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Audit – Charities and not-for-profit organisations

March 5, 2013

Small charities

Total revenue less than $250,000
No review or audit of financial statements required unless required by governing documents or directed to by a member or external party.

Medium charities

Total revenue greater than $250,000 and less than $1m
The organisation can choose to have financial statements reviewed or audited from the 2014 year if not already subject to review or audit requirements.

Large charities

Total revenue greater than $1m
Financial statements must be audited from the 2014 year if not already subject to audit requirements.

Peter Shields's Articles

NFP Fringe Benefit Tax

Fringe Benefit Tax is payable by employers who provide fringe benefits to their employees. The two fringe benefit concessions available to certain types of NFPs are FBT exemption and FBT rebate. FBT exemption This is an exemption from paying FBT. Certain NFPs such as public benevolent institutions and health promotion charities are eligible to receive […] Read more

NFP GST concessions

There is a range of GST concessions available to NFPs. These include: sale of food through tuck shops or canteens are treated as input taxed gifts to NFPs are not considered payment for sale increased GST registration threshold of $150,000 etc. There are additional concessions available for charities, gift deductible funds and government schools. These […] Read more

Protect with internal governance

Broadly speaking, corporate governance is the systems or processes adopted to direct and manage an organisation. It extends to all processes used to ensure proper accountability, probity and openness in the conduct of an organisation’s activities. A NFP’s governance will usually be made up of volunteers and as a result it is sometimes hard to […] Read more

Opportunities for experienced leaders

Uncertain and turbulent economic conditions frequently result in organisations reducing headcounts, deferring training and staff development expenditure, cancelling celebratory events and failing to prioritise strategy retreats and staff briefings. Management can tend to limit their contact and direct support for employees, choosing instead to lock themselves in meetings, intent on fixing problems. Clearly, immediate problems […] Read more

Deciding if we need an audit

Organisations are required to undertake audits for a variety of reasons: As directed by a regulator As directed by the governing documents such as rules or constitution As directed by an external party (eg. as part of a banking agreement) As directed to by members The requirements for audit vary greatly depending on the type […] Read more

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