With effect from 1 October 2018, associations incorporated under the Associations Incorporation Act 2009 (NSW) which are registered charities will no longer have to submit annual financial reports to NSW Fair Trading as well as the Australian Charities & Not-for-profits Commission (ACNC).
The annual financial reports which these charities lodge with the ACNC will be securely shared with NSW Fair Trading and will be accepted for the purposes of complying with the NSW legislative requirements.
This new arrangement is welcomed as it will cut some more red tape for NSW charities who are also incorporated associations and it will bring NSW into line with Victoria, South Australia, Tasmania and the ACT.
It would be of even greater assistance for all State and Territory Governments to adopt the Federal definition of a charity under the Charities Act 2013 (Cwth) and to accept registration with the ACNC as evidence of charity status for the purposes of local legislation.
Should you require any advice in relation to this, please do not hesitate to contact our office.
Bill d’Apice, Partner | +61 2 9233 9013 | wdapice@makdap.com.au
Belinda Marsh, Senior Associate | +61 2 9233 9083 | bmarsh@makdap.com.au