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Australia Eases Reporting Burden For Charities

by Mary Swire, Tax-News.com, Hong Kong

03 October 2016


The Australian Taxation Office (ATO) has announced that ancillary funds registered as charities will only need to submit their annual return to one government agency.

Ancillary funds were previously required to report their annual return to both the ATO and the Australian Charities and Not-for-profits Commission (ACNC). From now on, these funds will only need to report once, using the ACNC's online Annual Information Statement. The information gathered will then be shared with the ATO.

The ATO said that the new streamlined process will reduce double-up reporting and the time involved in administration. It is estimated that around 3,000 charities will benefit.

There are around 300 ancillary funds that are not registered as charities. They must continue reporting to the ATO using the Ancillary Fund Return.

TAGS: compliance | tax | value added tax (VAT) | tax compliance | Australia | charities | financial reporting | Tax

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