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.
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.
- 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.
- 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.
- 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.