What are the new requirements?
The ACNC has announced new reporting requirements: charities must report on related party transactions in their Annual Information Statement from 2023 and onward. In general, related party transactions are transactions between persons that have a relationship with the charity. Who a related party is considered to be, and their specific reporting requirements, differs according to charity size, whether it is a small charity (those with an annual revenue of under $500,000), or a medium and large charity. Related party transactions can sometimes give rise to conflicts of interest between personal and business areas, and therefore, by being reported, they can be managed in a transparent way.
Where can I get more details?
Click below to see a detailed summary of the reporting requirements on the ACNC website. If you need help understanding what this means for you, please use the contact information below to make an inquiry.
Link to ACNC website for more information: https://www.acnc.gov.au/for-charities/manage-your-charity/obligations-acnc/reporting-annually-acnc/related-party-transactions