The ACNC has just completed public consultation on how we will ask charities to report their related party transactions in the 2023 Annual Information Statement.
The ACNC legislation review of 2018 originally made the recommendation to collect information on charities' related party transactions.
This recommendation was then supported by the Federal Government, with the aim of increasing transparency around transactions that pose a higher risk of charitable assets being used for private benefit.
All charities (except Basic Religious Charities) will be required to provide information on related party transactions from the 2023 Annual Information Statement.
And while medium and large charities must disclose such information in accordance with Australian Accounting Standards in their annual financial reports, we especially want to ensure small charities have an opportunity to provide feedback through our consultation process.
Regardless of the option that is ultimately used, the question on related party transactions in the 2023 Annual Information Statement will be accompanied by guidance material to help charities prepare their answer.
Thank you for having your say
Our public consultation has now closed.
We thank everyone who had their say and who shared their opinions with us.
We will provide updates on the outcome of the consultation, including the preferred method for charities to report their related party transactions, in the very near future.
The ACNC has also developed more information on related party transactions.