AHRI
MEDIA, JOBS & RESOURCES for the COMMON GOOD
NEWS  |  Finance, Philanthropy

ATO and ACNC Collaborate on Ancillary Funds


Thursday, 29th September 2016 at 8:08 am
Lina Caneva, Editor
An agreement between the Australian Taxation Office (ATO) and the Australian Charities and Not-for-profits Commission (ACNC) will allow ancillary funds registered as charities to only report their annual return once.


Thursday, 29th September 2016
at 8:08 am
Lina Caneva, Editor


1 Comments


FREE SOCIAL
SECTOR NEWS

 Print
ATO and ACNC Collaborate on Ancillary Funds
Thursday, 29th September 2016 at 8:08 am

An agreement between the Australian Taxation Office (ATO) and the Australian Charities and Not-for-profits Commission (ACNC) will allow ancillary funds registered as charities to only report their annual return once.

The move has been described by the ACNC as a step towards reducing the  administrative burden on charities for around 3,000 charities.

“Ancillary funds were previously required to report their annual return to both the ATO and the ACNC,” ACNC Commissioner Susan Pascoe AM said.

“By collaborating with the ATO, we’re ensuring that ancillary funds only need to report once using the ACNC’s online Annual Information Statement. We will then share the information they collect with the ATO.”

Pascoe said the new streamlined process would reduce double-up reporting and cut down the time involved in administration.

“With a joint focus on strengthening the sector, the two regulators will continue to work closely together to facilitate positive change,” she said.

“Additionally, I am granting an extension of time for ancillary funds to complete their 2016 Annual Information Statement to align with the fund return deadline of 28 February 2017.

“The ACNC is committed to reducing red tape for charities. This is just one of the initiatives we have undertaken to reduce unnecessary obligations on the Australian Not for Profit sector.”

The ATO’s assistant commissioner Martin Jacobs described the reduction in reporting as an excellent outcome.

“Charities provide vital services to the community and our efforts to harmonise reporting requirements with the ACNC make it easier for them to meet their obligations and continue on with their important work,” Jacobs said.

“There are around 300 ancillary funds that are not registered as charities and those organisations must continue reporting to the ATO using the Ancillary Fund Return form available on ato.gov.au.”

The ATO has developed what it describes as a blueprint for change, which focuses on making every year count for Not for Profits.

The ACNC’s red tape reduction initiatives can be found here.


Lina Caneva  |  Editor  |  @ProBonoNews

Lina Caneva has been a journalist for more than 35 years, and Editor of Pro Bono Australia News since it was founded in 2000.


Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers?

Get in touch at news@probonoaustralia.com.au

Get more stories like this

FREE SOCIAL
SECTOR NEWS

One Comment

  • Robyn Holden says:

    As an Association the charity I work for is also required to report the Department of Fair Trading in NSW. Will we still be required to do that?

Write a Reply or Comment

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

It Is All About the Purpose, Not the Activity

David Crosbie

Thursday, 19th July 2018 at 7:30 am

Shorten and Abbott Defend Catholics Against ACNC Probe

Luke Michael

Monday, 16th July 2018 at 4:25 pm

Charities Secure ASIC Exemption

Wendy Williams

Monday, 2nd July 2018 at 6:28 pm

Labor Demands Charities Stop Being Kept in The Dark

Wendy Williams

Friday, 29th June 2018 at 5:03 pm

POPULAR

Man Battling Cancer and Centrelink Raises Social Media Storm

Paul Carter

Tuesday, 10th July 2018 at 12:42 pm

Shorten and Abbott Defend Catholics Against ACNC Probe

Luke Michael

Monday, 16th July 2018 at 4:25 pm

New Research Looks to Improve Disability Employment Rate

Luke Michael

Monday, 9th July 2018 at 2:35 pm

Study Suggests Cooperatives Could Hold Key to Fixing Housing Crisis

Luke Michael

Wednesday, 11th July 2018 at 3:08 pm

AHRI
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!