AICD Submission – ACNC financial reporting threshold

Tuesday, 30 March 2021

The AICD has made a submission to the ACNC supporting an increase to reporting thresholds for ACNC-registered charities. This would reduce compliance costs for some charities who might no longer have to obtain a review or audit of their financial statement.

We urge that the ACNC look to adopt the thresholds recommended by their earlier review, which would reduce compliance costs for a significantly larger number of businesses than that contemplated by this proposal. Regrettably, too many charities continue to face difficulty because of different thresholds applied by states and territory governments.

Further harmonisation of thresholds and regulations for charities, incorporated associations and not-for-profit entities should be an urgent priority for state and territory governments.

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