Governance Standard 1 requires charities to demonstrate that they are set up as a not-for-profit with a charitable purpose, and run as a not-for-profit and work towards that charitable purpose. It also requires charities to demonstrate that they can provide information to the public about their charitable purpose.
This guidance looks at related party transactions - what they are, how charities can manage them, and the information charities need to ensure these transactions are properly reported in their Annual Information Statements.
As part of the Australian government’s deregulation agenda, the ACNC is required to report on our performance as a regulator.
This section of the ACNC website provides some short practical tips on the review or audit process for charity financial reporting.
Charities can change over time, meaning they may need to wind up, merge with another charity, or continue operations with a different legal structure.
If your charity's Australian Business Number (ABN) changes, you need to notify the ACNC. If your charity's legal structure changes, you will either need to update the ACNC by completing Form 3B, or revoke the existing charity registration and apply to register the new legal structure as a charity. The process will depend on the original and new legal structure.
Some charities may have similar requirements when they register with the ACNC due to their charitable purpose (the aim, object or mission that their activities work towards achieving). This informs the charity subtype they register with.
Vision: charities that inspire confidence and respect.
One of the ACNC's objects is to 'promote the reduction of unnecessary regulatory obligations on the Australian not-for-profit sector'. The ACNC works within the Commonwealth Government’s Regulator Performance Framework to reduce the cost of unnecessary or inefficient regulation – ‘red tape’.
The ACNC works with other government agencies to align regulatory requirements and remove reporting and other requirements for charities.
