The new Australian Charities and Not-for-profits Commission is asking the sector for feedback on requirements for annual financial reports under their new framework. This will eventually affect all NFP’s. The  Act 2012 (ACNC Act) implements a new reporting framework for entities registered with the ACNC and reporting requirements under the Act are proportional to the size of registered entities, based on a revenue threshold. There are three tiers for small, medium and large registered entities. These are noted below (Please email us if you would like to view the DRAFT – EXPLANATORY MATERIAL). Do you believe that revenue is the best way to do this? Please let us know.

• A small registered entity is an entity with annual revenue of less than $250,000.
• A medium registered entity is an entity with annual revenue of $250,000 or more and less than $1 million.
• A large registered entity is an entity with annual revenue of $1 million or more.