The Australian Charities and Not-for-profits Commission Amendment (2021 Measures No 3) Regulations 2021, was registered on Fri 12.11.2021. It implemented several elements of the Government response to the ACNC Legislation Review. The Regulations amend the Australian Charities and Not-for-profits Commission Regulation 2013 to increase from 2021-22 the annual revenue thresholds used for determining whether a registered entity is a small registered entity (less than $0.5m), a medium registered entity (between $0.5m and $3.0m) or a large registered entity ($3.0m or more).
The Regulations also require medium and large registered entities with the ACNC, other than basic religious charities, to include certain related party disclosures in their special purpose annual financial reports in accordance with AASB 124 Related Party Disclosures.
DATE OF EFFECT:
- Financial reports required for the 2021-22 financial year – (i) the disclosure of compensation to key management personnel provided by the accounting standard AASB 124, Related Party Disclosures; and (ii) revenue thresholds for determining small, medium and large registered entities takes effect.
- Financial reports required for the 2022-23 financial year – any other matters provided by the accounting standard AASB 124, Related Party Disclosures that does not relate to the disclosure of compensation to key management personnel.
[LTN 219, 12.11.21]