I Want to Give to a Charity: How Do I Know Where the Money is Going?
In a world full of worthy causes and charitable organisations, the desire to make a positive impact is commendable. However, it is important of ensure your hard-earned money goes to the right place. Let’s unravel the legal aspects and practical considerations that can guide your philanthropic journey. Navigating the Charity Landscape When it comes to […]
Understanding the Difference: Private Ancillary Funds vs. Public Ancillary Funds in Australia
In the landscape of philanthropy within Australia, Ancillary Funds have become a cornerstone for structured giving, providing a conduit through which individuals, families, and corporations can contribute to the nonprofit sector in a meaningful and tax-effective way. Predominantly, there are two types of Ancillary Funds recognized under Australian law: Private Ancillary Funds (PAFs) and Public […]
What Are Related Party Transactions?
From the 2023 Annual Information Statement onwards, charities are required to report on their related party transactions. What is this transaction though? What must charities report on? And why was this introduced? Why Have Related Party Transactions? A charity’s financial decisions must be made in its own best interests, and not in the interests of […]
What if I Forget to Meet My Reporting Requirements as a Charity?
Registered charities are, by law, required to submit an Annual Information Statement to the Australian Charities and Not-for-profits Commission outlining the charity’s operations and finances over a 12-month period. Certain charities, such as Aboriginal and Torres Strait Islander corporations, basic religious charities, and non-government schools may not be required to submit the Annual Information Statement […]