The Australian Charities and Not-for-profits Commission (ACNC) are seeking increased authority to regulate the “effective use of resources”. Charities, unsurprisingly enough, do not wish to be controlled by a commissioner. Learn all you need to know directly from our expert accountants in Coolum, QLD:
There is a Not-for-Profit Information Line, too
The ACNC wishes to promote “the effective use of the resources of not-for-profit entities,” and to “enhance the accountability of not-for-profit entities to donors, beneficiaries and the public,” which means they want to maintain public trust and independence while reducing “unnecessary regulatory obligations”.
You can rest assured knowing your books will be accurate, compliant and on time
There are over half a million not for profit organizations in Australia, but only about a third of them are registered with the Australian Tax Office (ATO), and only about a quarter of those receive tax concessions. So they have to report and pay Pay As You Go withholding for their employees as well as paying superannuation, and reporting GST on their business activity statements. Some need to be registered for fringe benefits tax and lodge returns too, if they are providing employees with benefits.
Bookkeeping support ranges from the normal day-to-day functions through to far more complex dealings with the ATO and ACNC
Also, registered charities need to be endorsed by the ATO and lodge tax returns. Fringe benefits tax concessions do however permit charities and not-for-profits to give benefits to employees instead of wages, which can prove an incentive. The charities range from religious groups, care homes and shelters for the homeless to universities and colleges, animal welfare societies and artistic or cultural groups.
Charity runs better with Balanced Bookkeeping and Business Solutions
Anyway, as you can see, it is all extremely complicated for a layman. If you are a charity, then the most affordable, most practical, most sensible solution is to consult, if not contract, Balanced Bookkeeping and Business Solutions to keep everything straight for you. We can provide advice and help with your audits and reviews, and we work extensively with both the ATO and ACNC.
A home-grown company that understands on your doorstep
Balanced Bookkeeping and Business Solutions is a local Sunshine Coast company that provides a complete bookkeeping service and solutions for small to medium businesses and can cope easily with both the ATO and ACNC, so that you can pursue the far more rewarding and philanthropic business of fund-raising and distributing to the deserving foundation or trust of your choice.