Regulator Fines Charities for Non-Compliance
Wednesday, 26th October 2016 at 9:02 am
The charity regulator has issued hefty fines to 40 charities for failing to lodge their outstanding Annual Information Statements.
The Australian Charities and Not-for-profits Commission (ACNC) said in the last two weeks it had issued penalty notices to 40 large charities with annual revenue of $1 million or more, and combined assets of over $70,000,000.
It’s the first time since the ACNC was established in December 2012 that it has issued fines for non-compliance.
“Charities who have received penalty notices may be required to pay a penalty of up to $4,500,” ACNC commissioner Susan Pascoe AM said.
“These charities have failed to submit their 2015 Annual Information Statements – which are now more than eight months overdue.
“This work is underpinned by the ACNC’s objective to maintain, protect and enhance public trust and confidence in the sector through increased accountability and transparency.”
Pascoe said the charities had been given multiple reminders including a final warning letter, but had not done so.
“This lack of transparency can damage the reputation of the sector, tarnishing the hard fought trust and confidence that every compliant charity has helped build,” she said.
In August the ACNC revoked the status of more than 500 charities for failing to submit their Annual Information Statement for two years.
The ACNC said 503 organisations listed on their website had lost access to the Commonwealth tax concessions they were entitled to as registered charities.