 June 2023, the Registered Organisations Commissioner’s regulatory powers and functions will transfer to the general manager of the Fair Work Ombudsman and the Registered Organisations Commissioner will be abolished.