NFP Newsletter – Autumn 2023

This month’s NFP newsletter tackles on updates under Governance, Compliance, ACNC, Financial Reporting, Fundraising, and Deductible Gift Recipients.

Governance – Ten questions about cyber-security

Not-for-profits routinely collect highly sensitive personal information, including about people’s health, relationships and finances.

Compliance – Aged-care wages to jump

The Fair Work Commission has decided to increase minimum wages by 15 per cent for some employees working in aged care. The national workplace tribunal, the commission sets minimum award pay rates and entitlements.

ACNC Activities – Manage your cyber risks

With reports of cybercrime on the rise, the ACNC is reminding charities of cyber-security risks, giving guidance and practical tools to help to reduce them. Australian Cyber Security Centre data showed an increase in the number and sophistication of cyber threats in the past financial year.

Financial Reporting Insights – Collect good information on related-party transaction

The ACNC is urging charities to collect good information about related-party transactions as new rules come into effect. For small charities, a ‘related party’ is defined as a person or organisation that has significant influence over the charity. For medium and large charities, it is defined in AASB 124 Related Party Disclosures.

Fundraising – Philanthropy review underway

The federal government has announced a commitment to working with philanthropic, NFP, and business sectors to double philanthropic giving by 2030. It tasked the Productivity Commission to undertake an inquiry that would analyse motivations for philanthropic giving in Australia and identify opportunities to grow it.

Deductible Gift Recipients – DGR revocations begin

Most non-government deductible-gift recipients needed to be registered charities by 14 December to remain eligible for DGR endorsement. An eligible DGR must meet the definition of an Australian government agency, be a registered charity, be operated by a registered charity or an Australian government agency, or be an ancillary fund or a DGR that is listed by name in tax legislation.

And more…!

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