Survey: ACNC consultation on reporting related party transactions
The ACNC is conducting a public consultation on how it will ask charities to report their related party transactions in the 2023 Annual Information Statement.
The ACNC legislation review of 2018 originally made the recommendation to collect information on charities’ related party transactions. This recommendation was then supported by the Federal Government, with the aim of increasing transparency around transactions that pose a higher risk of charitable assets being used for private benefit.
All charities (except Basic Religious Charities) will be required to provide information on related party transactions from the 2023 Annual Information Statement.
While medium and large charities must disclose such information in accordance with Australian Accounting Standards in their annual financial reports, the Commission especially want to ensure small charities have an opportunity to provide feedback through its consultation process – running from 1 February to 16 March 2023.
To help you have your say, the ACNC have developed a short survey. The survey lays out the three options and asks charities for their preference, as well as providing them with a chance for further input. The ACNC has also developed more information on related party transactions.