Our latest insights

Organisations that used to have the option of self-assessing their income tax exemption status will soon be required to submit an annual self-review report to the Australian Taxation Office.

As we approach the end of FY23 what are the key areas preparers of financial statements need to consider? Preparers of financial statements will breathe a sigh of relief to know there are no major changes to accounting standards applicable for FY23, however there are some amendments to existing standards to think about ahead of year end, as well as some on the horizon where early adoption may be worth considering.

To support the Australian Government’s objective of doubling philanthropy by 2030, a Productivity Commission inquiry has been set up to analyse motivations for philanthropic giving in Australia and identify opportunities for future growth. Grant Thornton Australia will be making a submission centred around our observations on this matter. Our submission will include considerations on the Deductible Gift Recipient and broader tax framework, the operation of Ancillary Funds, fundraising laws and other related matters.

We saw COVID threaten the sustainability for many not-for-profit (NFP) organisations, forcing some to make operational changes or to shut their doors, and others to adapt and drive innovation to achieve their mission. But what does it mean to be a sustainable NFP, and how do these organisations then remain sustainable for years to come?

Despite facing industry wide challenges, private developers and not-for-profits are attempting to combat the housing affordability crisis. What could the Government do in the Budget to create more affordable housing?

Recently the Administrative Appeals Tribunal ruled that Global Citizen Ltd could be registered by the ACNC as a Public Benevolent Institution and this has provided further insight into the type of organisations that may register as a Public Benevolent Institution. Learn more here and how you should respond if your charity is not currently registered as a PBI.

NSW Economic Recovery Strategy for SMEs includes new grants for loss of perishable stock and rebate extension

Royal Commissions and federal budgets are critical things for Nonprofit human service providers to be thinking about at this point in time.

Many initiatives around COVID-19 were released by the Government in the knowledge they would require clarifications.

With the recent closure of restaurants for dine-in options, many NFP employees including health care workers, were effectively unable to access the meal entertainment part of their salary package.

Charities around Australia are highly reliant on donations and bequeaths to keep their programs running – with a significant proportion of their funding coming from trusts.

All organisations are grappling with the myriad of employee agreements and obligations that result in a wide variety of payments to their people.