The ATO has officially confirmed that ancillary funds registered as charities now only need to report once.
“Ancillary funds were previously required to report their annual return to both the ATO and the ACNC,” said ACNC commissioner Susan Pascoe AM.
“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,” she said.
This new process aims to reduce double-up reporting and the time involved in administration.
“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,” said Ms Pascoe.
“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,” she added.
The ATO has developed a “blueprint for change” for its not-for-profit clients.
“Reducing the reporting burden for NFPs is just one of the deliverables already met in 2016-17,” said the ATO.
The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day