The ACNC are changing the levels of reporting thresholds for the financial years commencing 1st July 2022 as per the table below. The changes will soon see thousands of charities re-classified – particularly from medium-sized to small – with their reporting obligations to the ACNC to change so they more appropriately match the size of their operations. The table below compares the old and new revenue thresholds for determining whether your charity is small, medium or large for financial reporting purposes.
|Size of charity||Current revenue thresholds for the 2021 AIS||Revenue thresholds for from 1 July 2022 for the 2022 AIS||Audit/review requirement|
|Small||Less than $250,000||Less than $500,000||Only have to complete their Annual Information Statement online.|
|Medium||$250,000 – $999,999||$500,000 – $2,999,999||Financial report can be either reviewed or audited.|
|Large||$1 million or more||$3 million or more||Financial report must be audited|
On the 15 February, ACNC held a webinar providing more information to charities about the changes.