The Council on Federal Financial Relations CFFR has asked that a framework for increasing harmonised financial reporting thresholds for charities registered with the Australian Charities and Not-for-profits Commission (ACNC) be announced by 30 June 2021. State, Territory and Commonwealth government officials, as the Thresholds Working Group, were tasked with developing this framework.
As part of developing the framework, the Thresholds Working Group is seeking the views of stakeholders on the issues associated with increasing financial reporting thresholds.
To facilitate this, the consultation paper provides a snapshot of the current regulatory arrangements, outlines the proposed new reporting thresholds and sets out the key issues for consideration during the consultation. This information will assist the reader in considering whether the proposed increase in reporting thresholds appropriately balance a reduction in the regulatory burden whilst maintaining suitable transparency of an entity’s operations and finances.
The paper includes questions where the Thresholds Working Group is specifically seeking stakeholder feedback.
You are invited to read the paper, and either complete a short survey or lodge a written submission to indicate your views on the proposal.
The survey will be anonymous unless you provide your email address to receive notification of the new thresholds and implementation schedule.
You can submit responses to this consultation up until 11:59pm Sunday 21 March 2021.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
As this joint consultation is being hosted by Commonwealth Treasury, the submission guidelines for Commonwealth Treasury will apply.
How To Respond
Address written submissions to:
Individuals and Indirect Taxes Division
Parkes ACT 2600