NFP Newsletter – Spring 2022

This month’s NFP newsletter tackles on updates under Governance, ACNC Activities, Financial Reporting Insights, Compliance, Fraud, and Governments.

GovernanceBoards fail to formalise cybersecurity measures

A new study by the Australian Institute of Company Directors and the Australian Information Security Association has revealed that while most Australian directors see cybersecurity as a high priority boards lack formal oversight of the issue.

ACNC ActivitiesACNC urges charities to consult website

The Australian Charities and Not-for-profits Commission is urging charities to consult its website for practical guidance and tips to simplify the filing of annual information statements.

Financial Reporting Insights – Tier 3 reporting approaches slowly

The Australian Accounting Standards Board has published a 122-page discussion paper Development of Simplified Accounting Requirements (Tier 3 Not-For-Profit Private Sector Entities), a first step in revising the NFP private-sector financial-reporting framework.

Compliance – NFP directors need IDs

The ATO has reminded directors of NFP organisations and clubs registered with the Australian Securities & Investments Commission to get IDs.

Fraud – President stole from his football club

A former president of the Gungahlin United Football Club has been found guilty of stealing more than $31,000 from the club.

Governments – Commonwealth tendering intricacies

If your NFP is applying for a tender valued at more than $4 million (including GST) that is subject to commonwealth procurement rules you will need to obtain a statement of tax record (STR) from the ATO.

And more…!

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