This month’s NFP newsletter tackles on updates under Governance, Cyber Security, Compliance, Fraud, Financial Reporting, Sustainability Reporting, ACNC, NDIS and Aged Care
Governance – ATO checklist promotes good governance
A new Australian Taxation Office checklist is aimed at helping not-for-profits stay up-to-date with tax, superannuation and industry obligations.
Cyber Security – More protection of Australians’ privacy
The Office of the Australian Information Commissioner has welcomed the passing of the Privacy and Other Legislation Amendment Bill 2024 as a significant step forward in advancing Australians’ privacy protections.
Compliance – Wages underpayment can earn jail time
From 1 January, intentionally underpaying an employee’s wages and entitlements can be a criminal offence.
Fraud – Charity fraud funded overseas trips
Angela Stathopoulos, 49, has pleaded guilty in the Melbourne Magistrates’ Court to stealing more than $459,000 from a charity that feeds the homeless and supports needy children.
Financial Reporting – ASIC focus areas for 31 December financial reports
ASIC is urging directors, preparers of financial reports and auditors to be aware of the enduring and ongoing focus areas in its surveillance of financial reports for the year ending 31 December (see Appendix ASIC’s ‘enduring’ focus areas for financial reporting).
Sustainability Reporting – New guidance on aligning financial and sustainability reporting
The International Federation of Accountants has published guidance on coordinating financial and sustainability reporting.
ACNC – ACNC concerns over Hillsong charities
After serious allegations had been made about the Hillsong Church’s charities, the Australian Charities and Not-for-profits Commission began to investigate Hillsong College’s compliance with the ACNC act and regulations.
NDIS – Crackdown on unfair participant pricing
A National Disability and Insurance Scheme taskforce has received almost 3000 complaints about unfair pricing for its participants.
Aged Care – New Aged Care Act toughens regulations
Starting from 1 July, a new Aged Care Act will deliver a tougher regulatory model, strengthened quality standards and a statement of rights to ensure that older people and their needs are paramount.
And more…!